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Pharmacists graduate from college with a well-earned degree, but also with a lot of student loan debt. According to the latest data from the American Association of Colleges of Pharmacy, the average student loan debt for pharmacy school graduates is $170,444.

Fortunately, there are a variety of loan forgiveness programs for pharmacists. Depending on where you work and the type of service commitment you’re able to make, you could qualify for partial or even full pharmacist loan forgiveness.

Read on to learn about the student loan forgiveness programs for pharmacists — plus other ways to help repay your loans if you don’t qualify for pharmacist student loan forgiveness.

Can Pharmacists Get Loan Forgiveness?

It may sound too good to be true, but there is such a thing as pharmacist loan forgiveness. Many of the loan forgiveness programs for pharmacists are available at the federal level; others are offered by states. And while some programs pertain only to federal student loans, others also cover private student loans.

Recommended: Student Loan Refinancing Guide

6 Student Loan Forgiveness Programs for Pharmacists

Here are some of the top student loan forgiveness programs for pharmacists, along with their eligibility requirements.

Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on federal Direct loans, which include Direct Subsidized loans, Direct Unsubsidized loans, Direct PLUS loans (but not Parent PLUS loans), and Direct Consolidation loans.

Qualifying borrowers can get PSLF after making the equivalent of 120 qualifying monthly payments under an income-driven repayment (IDR) plan while working full-time in public service for an eligible employer such as a federal, state, local, tribal, or military government organization or a qualifying nonprofit.

If you are a pharmacist working for one of these organizations and have eligible loans, you may qualify for PSLF. To apply, sign up for an IDR plan at StudentAid.gov if you are not already enrolled in one. Then certify your employment — there is a form your employer needs to fill out — and submit it electronically. The PSLF Help Tool can assist you through the process.

Next, you’ll need to make 120 qualifying payments under the IDR plan. Once you do that, you can submit your application for forgiveness.

State Loan Repayment Program (SLRP)

Through the State Loan Repayment Program (SLRP), the Health Resources and Services Administration provides grants each year to states for loan repayment programs for primary care providers, including pharmacists, who work in shortage areas. The loan repayment is up to $25,000 per year and covers qualifying federal and private student loans.

To be eligible, an individual must be a U.S. citizen or U.S. national, have a health license or certificate in the state in which they are working, and be currently employed full-time at an eligible site. Check with your state for more information and detailed requirements.

NHSC Loan Repayment Programs

The National Health Service Corps (NHSC) has a variety of different loan repayment programs for health care providers who work at specified health sites, typically in underserved communities, for a certain period of time.

For pharmacists, the programs available include:

•   the NHSC Substance Use Disorder Loan Repayment Program, which provides up to $75,000 in loan repayment for medical professionals, including pharmacists, who treat substance use or opioid use disorders and work full-time for three years at an NHSC-approved treatment facility in an underserved community,
and

•   the NHSC Rural Community Loan Repayment Program, which offers up to $100,000 in loan repayment for medical professionals who treat substance use or opioid use disorders in a rural, underserved community full-time for three years.

In addition to the requirements mentioned above, to be eligible for either program, applicants must be U.S. citizens or U.S. nationals and have the appropriate professional health license or certificate.

National Institutes of Health Loan Repayment Programs

The National Institutes of Health (NIH) loan repayment programs are designed to recruit and retain highly qualified health professionals into biomedical and biobehavioral research careers. Because of the high cost of education, these individuals often leave research to go into private industry or practice.

The NIH loan repayment program may help health professionals, including pharmacists, by repaying up to $50,000 in qualified education debt in exchange for either extramural (not employed by NIH) or intramural (employed by NIH) status.

To be eligible, you must be a U.S. citizen, U.S. national, or permanent resident with a qualifying degree, and have total qualified educational debt equal to or in excess of 20% of your institutional base salary. You must also meet qualified research requirements and research funding requirements, depending on whether you have an extramural or intramural position.

Indian Health Service Loan Repayment Program

The Indian Health Service (IHS) Loan Repayment Program can help qualifying individuals, including pharmacists, repay their health profession education loans for up to $50,000 in exchange for a two-year service commitment in health facilities that serve American Indian and Alaska Native communities.

You may qualify if you:

•   Are a U.S. citizen

•   Are registered for Selective Service (if you are a male)

•   Have a health profession degree or are in your final year

•   Have a pharmacy license

•   Commit to practice at an Indian health facility

You must also begin service on or before September 30 for two continuous years of practice. You can extend your contract annually until your student debt has been paid off.

Health Resources and Services Administration Faculty Loan Repayment Program

Individuals who come from a disadvantaged background, have an eligible health professions degree or certificate, including a pharmacy degree or certificate, or are a faculty member at an approved health professions school with a contract for two years or more working full- or part-time may qualify for loan repayment through the Health Resources and Services Administrative faculty loan program.

If you are eligible, you could receive up to $40,000 in loan repayment assistance for qualifying educational loans, plus funding to offset the tax burden of the award.

What to Do If You Don’t Qualify for Pharmacist Student Loan Forgiveness

If you don’t qualify for pharmacist student loan forgiveness, there are still ways to make repaying your student loans easier. Below are two options to consider.

Income-Driven Repayment

Income-driven repayment (IDR) plans base your monthly student loan payment amount on your income and family size, which can help lower your payments. The remaining balance will be forgiven by the end of your repayment period, which is either 20 or 25 years, depending on the plan.

The federal government offers the following types of income-driven repayment plans:

•   Income-Based Repayment (IBR) plan: Under the IBR plan, a borrower’s monthly payments are generally equal to 15% of their discretionary income.

•   Saving on a Valuable Education (SAVE) plan: SAVE is designed to lower your payments based on income and family size. If your monthly payment isn’t enough to cover the accrued monthly interest, the government will cover it for you, preventing your balance from growing due to unpaid interest.

Under SAVE, borrowers with a $12,000 principal balance or less and who made 10 years of monthly payments, would receive loan forgiveness. However, the SAVE plan has been blocked in court and is essentially in limbo at this time, and new borrowers cannot enroll in it. Borrowers who were already enrolled in SAVE were placed in forbearance and owe no payments and their interest does not accrue.

•   Pay As You Earn (PAYE) repayment plan: With PAYE, payments are generally equal to 10% of your discretionary income. While the PAYE plan was closed to new enrollment in July 2024, it was reopened to new enrollment in mid-December 2024. It also offers credit to eligible borrowers enrolled in the SAVE plan toward Public Service Loan Forgiveness (PSLF) and IDR plans once they get out of forbearance and enroll in PAYE.

•   Income-Contingent Repayment (ICR) plan: The ICR plan offers monthly payments that are either the lesser of what you would pay on a repayment plan with fixed monthly payments over the course of 12 years, adjusted based on your income, or 20% of your discretionary income. ICR was also closed in July 2024, but was reopened to new enrollment in December 2024.

You can apply for one of these income-driven repayment plans online through your loan servicer or by submitting a paper form. You can select the IDR plan you’d like or ask your servicer to choose a plan for you based on the lowest monthly payment possible.

Refinancing

If an IDR plan isn’t right for you, you may want to explore refinancing student loans to save money. When you refinance student loans you replace your old loans with one new loan from a private lender. Ideally, your new loan would have a lower interest rate or more favorable loan terms.

With student loan refinancing, you can refinance federal student loans, private student loans, or both. However, be aware that when you refinance federal loans, they become ineligible for federal benefits like income-based repayment plans and forgiveness.

A student loan refinancing calculator can help you determine if refinancing makes sense financially for your situation.

The Takeaway

Pharmacists who are struggling to repay their student loans may be eligible for any one of a number of different student loan forgiveness programs or loan repayment programs to help them tackle their debt.

And those aren’t the only options for potential relief: Borrowers who don’t qualify for these programs can consider income-driven repayment plans or student loan refinancing to help manage their student loan payments.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

Photo credit: iStock/PeopleImages

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

SOSLR-Q424-016

If you’ve graduated from veterinary school, you’ve likely accumulated significant student loan debt. And no wonder — four years of vet school generally costs $155,000 to $436,000, including tuition, fees, and living expenses.

It may seem challenging to pay off what you owe for vet school, but there are plans and programs that can help. Read on to learn about how to pay for vet school and what you need to know to choose the best repayment method for you.

How Long Does It Take to Pay Off Vet School Loans?

For veterinary school graduates, the average vet school debt is $147,258, according to the American Veterinary Medical Association. So how long does it take to pay off that kind of vet school debt? It could take a decade or more to pay back vet student loans, depending on a number of factors, including the specific amount you need to repay and your income.

Doing a quick calculation can help you determine what your monthly loan payments would be and the time required to repay what you owe. For example, let’s say that you have a student loan amount of $147,258 with an 8.00% interest rate. If you’re on the standard repayment plan for federal student loans, which is 10 years, your payments would be $1,786.65 a month. With interest, you would end up paying $214,398 for your loans in total.

A monthly payment of almost $1,800 may be more than some vet school grads can afford. Fortunately, there are ways to lower your payments, including income-driven repayment plans, student loan forgiveness programs, and student loan refinancing.

Income Driven Repayment Plans

Income-driven repayment (IDR) plans base your federal monthly student loan payments on your income and family size. Under an IDR plan, you repay your federal student loans over 20 or 25 years, depending on the plan, and your remaining balance is forgiven at the end of the repayment period.

There are different IDR plans, including income-based repayment (IBR), income-contingent repayment (ICR), Pay As You Earn (PAYE), and Saving on a Valuable Education (SAVE), which was formerly the REPAYE plan.

PAYE vs. REPAYE/SAVE

PAYE is a plan that was closed to new enrollment in July 2024, but reopened in mid-December 2024 to give borrowers more options to keep their payments low, according to the Department of Education (DOE). The reopened PAYE offers credit to eligible borrowers enrolled in the SAVE plan, which has been blocked in court, toward Public Service Loan Forgiveness (PSLF) and IDR plans.

Here’s how the PAYE and SAVE plans work.

•   PAYE: Borrowers enrolled in the PAYE plan pay nothing on the first $22,590 of income if they are single (or $46,800 for a family of four). They make payments that are equal to 10% of their discretionary income above those amounts. (Discretionary income is defined as the difference between your annual income and 150% of the poverty guideline for your family size and state of residence.)

•   SAVE (formerly REPAYE): This plan was designed to lower payments based on a small portion of an individual’s adjusted gross income (AGI). If the borrower made their full monthly payment, the government would cover the rest of the interest that accrued that month. Under SAVE, borrowers with a $12,000 principal balance or less and who made 10 years of monthly payments would receive loan forgiveness. However, as mentioned, the SAVE plan has been blocked in court and is essentially in limbo at this time, and new borrowers cannot enroll in it.

Borrowers who were already enrolled in SAVE were placed in forbearance by the DOE. While in forbearance, they don’t owe payments on their loans, nor do their loans accrue interest. However, the time borrowers spend in forbearance does not give them credit toward PSLF or satisfy the requirements of IDR plans. The newly reopened PAYE allows them to get out of forbearance, enroll in PAYE, and start making loan payments that can help them work toward PSLF and IDR.

Student Loan Forgiveness

With student loan forgiveness, an eligible borrower is forgiven from paying back a portion or all of their federal student loans, typically in exchange for working in a certain type of job. For instance, the Public Service Loan Forgiveness program for federal loans forgives the remaining balance on federal Direct loans after 120 qualifying monthly payments made under a repayment plan when the borrower works for an eligible employer.

To be eligible for PSLF you must:

•   Be employed by the federal, state, local, or tribal government or a nonprofit organization

•   Work full-time for that agency or organization

•   Repay your loans under an income-driven repayment plan

•   Make a total of 120 qualifying monthly payments, as noted above

You can use the Federal Student Aid’s employer search tool to find out if your employer qualifies you for PSLF.

In addition to PSLF, there are a number of other forgiveness programs and loan repayment programs for veterinary graduates. You can locate them through the American Veterinary Association. You can also check with your state for any student loan forgiveness programs they may offer to veterinarians.

Switching Loan Repayment Plans

If you’re not happy with the loan repayment plan you’re currently enrolled in, you can change it by requesting a new plan from your loan servicer. This will usually require you to submit an application and additional information.

There are a number of repayment plans to choose from. Besides IDR plans, there are fixed federal repayment plans that base your payments on your loan balance, interest rate, and repayment period. You may qualify for one of these plans if you have Direct Subsidized or Unsubsidized loans, PLUS loans, or Consolidation loans. These repayment plans include:

•   Standard Repayment Plan: The standard plan requires you to pay a fixed amount over 10 years (or 10 to 30 years for Consolidation loans).

•   Graduated Repayment Plan: On the graduated repayment plan, your payments are lower at first and then they increase, usually every two years. With this plan, you’ll pay off your loans within 10 years (or up to 30 years with Consolidation loans).

•   Extended Repayment Plan: You must have more than $30,000 in outstanding Direct loans or more than $30,000 in FFEL Program loans to qualify for the extended repayment plan. On this plan, your payments may be fixed or graduated, and you pay them off within 25 years.

Upcoming IDR Changes to be Aware Of

There have been changes in some of the IDR plans. As discussed, a federal court issued an injunction that blocked the SAVE plan. In addition, the PAYE and ICR plans were closed by the DOE in the summer of 2024 after SAVE was introduced. However, as of December 18, the PAYE plan was reopened by the DOE, along with the ICR plan. Borrowers enrolled in SAVE who were placed in forbearance can now enroll in PAYE or ICR to earn credit toward PSLF and income-driven repayment. That means they will start making loan payments again, and the interest on their loans will begin to accrue.

Tips for Restarting Loan Payments

If you are restarting your loan payments, there are some strategies that can help you determine whether you’re on the best repayment plan for your situation and that the repayment process goes as smoothly as possible.

•   First, make sure you know who your loan servicer is. This is the entity that handles your loan payments. Your account dashboard at StudentAid.gov should have this information.

•   Confirm or update your contact information with your loan servicer and on your StudentAid.gov account

•   Take a good look at the repayment plan you’re on and think about whether an IDR plan might be a better option for you. As mentioned, an IDR plan may lower your payments because it bases your monthly payment on your income and family size. However, it typically takes longer to repay your loans on an IDR plan.

•   Consider whether student loan refinancing might help you repay your student loans. When you refinance student loans, you replace your current loans with one new loan from a private lender. Ideally, the new loan will have a lower interest rate or more favorable terms if you qualify, which may be helpful if you’re refinancing student loans to save money.

A student loan refinancing calculator can help you figure if refinancing could be financially beneficial. Just be aware that refinancing federal loans makes them ineligible for federal benefits such as income-driven repayment plans and federal student loan forgiveness.

Recommended: Student Loan Refinancing Guide

SAVE Plan Changes

If you are enrolled in the SAVE plan, which has been blocked in court, and you’re currently in forbearance, you do not have to make loan payments and interest is not accruing on your loans. The DOE says this is likely to remain the case until at least mid-2025, depending on further development by the 8th Circuit Court of Appeals. But if you want to earn credit toward IDR or PSLF, you can now enroll in the reopened PAYE or ICR plans and begin making loan payments.

The Takeaway

Vet school student debt can be significant, but there are plans and programs to help borrowers repay their loans. You can explore income-driven repayment plans, fixed repayment plans, and student loan refinancing to see which option makes the most sense for you.

There have been a number of changes to some of the IDR plans, including SAVE and REPAYE. If you are currently enrolled in SAVE and in forbearance, you can now enroll in the PAYE plan and start working toward IDR and PSLF credits.

Or, if you don’t need access to federal benefits and programs, you may decide that refinancing is a better choice for you. Whatever option you choose, be sure to weigh the pros and cons to make an informed decision.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

Photo credit: iStock/SeventyFour

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

SOSLR-Q424-007

Student loan scams are widespread, costing Americans billions of dollars annually. They range from student loan forgiveness scams to outright theft of your hard-earned money. Since President Biden announced his plan for student loan forgiveness in August 2022, there has been an increase in student loan scams promising loan forgiveness or relying on borrower confusion around loan forgiveness.

There are plenty of authentic student loan lenders, though, that might help you in the long run. Continue reading for more information on common student loan scams, how to protect yourself from scams, and government resources you can turn to.

Types of Student Loan Scams

Those under stress from student loan debt can feel compelled to go to extreme measures to get rid of their debt, which can make them more susceptible to predatory tactics. Below are the most common types of student loan scams.

Phishing Scams

A student loan phishing scam is a fraudulent attempt to steal personal or financial information by pretending to be a legitimate lender, loan servicer, or government agency. Scammers typically use emails, phone calls, or text messages to lure victims into providing sensitive details such as Social Security numbers, bank account information, or login credentials, often under the guise of offering loan forgiveness, lower payments, or other benefits.

Always verify communication through official channels, avoid sharing sensitive details, and be cautious of unsolicited offers to protect against identity theft and financial loss.

Deceptive Loan Forgiveness Scams

Deceptive loan forgiveness scams are when a student loan assistance company advertises loan forgiveness or lower payments in exchange for an upfront fee, personal information, or recurring payments.

Unsuspecting people pay and then six months later, the firm may shut down. These scams exploit confusion around genuine forgiveness programs and target borrowers seeking financial relief.

Identity Theft and Fraudulent Loan Consolidation Schemes

Identity theft and fraudulent loan consolidation schemes target borrowers by posing as legitimate loan service providers. Scammers steal personal information to take out loans or charge fees for nonexistent consolidation services. Victims face financial loss, damaged credit, and legal issues.

To protect yourself, verify lenders through official sources, never share sensitive details over unsolicited calls or emails, and monitor your credit report regularly. Reporting suspicious activity promptly can help minimize damage and prevent future fraud.

Recommended: 7 Financial Aid Secrets You Should Know

How to Protect Yourself from Scams

Student loan scams prey on borrowers seeking financial relief, often promising quick fixes or forgiveness that seems too good to be true. Protecting yourself requires awareness, diligence, and a cautious approach to offers related to your student loans. By recognizing scam tactics and implementing safeguards, you can protect your finances and personal information.

Recognizing Red Flags and Warning Signs of Scams

Red flags and warning signs of student loan scams to look out for include:

•   Upfront fees: Scammers demand payment before providing any services, which is illegal for legitimate debt relief companies.

•   Guaranteed loan forgiveness: Promises of instant or guaranteed forgiveness are false, as genuine programs have strict qualifications and timelines.

•   Pressure tactics: High-pressure tactics urging immediate action or claiming limited-time offers signal a scam.

•   Requests for personal details: Asking for sensitive information, such as your FSA ID, Social Security number, or bank account details, is a major warning sign.

•   Unsolicited contact: Receiving unexpected calls, emails, or messages about loan forgiveness or repayment assistance may indicate a scam.

•   Suspicious company names: Fraudulent entities often use names resembling legitimate organizations to create confusion.

•   Unsecure websites: Look for HTTPS and official government URLs; unsecured sites may collect data for scams.

•   Promises to “negotiate” debt: Claims to negotiate or reduce your debt beyond legal limits are misleading.

•   Lack of written documentation: Refusing to provide detailed agreements or contracts is a red flag.

•   False government affiliation: Fraudsters often pretend to be associated with the Department of Education or other federal programs.

Verifying the Legitimacy of Loan Forgiveness Programs

Legitimate loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF), are only available through official channels like the U.S. Department of Education. Always research the organization or program offering assistance. Cross-reference their details with official government websites, or contact your loan servicer directly for verification.

Safeguarding Personal Information from Scammers

Never share sensitive information like your FSA ID, Social Security number, or banking details with unverified entities. Regularly monitor your credit report for unauthorized activity and use secure communication channels when discussing your loan details. Stay vigilant to keep your financial and personal data safe.
Taking these steps ensures you stay informed and protected, reducing the risk of falling victim to scams.

Recommended: How to Live With Student Loan Debt

Government Resources for Loan Borrowers

The government provides essential resources to help student loan borrowers manage their debt and protect their rights. Understanding your rights as a borrower is crucial; federal loans offer protections such as income-driven repayment plans, deferment, and forbearance. Borrowers are also entitled to clear communication from loan servicers regarding their repayment options.

Accessing reliable information about loan repayment options is easy through official websites like StudentAid.gov, which offers tools to compare repayment plans and check eligibility for loan forgiveness programs. For direct assistance, borrowers can contact their loan servicer or the Federal Student Aid Information Center.

If you encounter scams, report them to the Federal Trade Commission (FTC) or file complaints with the Consumer Financial Protection Bureau (CFPB). These organizations investigate fraudulent activities and ensure borrowers are treated fairly. Staying informed and utilizing government resources can help you manage loans securely and effectively.

Choosing a Trustworthy Student Loan Provider

Selecting a trustworthy student loan provider is essential for managing your education finances responsibly. Start by researching and comparing reputable lenders. Look for established institutions with positive reviews and transparent lending practices. Check interest rates, repayment terms, and any additional fees to ensure you find the best fit for your needs.

Understanding the terms and conditions of loan agreements is critical. Read all documents carefully to grasp key details, such as the interest rate type (fixed or variable), repayment schedule, and penalties for missed payments. Avoid lenders with vague terms or hidden charges, as these may lead to financial difficulties later.

Seeking guidance from financial advisors or loan counselors can help you make informed decisions. These professionals can explain loan specifics, evaluate your financial situation, and recommend trustworthy lenders. Taking these steps will ensure you choose a provider that supports your educational journey without unnecessary risks.

Recommended: How to Pay for College Without Financial Aid

The Takeaway

Student loan scammers take advantage of borrowers who are trying to pay off student loan debt. These scams often appeal to borrowers looking for quick student loan relief and offer their service in exchange for a fee. To protect yourself, avoid offering personal information via requests on the phone, and make sure you choose a reputable lender when taking out student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

How do common student loan scams work?

Common student loan scams often promise instant debt relief, loan forgiveness, or reduced payments in exchange for upfront fees. Scammers may impersonate legitimate organizations, demand sensitive personal information, or use high-pressure tactics. They exploit borrowers’ anxiety about student debt to steal money or commit identity theft.

Is there a way to stop student loan scam calls?

To stop student loan scam calls, register your number with the National Do Not Call Registry and use call-blocking tools or apps. Avoid sharing personal information with unknown callers, and report suspicious calls to the Federal Trade Commission (FTC).

What is student loan forgiveness fraud?

Student loan forgiveness fraud involves scammers pretending to offer legitimate debt relief programs to steal personal information or money. They often charge upfront fees, promise guaranteed forgiveness, or impersonate government agencies. Protect yourself by verifying offers with trusted sources like the Federal Student Aid website and avoiding unsolicited requests.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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SOISL-Q424-039

The cost to become a nurse or nurse specialist ranges from a few thousand dollars to hundreds of thousands. The cost rises with education level — from a two-year associate degree to a doctorate degree — but so do average earnings.

Nursing is also a career that’s always in demand. More than 194,500 new openings for registered nurses alone are expected each year over the next decade.

Keep reading for the average cost of nursing school, plus a look at average nursing salaries and how to pay for your nursing education.

Typical Nursing School Costs and Salaries

There are a number of routes to becoming a nurse or nurse assistant. Here are the main types, median pay (based on 2023 figures from the U.S. Bureau of Labor Statistics), and average educational costs.

Certified Nursing Assistant (CNA)

Becoming a CNA may require a high school degree, and you typically need to complete four to 12 weeks’ worth of courses, attend onsite training, and pass an exam.

The cost of a CNA program varies based on length and whether the program is state approved.

Average CNA tuition cost: $600 to $2,000

Median pay: $38,130 per year

Licensed Practical Nurse (LPN)

Also known as a licensed vocational nurse, an LPN must complete a state-approved educational program, which typically takes 12-18 months, and pass a licensing exam.

Average tuition cost: $4,000 to $15,000+

Median pay: $59,730 per year

Recommended: Guide to Nursing Student Loans

Registered Nurse (RN)

Registered nurses need at least a two-year Associate Degree in Nursing from an accredited college or technical school to practice.

Average ADN tuition cost: $3,000 to $17,000 per year

RNs with an Associate Degree in Nursing can seek a Bachelor of Science in Nursing (BSN) in an RN-to-BSN program, which usually takes one to two years to complete.

Average cost of online RN-to-BSN tuition cost: $2,800 to $10,000+

The American Association of Colleges of Nursing considers the four-year Bachelor of Science in Nursing the degree that provides the educational and experiential base for entry-level professional practice.

Average BSN tuition cost: $6,000 to $60,000+ per year

Median pay for all RNs: $86,070 per year

Advanced Practice Registered Nurse (APRN)

An advanced practice registered nurse holds at least a master’s degree in nursing. The four specialties are nurse practitioner, certified registered nurse anesthetist, certified nurse midwife, and clinical nurse specialist.

A Master of Science in Nursing will take one to two years to complete. The tuition cost is often higher than that to obtain a BSN.

Average MSN tuition cost: $12,000 to $100,000 per year

Master’s-level programs still allow grads to join the APRN ranks, but a doctorate is quickly becoming the standard, according to the American Association of Colleges of Nursing.

Most research-focused doctoral nursing programs grant a Ph.D. The Doctor of Nursing Practice (DNP) degree is more practice-focused.

Average DNP tuition cost: $20,000 to $75,000+

Median pay for nurse anesthetists, nurse midwives, and nurse practitioners: $129,480 per year

If you need to borrow in order to get through school, know that you’re in good company. Most nurses take out loans (federal and private student loans are available) to earn their professional titles.

Recommended: Grad Student Loans for Future Health Care Pros

Other Fees While Studying to Be a Nurse

When studying to become a nurse, students incur various fees beyond tuition. These include:

•   Textbooks: Nursing textbooks can cost several hundred dollars per semester, depending on the program and required materials.

•  Uniforms and equipment: Items such as scrubs, nursing shoes, stethoscopes, and other clinical supplies can add up to several hundred dollars.

•  Lab fees: Practical training sessions often come with lab fees to cover the use of specialized equipment and facilities.

•  Background checks and immunizations: Many programs require these for clinical placements, with costs ranging from $50 to $200 or more.

•  Licensing exams: Registration for exams like the NCLEX costs over $200, an essential step for licensure.

•  Liability insurance: Students may need professional liability insurance for clinical practice, costing $20 to $100 annually.

•  Transportation: Travel expenses for clinical rotations can vary depending on distance and frequency.

•  Professional memberships: Joining nursing organizations for networking and resources may cost $30 to $100 annually.

How to Pay for Nursing School

Paying for nursing school can feel overwhelming, but there are many options to help manage costs, including federal student loans, scholarships and grants, and private student loans.

Federal Student Loans

Students can apply for federal aid — including federal student loans, scholarships, grants, and work-study — by completing the FAFSA®, the Free Application for Federal Student Aid, each year.

It’s a good idea to submit the FAFSA even if you’re not expecting federal aid because other student aid programs piggyback off the application.

When it comes to paying federal loans back, many nurses choose to work for qualifying nonprofit or government organizations to take advantage of the federal Public Service Loan Forgiveness program, often pairing it with an income-based repayment plan.

Scholarships and Grants

Scholarships and grants for nurses provide valuable financial assistance to help cover the cost of education without the need for repayment. Many programs are available for nursing students at all levels, including undergraduate and advanced degrees.

Scholarships are often merit-based, while grants are typically need-based. Organizations such as the American Association of Colleges of Nursing and local health care providers offer funding opportunities. These resources reduce financial burdens, making a nursing career more accessible and affordable.

Recommended: SoFi’s Scholarship Search Tool

Private Student Loans

If federal aid does not cover the total cost of nursing school, private student loans are another option.

Private student loans are available from private lenders and generally allow students to borrow up to the school’s estimated annual cost of attendance. That includes tuition and fees, room and board (or living expenses), books, supplies, a personal computer, transportation, and childcare.

It’s important to keep in mind that federal protections and programs like income-based repayment apply only to federal student loans. Still, private student loans can fill gaps in need. Learn more in our guide to private student loans.

The Takeaway

How much is nursing school? Getting an associate degree can cost a few thousand dollars, whereas the full path leading to a master’s or doctorate can cost hundreds of thousands. A lot will depend on whether the school is public or private, whether you’re an in-state student, and whether you receive scholarships or grants.

Paying for nursing school usually requires a combination of financing options, including scholarships and grants, cash savings, and federal and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

How much is nursing school for four years?

The cost of nursing school for four years varies by program and institution. A Bachelor of Science in Nursing (BSN) at a public in-state college averages $40,000-$80,000, while private colleges may cost $100,000-$200,000. Additional expenses include textbooks, clinical fees, and licensing exams, which can add several thousand dollars.

Is nursing school worth it financially?

Nursing school is often worth it financially due to strong job demand and competitive salaries. Registered Nurses (RNs) earn a median annual salary of $86,070, with growth opportunities in advanced practice roles. While upfront costs can be high, stable employment and earning potential make it a worthwhile investment.

What is the average debt after nursing school?

The average debt after nursing school depends on the degree program. Graduates with an Associate Degree in Nursing (ADN) typically owe just over $23,000, those with a Bachelor of Science in Nursing (BSN) owe nearly $30,000, and graduates with a Master of Science in Nursing (MSN) owe just under $49,000.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Students who graduate with a master’s degree carry an average debt of $69,140, according to the Education Data Initiative. There are numerous ways to finance your advanced degree (even without taking out loans), and investing in graduate education is frequently worth it, as the right degree has the potential for a massive return on investment.

If you’re considering going to grad school, we’ve laid out some key financing options. Read on to learn how to formulate a plan to pay for your graduate education.

Ways to Pay for Grad School Without Taking on Debt

You can pay for grad school without taking on debt by filling out the FAFSA, applying for scholarships and grants, or working for an employer who offers tuition reimbursement. Continue reading for even more strategies to pay for grad school without taking on debt.

Fill Out The FAFSA

The first step to seeing if you qualify for financial aid is to fill out the Free Application for Federal Student Aid, or FAFSA®.

Your FAFSA will determine your eligibility for federal student loans, federal work-study, and federal grants. In addition, your college may use your FAFSA to determine your eligibility for aid from the school itself. Here’s a closer look at federal grants and federal work-study programs.

Federal Grants

Unlike student loans, federal grants do not need to be repaid. It may be possible to receive some grant funding to help you with financing grad school. Federal grant programs for grad students include TEACH Grants and Fulbright Grants.

The TEACH Grant, or Teacher Education Assistance for College and Higher Education Grant, has relatively stringent requirements and is available for students pursuing a teaching career who are willing to fulfill a service obligation after graduating.

The Fulbright Grant offers funding for international educational exchanges. Sponsored by the U.S. government, it supports students, scholars, teachers, and professionals to study, research, or teach abroad.

Federal Work-Study Program

Federal work-study for grad students provides part-time jobs to help cover educational expenses. These positions are often related to a student’s field of study or serve the community. Eligibility is based on financial need, and earnings are exempt from being counted as income on the FAFSA, maximizing financial aid opportunities.

Figure out What Your University Can Offer You

After narrowing down your federal options, make sure to consider what university-specific funding might be available. Many schools offer their own grants, scholarships, and fellowships. Your school’s financial aid office likely has a specific program or contact person for graduate students who are applying for institutional assistance.

Many schools will use the FAFSA to determine what, if anything, the school can offer you, but some schools use their own applications.

Although another deadline is the last thing you need, seeking out and applying for school-specific aid can be one of the most successful ways to pay for grad school. Awards can range from a small grant to full tuition remission.

Employer Tuition Reimbursement

It might sound too good to be true, but some employers are happy to reimburse employees for a portion of their grad school costs. Employers that have tuition reimbursement plans set their own requirements and application processes.

Make sure to consider any constraints your employer puts on their tuition reimbursement program, including things like staying at the company for a certain number of years after graduation or only funding certain types of degree programs.

Become an In-State Resident

If you’re applying for graduate school after taking a few years off to work, you might be surprised to find how costs have changed since your undergraduate days. Graduate students interested in a public university can save tens of thousands of dollars by considering a university in the state they already live in.

Each state has different requirements for determining residency. If you are planning on relocating to attend grad school, be sure to look into the requirements for the state of the school you are planning to attend.

Certain states require only one year of full-time residency before you can qualify for in-state tuition, while others require three years. During that time, you could work as much as possible to save money for graduate school. More savings could mean fewer loans.

Become a Resident Advisor (RA)

You probably remember your undergrad Resident Advisor (RA). They were the ones who helped you get settled into your dorm room, showed you how to get to the nearest dining hall, and yelled at you for breaking quiet hours.

RAs may be underappreciated, but they’re often compensated handsomely for their duties. Students are typically compensated for a portion or all of their room and board, and some schools may even include a meal plan, reduced tuition, or a stipend. The compensation you receive will depend on the school you are attending, so check with your residential life office to see what the current RA salary is at your school.

Find a Teaching Assistant Position

If you’re a graduate student, you can often find a position as a Teaching Assistant (TA) or Research Assistant (RA) for a professor. The position will be related to your undergrad or graduate studies and often requires grading papers, conducting research, organizing labs, or prepping for class.

TAs can be paid with a stipend or through reduced tuition, depending on which school you attend. Not only can the job help you to potentially avoid student loans, but it also gives you networking experience with people in your field.

The professor you work with can recommend you for a job, bring you to conferences, and serve as a reference. Being a TA may help boost your resume, especially if you apply for a Ph.D. program or want to be a professor someday. According to Salary.com, the average TA earns $6 to $13 an hour, as of December 2024.

Apply for Grants and Scholarships

Applying for grants and scholarships is a smart way to fund graduate school without accumulating debt. Start by researching opportunities specific to your field, school, or demographics. Many scholarships focus on academic achievements, leadership, or community involvement, while grants often emphasize financial need.

An easy way to search for scholarships is through one of the many websites that gather and tag scholarships by criteria. Keeping all your grad school and FAFSA materials handy means that you’ll have easy access to the information you’ll need for scholarship applications.

Recommended: Scholarship Search Tool

How to Pay for Grad School With Student Loans

Grad students may rely on a combination of financing to pay for their education. Student loans are often a part of this plan. Like undergraduate loans, graduate students have both federal and private student loan options available to them.

Federal Loans for Graduate School

Depending on the loan type, payments on these student loans can be deferred until after graduation and sometimes qualify you for certain tax deductions (like taking a tax deduction for interest paid on your student loans).

There are different types of federal student loans, and each type has varying eligibility requirements and maximum borrowing amounts. Graduate students may be eligible for the following types of federal student loans:

•   Direct Unsubsidized Loans. Eligibility for this loan type is not based on financial need.

•   Direct PLUS Loans. Eligibility for this loan type is not based on financial need; however, a credit check is required to qualify for this type of loan.

•   Direct Consolidation Loans. This is a type of loan that allows you to combine your existing federal loans into a single federal loan.

Federal Student Loan Forgiveness Programs

Federal student loan forgiveness programs either assist with monthly loan payments or can discharge a remaining federal student loan balance after a certain number of qualifying payments.

One such program is the Public Service Loan Forgiveness (or PSLF) program. The PSLF program allows qualifying federal student loan borrowers who work in certain public interest fields to discharge their loans after 120 monthly, on-time, qualifying payments.

Additionally, some employers offer loan repayment assistance to help with high monthly payments. While loan forgiveness programs don’t help you with the upfront cost of paying for grad school, they may offer a meaningful solution for federal student loan repayment. (Unfortunately, private student loans don’t qualify for these federal programs.)

Private Loans for Graduate School

If you’re not eligible for scholarships or grants, or you’ve maxed out how much you can borrow using federal student loans, you can apply for a private graduate student loan to help cover the cost of grad school.

Private loan interest rates and terms will vary by lender, and some private loans have variable interest rates, which means they can fluctuate over time. Doing your research with any private lender you’re considering is worth it to ensure you know exactly what a loan with them would look like.

Also, keep in mind that private student loans do not offer the same benefits and protections as federal student loans. It’s best to use all federal funding first before relying on private funding.

Recommended: Private Student Loans vs Federal Student Loans

Steps to Take Before Applying to Graduate School

Before applying to graduate school, it’s important to consider the earning potential offered by the degree in comparison to the cost. At the end of the day, only you can decide if pursuing a specific graduate degree is worth it. Here are a few steps to take before applying to grad school.

1. Research Potential Earnings by Degree

Perhaps you are already committed to one degree path, like getting your JD to become a lawyer. In that case, you should have a good idea of what the earning potential could be post-graduation.

If you’re considering a few different graduate degrees, weigh the cost of the degree in contrast to the earning potential for that career path. This could help you weigh which program offers the best return.

2. Complete the FAFSA

Regardless of the educational path you choose, filling out the FAFSA is a smart move. It’s completely free to fill out and you may qualify for aid including grants, work-study, or federal student loans. Federal loans have benefits and protections not offered to private loans, so they are generally prioritized first.

3. Explore Financing Options

As mentioned, you may need to rely on a combination of financing options to pay for grad school. When scholarships, grants, and federal student loans aren’t enough — private loans can help you fill in the gaps.

When comparing private lenders, be sure to review the loan terms closely — including factors like the interest rate, whether the loan is fixed or variable, and any other fees. Review a lender’s customer service reputation and any other benefits they may offer, too.

The Takeaway

Grad school is a big investment in your education, but the good news is there are grants and scholarships that you won’t have to pay back. Some employers may also offer tuition reimbursement benefits, or you could find work as a Resident Advisor to supplement your tuition costs. If you need more funding to finance grad school, there are federal and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Does FAFSA give money for grad school?

Yes, FAFSA provides access to federal financial aid for graduate school, including Direct Unsubsidized Loans and Grad PLUS Loans. Graduate students may not qualify for federal grants but can explore assistantships, scholarships, and work-study opportunities through FAFSA to help cover their educational expenses.

Does Pell Grant cover a master’s degree?

No, the Pell Grant does not cover master’s degree programs. It is a federal grant specifically designed for undergraduate students with financial need. Graduate students must explore other funding options like scholarships, assistantships, and federal loans, such as Direct Unsubsidized Loans or Grad PLUS Loans, to finance their education.

Is it worth paying for grad school?

Paying for grad school can be worth it if the degree significantly boosts your career prospects, earning potential, or personal goals. Consider the return on investment, including salary increases and opportunities. Research funding options and weigh potential debt against long-term benefits to determine if grad school aligns with your financial future.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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