Nursing school is an investment in your future, but student loans can feel overwhelming after graduation. Paying off nursing school debt faster can save you thousands in interest and give you financial freedom sooner. Here are some strategies to accelerate your loan repayment:

1. Make More Than the Minimum Payment

Paying only the minimum on your student loans means you’ll be in debt for years. Whenever possible, make extra payments to reduce the principal balance faster. Even small additional payments each month can make a big difference over time.

2. Consider Loan Refinancing

If you have high-interest student loans, refinancing to a lower interest rate can help you pay off your debt more quickly. Be sure to compare lenders and check for any eligibility requirements before refinancing federal loans, as you may lose access to certain repayment and forgiveness programs.

3. Take Advantage of Loan Forgiveness Programs

Nurses may qualify for loan forgiveness programs, such as:

• Public Service Loan Forgiveness (PSLF): If you work for a qualifying nonprofit hospital or government facility and make 120 qualifying payments, the remaining balance is forgiven tax-free.
• Nurse Corps Loan Repayment Program: Offers up to 85% loan repayment assistance for nurses who work in underserved areas.
• State Loan Forgiveness Programs: Many states offer their own nursing loan repayment assistance—check your state’s programs.

4. Work Overtime or Pick Up Per Diem Shifts

If your schedule allows, consider picking up extra shifts or working per diem to earn additional income. Allocate these earnings directly toward your student loans to accelerate repayment.

5. Live Frugally and Allocate Extra Money Toward Debt

Avoid lifestyle inflation and keep your expenses low while you focus on paying off debt. Consider living with roommates, driving a used car, and cutting unnecessary expenses so you can put more money toward your loans.

6. Use Sign-On Bonuses Wisely

Many hospitals offer sign-on bonuses to attract new nurses. Instead of spending this money, use it to make a lump-sum payment on your student loans.

7. Enroll in an Income-Driven Repayment Plan (If Needed)

If you’re struggling with high monthly payments, an income-driven repayment plan can lower your payments based on your income. While this may extend your repayment term, it can provide relief while you work toward a long-term plan to pay off your loans faster.

8. Automate Payments to Save on Interest

Many lenders offer interest rate reductions (typically 0.25%) when you set up automatic payments. This small reduction can add up over time and make a difference in your total repayment amount.

9. Consider Side Hustles for Extra Income

Starting a side hustle, such as freelance healthcare writing, tutoring nursing students, or becoming a CPR instructor, can bring in extra income that you can use toward student loan payments.

10. Utilize Employer Loan Repayment Assistance

Some hospitals and healthcare facilities offer student loan repayment assistance as part of their benefits package. Check with your employer to see if this option is available to you.

Final Thoughts

Paying off nursing school debt faster requires a combination of strategic planning, disciplined budgeting, and maximizing available resources.

If you’re considering relocating for better pay or cost of living advantages, use Map My Pay to compare nursing salaries and living expenses in different cities. This can help you make an informed decision about where to work and how to maximize your earnings to pay off debt faster.