Note: In addition to the tips below, you can learn more from the free webinar Kellen Williams is hosting tomorrow, November 9, at 1pm EST: Student Loan Best Practices – What Everyone with Student Loan Debt Should Know.
In this article, we’ll discuss the benefits and the risks of refinancing, whether refinancing can help you pay off your loans faster, and what you can do to boost your chances of getting approved for refinancing. Also, don’t miss out on your student loan rate discount for being a Minority Nurse reader if you decide that refinancing is right for you :).
Here are some of the advantages and disadvantages to consider when refinancing your student loans.
The pros of refinancing your student loans
The benefits you can gain by refinancing your student loans include:
You only have to make a single monthly payment: Refinancing consolidates your multiple existing loans into a single, new loan that has just one monthly payment. This can help make managing your debt simpler.
Securing a lower interest rate: You may qualify for a lower interest rate, which could help lower the total amount you’ll spend repaying your loan.
Paying off your loan faster: When you refinance, you’ll have the option to adjust your repayment terms. By shortening your loan term, you’ll be able to pay off your loan faster.
Decreasing your monthly payment: Alternatively, you could decide to lengthen your loan term. This would decrease the amount you need to pay monthly but could also increase the total amount of interest you’ll pay over the life of the loan.
You can obtain unique perks from private lenders: Some private lenders include unique benefits, such as financial resources to help inform your financial choices, or access to special banking products with interest rate discounts, e.g. the Laurel Road Checking (SM) account, an FDIC-insured* online checking account with no minimum balance to open and $0 monthly maintenance fee. Laurel Road members that close on a new student loan refinance and open a new Laurel Road Checking (SM) account are eligible for an interest rate discount on their student loan.
You can add or release a co-signer: If you haven’t had the opportunity to build up your credit yet, you might be able to apply with a co-signer. Applying with a co-signer who has a good credit score could help you qualify for a lower interest rate than what you’re currently paying.
The cons of refinancing student loans
You should also carefully consider these negatives and how they might affect you:
Losing access to federal repayment programs and plans: If you refinance your federal loans, you’ll lose access to federal repayment programs, including income-driven repayment plans, such as Pay As You Earn (PAYE) and Income-Based Repayment (IBR), Revised Pay As You Earn (REPAYE), and Public Service Loan Forgiveness (PSLF). For more information visit, https://studentloans.gov.
Losing access to federal repayment protections: You’ll also lose access to federal repayment protections, such as forbearance and deferment, which can give you the opportunity to pause/lower your monthly payments.
It may be difficult to qualify without a co-signer: If you don’t have an established credit history, you might find it difficult to gain approval for refinancing without a co-signer.
Interest rates might increase: When you refinance, you’ll be able to select either a fixed or variable interest rate. Variable interest rates, which fluctuate according to the market, have the potential to rise, which could result in you paying more over the lifetime of your loans.
You’ll end your grace period: Not all federal student loans have grace periods but for those that do, if you decide to refinance during your grace period, you may have to start repaying immediately.
Can refinancing help you pay down debt faster?
It could, by refinancing and shortening the term of their loan, borrowers can decrease the amount of time it will take them to pay it back. Note that this could result in your monthly payment going up. However, depending on the interest rate you qualify for, you may find this increase is negligible.
What do you need to qualify for refinancing?
Refinance lenders typically look for:
A degree from a qualifying institution
Eligible student loans
A minimum credit score in the mid to high 600s
Proof of sufficient income
If you’re interested in refinancing, check out Laurel Road’s student loan refinancing options for students and professionals and see if refinancing makes sense for you. It’s never too soon to figure out a long-term plan to manage your student loan debt.
*Deposits are insured up to the maximum allowable limit. Laurel Road is a part of KeyBank N.A. All single accounts owned by the same person at KeyBank N.A. are added together and insured up to the maximum allowable limit. To learn more, contact the FDIC toll-free at 1.877.ASK.FDIC (1.877.275.3342) or visit www.fdic.gov.
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For most nursing students, passing the NCLEX is their top post-graduation task. Once they have that exam under their belts, they become a registered nurse and can move forward on their career path. Many students study on their own using various methods and approaches, but this study shows clear benefits between more HESI exams taken and a better outcome on the HESI Exit Exam and on the final NCLEX-RN exam.
According to Christine Gouveia, PhD, vice president of Applied Learning Sciences at Elsevier and visiting professor at the University of Pennsylvania, the findings help educators and students prepare more efficiently and effectively for the NCLEX. “HESI exams span a nursing program and curriculum and are an excellent indicator of student progress on their academic journey,” she says.
Preparation with HESI exams offer multilayered benefits as nursing students gain knowledge and confidence from the testing, preparation, and remediation tools offered with HESI specialty exams and results. As students progress through different exams, they answer questions that are designed to closely resemble the questions on the NCLEX, so they can apply their knowledge in a practical way and demonstrate their critical thinking skills, says Gouveia. Those tools are helpful as they finish school and begin their careers. “Clinical judgment is critically important,” says Gouveia. “Critical thinking is necessary for nurses to practice safe effective care.”
The HESI specialty exams are an important tool for educators as well. Educators analyze the individual and cohort results to help students identify weak areas where they can use some additional work. They are able to work on remediation quickly using quizzes and case studies to synthesize their knowledge effectively. The scores also reveal students’ strengths and give them an indication of where they are excelling in their studies and can help them stay focused and motivated. Coaching support is also available to students to help them navigate challenges and to reflect on what and how they are learning and how to gain the most from their nursing education.
The results of the latest study mirror previous findings from a smaller sample size. Student success is more easily predicted when students score a 900 or greater on the HESI Exit Exam, says Gouveia. Those students are 96.4% to 99.2% likely to pass the NCLEX-RN. The study found, for example, that a student who took six specialty exams scored on average 29 points higher than those that did not take any. Completing 12 HESI Specialty Exams translated into an average gain of 160 points.
Gouveia says the study results have been translated into effective evidence-based tools using data to create predictive algorithms and interpret the results on the HESI® Readiness for NCLEX®Dashboard. The data allows educators and teams to monitor results and trends throughout a program and make real-time adjustments to benefit students as much as possible.
Family nurse practitioners (FNPs) are needed now more than ever, especially in our fast-growing-but-underserved Latinx communities.
Latinx patients disproportionately report not having a usual source of healthcare and face challenges when trying to find a provider. They are also more likely to live in a community that is experiencing a provider shortage, so they often seek out care in community health centers.
FNPs are more likely to work in these health centers and can ensure Latinx families have access to the care they need.
Dedicated to Diversity and Inclusion
In Arlington County, home of Marymount University’s physical campus, Latinx residents comprise 20-25 percent of the population, the largest concentration in the state. Marymount University’s student population reflects the local demographic, with 25 percent of its undergraduate students identifying as Latinx or Hispanic.
Marymount is dedicated to the idea that diversity is a shared value lived by students, faculty, and staff. Those efforts were recognized when they were named the first Hispanic-Serving Institution (HSI) in Virginia.
Marymount also supports its Latinx students through a recent initiative called ¡Avanzamos! (“Moving Forward Together”), which ensures campus-wide programs and student-success efforts include issues that impact their Latinx student population. ¡Avanzamos! is part of a larger effort to promote diversity and inclusion entitled, “You Belong Here,” which brings together students, faculty, and staff who understand the challenges and needs associated with discrimination and inclusion.
The time has never been better for nurses who want to complete a Family Nurse Practitioner program. Marymount’s online nursing programs prepare nurses for a career as an FNP, allowing them to help underserved populations across the country, including Latinx communities.
Marymount offers several FNP programs for nurses with various levels of education.
For BSN-prepared nurses, Marymount’s online DNP-FNP program teaches skills needed to be a nurse leader who not only offers compassionate care but improves patient outcomes by providing the best patient care across multiple populations in a complex, ever-changing environment.
Marymount’s CCNE-accredited online MSN-FNP program, also designed for nurses with a BSN, utilizes a curriculum strongly focused on ethics and evidence-informed care. Learn from practicing FNPs who are experts in their field and translate theoretical knowledge from the sciences and humanities into the delivery of advanced nursing care to diverse populations.
Marymount’s FNP post-master’s online certification prepares nurses who already have an MSN degree to build on existing knowledge to optimize patient care and be at the forefront of the ever-changing healthcare landscape.
Marymount’s online FNP programs offer a unique opportunity to balance work and school, achieve career goals, and obtain the knowledge and skills needed to sit for the AANP or ANCC family nurse practitioner certification exam after graduation.
To ensure all students can concentrate fully on working and studying, Marymount’s Clinical Placement Team coordinates all aspects of the clinical placement process to ensure the successful completion of clinicals at a placement site within a reasonable distance to the student’s home.
Nursing strives to exceed the boundaries when it comes to providing patient care in the United States, and nursing leaders have long understood the importance of diversity in the workplace to obtain quality outcomes for their patients.
Over the last decade, the American Association of Colleges of Nursing (AACN) has dedicated efforts to diversify the workforce. The aim is to have adequate representation from all groups—including men and individuals from the African American, Alaskan Native, Asian, Hispanic, Native American, Native Hawaiian, and those of other backgrounds.
Improving nurse workforce diversity will help decrease health disparities and increase health equity so all people of all groups can be as healthy as possible. Because different populations often present symptoms dissimilarly or are predisposed to distinct conditions, it’s important for nursing schools and staff to gain a wider perspective on the patients they serve. In parallel, when nursing staff mirrors the population they serve, it’s common for patients to feel more trusting and comfortable discussing their personal concerns and symptoms.
The National Council of State Boards of Nursing (NCSBN) and The Forum of State Nursing Workforce Centers were surveyed in 2017 to look at the cultural makeup of the nursing pool. Registered Nurses (RN) from minority backgrounds represented 19.2% of the workforce.
The survey identified the RN ethnic backgrounds comprised of 80.8% white/Caucasian; 7.5% Asian; 6.2% African American; 5.3% Hispanic; 0.4% Native American/Alaskan Native; 0.5% Native Hawaiian/Pacific Islander; 1.7% Two or more races; and 2.9% other nurses. Of the total nursing workforce, men accounted for 9.9% of the workforce, up from 1.1% from 2015.
Elmhurst University, located just outside of Chicago, is committed to successfully recruiting and retaining their nursing students to meet the growing need in their communities. Elmhurst’s mission is to prepare nurses for professional practice and exceed leadership roles to meet the needs of a diverse society.
If you are looking for a new career path in high demand, a degree in nursing can launch you into a highly respected, satisfying, and financially stable profession. Elmhurst University understands the importance of providing high-quality nursing degrees in a timeframe that matches the workforce demand.
Find the Right Program for You
Elmhurst University offers a distance accelerated BSN nursing program for those who are ready to begin their nursing career today. Students complete all course requirements in less than 2 years. An online distance learning structure allows those living in remote areas to gain access to a high-quality nursing education. Furthermore, there are just two on-campus visits during the program, limiting the number of travel disruptions to students.
Elmhurst University nursing students.
The 16-month fast-track program prepares students to sit for the National Council Licensure Examination for Registered Nurses (NCLEX-RN) exam. Elmhurst University is consistently above the national and state scoring averages on the NCLEX exam. In 2020, 90% of their BSN students passed the exam.
Elmhurst University’s application process is easy to access online. Apply today and take the first step to a rewarding career.
International Nurses Day on May 12 honors nurses worldwide with a day of celebration for all the work they do to care for patients, people in their communities, and those they know and love.
The past year has been one of tumult and exhaustion for nurses as the COVID-19 pandemic brought challenges and conditions that today’s nurses never worked through before. As Minority Nurse honors nurses around the world today, we thought hearing from a student nurse—one on the brink of starting a career path that has seen so much pain and joy in the past year—would give a perspective of the next generation of nurses on International Nurses Day 2021.
Twenty-year-old Bisola Ariyo is this year’s valedictorian for Howard University’s College of Nursing Class of 2021. Her work as a nursing student took on new meaning in the past year, she says, and only amplified the determination she’s always had to excel as a nurse.
As a student in Lagos, Nigeria, Ariyo earned a full scholarship to Howard University—where she dreamed of going. Originally, she (and her parents) thought she was going to pursue a med school track, but she realized her love of biology was suited for a different path.
“I did my first internship and my first clinical and I experienced that bedside, hands-on work,” she says. “Doctors don’t do that. Nurses build relationships and it’s a big responsibility when you think you’re the only advocate for this patient. They look to you for all sorts of things. It made me admire nurses, and I wanted to be just like them.”
Throughout her college years, her dedication never wavered and her scholarship was something she used as a guiding light. “I wanted to come here and be everything I was expected to be,” she says, noting that she’s a recent an inductee of the Sigma Theta Tau International Honor Society of Nursing. “It drives everything I do. I wanted to make my parents proud and make myself proud.”
As the pandemic swept through the world during her junior year, Ariyo says everything changed. During those early days, her father became ill and while his illness was not related to COVID, it put her in a deeply empathetic place. “It gave me an idea of what people were going through in the pandemic,” she says. Her parents were far away and the feeling deeply unsettled her.
When her family saw the work she was doing thorough the pandemic, it changed their perspective. Hearing about Ariyo’s 12-hours shifts, her parents were concerned about her safety and if she had enough PPE. They understood the gravity of her work. “Now my mom tells everyone her daughter is a nurse,” Ariyo says. “Before that, she thought doctors were the most prestigious. She has the most respect for nurses now.”
This spring, when she found herself working at a vaccine clinic and giving so many shots every day, she says she was grateful. “I was vaccinating people who were so thankful to get the vaccine and who would now get to see their grandmothers or their friends,” she says. “I never envisioned giving vaccines all day was something I would ever be doing, but I hope to take that experience with me.”
Ariyo decided on her specialty path after a summer externship at Duke University Hospital Pediatric Cardiac Intensive Care Unit where she shadowed a nurse and performed pre-op and post-op care of children with congenital heart defects. She’s decided to become a pediatric nurse practitioner. “Every day was a joy,” she says of the experience. Whether she was seeing children get better or enduring the sadness when they didn’t, Ariyo says working with children was profoundly moving. “They are so resilient,” she says of children. “Being part of that every day made me realize that is what I want to do. And that is the patient population I want to serve.”
As Ariyo gained additional work, she also saw how crucial it is for the nursing industry to attract more minority nurses. “Nursing is definitely impacted by how representation matters to patient care,” she says. While on a post-Hurricane Maria alternative spring break program with Howard University in Puerto Rico, Ariyo says she noticed how a language barrier or residents’ general mistrust of the healthcare system influenced care. “The Black or brown people or people of color who don’t trust the healthcare system are looking for the Black person in the room because that’s the person that looks like them,” she says. “There’s a responsibility for me and a trust they have in me because I look like them.” The experience even gave rise to new goal—learning Spanish. “I felt bad when there was no interpreter in the room,” Ariyo says. “Minority nurses are so important.”
Being part of Howard University’s nursing school gives Ariyo deep pride. She has taken advantage of every opportunity and has worked as a mentor at an afterschool program; was a HU Geriatrics Lab student researcher on the Alzheimer’s research team; and is a member of the Comprehensive Medical Mentoring Program (CMMP) and the National Society of Collegiate Scholars (NSCS).
Although she knows the work has been challenging, she sees herself reflected in her fellow graduates on this International Nurses Day. “My class is 42 strong incredible Black women,” preparing for a nursing career, she says. “I feel brave because I see all the other people in my class as brave as I am. And despite how much social unrest there has been, we can take solace in this future generation. It is a time for hope.”
As student nurses celebrate the May 8 designation of National Student Nurses Day, they have a lot to be proud of. This year, student nurses navigated through a tumultuous time while continuing to pursue their nursing education despite a global pandemic. The task was, and continues to be, enormous.
To mark National Student Nurses Day, Minority Nurse went right to the source. We asked Aisha Zalwango, who is currently finishing up her senior year at Regis College in Weston, Mass., what it’s like to be a student nurse in 2021. Her answers reflect the challenges of the past year and the hope many nursing students feel going forward.
Please tell me about what led you to go to nursing school.
Ever since I was a young girl in Uganda, I knew that I wanted to become a nurse because I love taking care of the sick, the disabled, and those who need my help. I am majoring in nursing because I want to become a great nurse who will give the best care to my patients. I believe that good care is the best gift one can ever give to someone who is sick and away from their family and friends.
What is your intended specialty?
My intended specialty is Intensive Care nursing (ICU). As a novice nurse, I want to start in medical-surgical nursing so that I can improve my nursing skills and get more experience working as a bedside nurse. After a year or two, I will transfer to Intensive Care nursing.
What has surprised you about being a nursing student?
The things that have surprised me about being a nursing student are the things that I have found out about the nursing profession. They include the following:
Nurses’ roles are not limited to patient care. After a few years of experience, some nurses take on administrative roles, while others become teachers to the next generation of nurses. There are those who become researchers and consultants in the healthcare field.
Nurses have a chance to specialize in a particular area of healthcare. The only requirement to specialize is to fulfill an additional education requirement which in some cases involves completing a master’s degree program.
Have you had a mentor or someone who has influenced you?
A lady whose mother I took care of when I had just come to America has greatly influenced my journey of becoming a nurse. Ever since she found out that I was in school for nursing, she has been encouraging me to keep going. She has always made me feel cared for even if I do not have family here in America. She always calls to check on me so that I do not feel alone. Her caring attitude has really made me feel that I matter.
Have the events of the past year and the pandemic influenced your studies or the way you see your future career at all?
Yes, the events in the past year and the pandemic have influenced my studies and the way I see my future career. When the pandemic was at its peak last year, school and classes were remote, and I could not get in touch with my study group. Some of my friends got sick from COVID-19, and we could not even meet or hang out for a long time. I felt very lonely and so sad because I spent most of my time by myself.
This pandemic taught me to stand strong through challenges and to keep going regardless of the situation, because accomplishing my goals requires such skill. Living in a pandemic so early on in my career, has assured me that I am where I need to be. It has influenced my future career in that I know how challenging this field can get and has assured me that I can handle it.
Through this pandemic, I have learned several essential nursing skills required to become a great nurse. From experience, working as a patient care associate in a community hospital, I have also learned that nurses should use the required precautions the right way in order to protect themselves and take good care of very sick patients without spreading infections. I now know what it takes to be a nurse and to be in this amazing field.
What has helped you succeed as a nursing student?
I am goal oriented. I set goals for myself which include small goals that I believe help me achieve my major goals. This type of skill has really helped me to focus on important tasks, with understanding expectations, and by giving me motivation to get my work done on time. I also organize my time well. I have time to study, time to work, and time to relax.
Being organized has helped me avoid being burned out. I am optimistic as well. Nursing school can be very challenging because preparing for exams, completing clinical hours, going to class, and managing other responsibilities can be overwhelming. However, I look at the bright side of it all. Instead of dwelling on challenging situations, I look for solutions, and I keep going because I am sure and I believe that there is a bright light ahead—in the end, I will be successful.
What are your next steps after graduation?
My major goal for after graduation is to get a nursing job so that I can start taking care of the sick and improve my nursing skills. Since learning in healthcare is ongoing, I will take on any opportunity that will come my way to further my education so that I can improve my professional experience in nursing practice. I also want to take part in various community healthcare projects. That way, I will be able to give back to my community through improving people’s health.
When most nursing students graduate school, they leave with not only a degree but also a large amount of debt. One way to make it easier to repay this debt is by refinancing student loans – speaking of which, are you ready for the end of the student loan federal interest holiday?
