Does Aspen University take financial aid?
Aspen's advertised monthly payment plan is not federal financial aid. Aspen describes it as a private education loan at a 0% fixed rate with no down payment, and approval requires consent to a soft credit inquiry and a minimum TransUnion credit score of 600. That distinction matters more than the interest rate for some nurses.
What zero interest is worth
It is worth a lot, and it should be said clearly. A federal graduate loan accrues interest from disbursement; Aspen's plan does not accrue any. Over a programme spanning several years, that difference runs to thousands of dollars.
For a nurse with stable income who will make every payment on schedule, this is straightforwardly the cheaper arrangement.
What private credit costs you
Federal student loans carry statutory protections that private credit does not. Income-driven repayment does not apply, so the monthly figure holds whether you are working full time or not working at all. Federal deferment and forbearance rules do not apply; any relief is at the lender's discretion.
Most consequentially for nurses, Public Service Loan Forgiveness cannot touch private debt. If you work at a qualifying non-profit hospital and would otherwise be on track for forgiveness, the value of that can exceed everything the zero interest saves you.
This is a genuine trade rather than a trap. It just needs doing with a calculator rather than an instinct.
Common questions
Is the Aspen monthly payment plan a loan?
Yes. Aspen describes it as a private education loan at a 0% fixed rate of interest with no down payment.
Do I need good credit for the Aspen payment plan?
You need to consent to a soft credit inquiry and to have a minimum TransUnion credit score of 600. A soft inquiry does not affect your score.
Does Aspen qualify for loan forgiveness?
Debt taken through Aspen's private monthly plan is not eligible for Public Service Loan Forgiveness, which applies to federal loans. If you work somewhere that qualifies for PSLF, price that in before choosing.