Nurses can face significant financial pressures, and the cost of nursing school often contributes to stress around money. The majority of nurses—about 70 percent—graduate with student loan debt. Grouped with the rising cost of living across the US and other financial obstacles, high student loan debt can feel impossible to pay down. That’s where Laurel Road comes in.

Laurel Road, a digital banking platform, wants to help nurses find financial freedom, offering free student loan consultations and nurse-centered products.

To get the full picture of Laurel Road’s benefits for nurses, we spoke with Diana Welch Howell, Head of Healthcare Partnerships & Strategy for Laurel Road. Keep reading to learn more about finding the path to financial freedom!

Q: What are the biggest financial challenges nurses face today? 

A: Healthcare professionals—and nurses specifically—face unique financial challenges, often balancing higher student loan debt with demanding, high-stress jobs and long, irregular hours. 

As a result, nurses need financial solutions that offer both convenience and support for their specific needs and circumstances. At Laurel Road, we understand their unique needs and are dedicated to improving and providing access to financial resources and services. 

Through our digital banking tools, nurses can manage their finances on their own time, while also gaining access to unique offerings like student loan counseling and rewards-driven banking products. We also offer resources on budgeting, managing student loan debt, and saving—all aimed at reducing overall financial stress.

Q: How can financial education improve overall mental health, prevent burnout and help nurses meet financial goals?

A: Simply put, knowledge is power. Our goal with Laurel Road for Healthcare Employers is to provide employers with the tools they need to support their employees, i.e. nurses. With Laurel Road on board, employers can offer financial resources and services to their employees, helping them to succeed both in life and in their careers. 

Having a strong understanding of your financial situation and knowing what resources are available to you can significantly improve your overall mental health, preventing burnout and helping you meet your financial goals.

Q: What types of repayment strategies do you recommend for nurses looking to pay down their nursing school debt?

A: For those looking to pay down or pay off their nursing school debt, there are a few repayment strategies you can explore. First, you’re going to want to understand how much debt you have and all the options that may be available to you. 

Start by booking a free consultation with a Laurel Road student loan expert to help you understand your options. Depending on your situation, you may be able to pay back your debt by following one of the strategies below:

• Student loan forgiveness programs at the state and federal level including Public Service Loan Forgiveness (PSLF), Nurse Corp Loan Repayment Program (NCLRP), and Indian Health Services Loan Repayment Program (IHS) 
• Federal Income-driven repayment plans (IDR) such as Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), Income-Contingent Repayment (ICR)
• Assistance programs offered through your employer as part of your employment benefits
• Discounts from some lenders if you automate your monthly payments
• Making extra payments on a recurring basis or in lump sum
• Refinancing if you have higher interest graduate school loans, are not on an income-driven plan, and/or don’t qualify for loan forgiveness 
• Consolidating multiple loans into one single loan with just one monthly bill

Learn more about student loan refinancing options through Laurel Road here and through this article: The Best Ways to Pay Off Nursing School Debt.

Q: Which financial tools from Laurel Road are most useful for nurses, and how can they collaborate with HR to incorporate these solutions into benefits packages?

A: We understand that managing and paying down student loans can be one of the biggest financial burdens for nurses, so we offer several unique benefits specifically tailored to assist eligible nurses. One of the most useful is access to competitive high-yield savings accounts through our banking solutions, which aids nurses in jump starting their savings goals or helping them to build emergency savings.

Additionally, our support includes one-on-one counseling with student loan experts. These experts analyze borrowers' debt and provide guidance on repayment and forgiveness options. We offer prepayment for student loan memberships that support nurses enrolled in Income-Driven Repayment (IDR) plans or the Public Service Loan Forgiveness (PSLF) program, helping them navigate the complexities of these programs and keep track of qualifying payments. 

Furthermore, we have programs in place that contribute directly to employees’ student loans and facilitate student loan payments. Lastly, nurses who are members of our healthcare partner associations or healthcare system partners are eligible to receive special discounts and benefits on Laurel Road products, enhancing their ability to manage financial obligations efficiently.

Q: How can nurses stay informed about evolving financial wellness resources? 

A: To start, it’s important to stay close with your HR team on any benefits offered and any new benefits they may be considering for the upcoming year. Don’t hesitate to ask your HR team if there have been any updates to wellness resources and ask them to consider adding financial wellness programs like Laurel Road for Healthcare Employers if not currently available. These programs are a great resource for up-to-date financial wellness resources, guidance and content.

Also, if you are a member of the nursing or medical association, such as the American Nurses Association for example, you may be entitled to additional discounts and resources. 

Be sure to be open about your needs with your HR team and have your voice heard by completing employee benefits surveys to influence future offerings. Feel empowered to share helpful tools, like our website, to guide HR in exploring supportive programs.

Final Thoughts

Any nurse can get on the path to financial freedom starting with reading through Laurel Road’s Financial Resource Hub, which has a curated collection of interactive financial content dedicated to nurses. From Laurel Road’s tailored loan repayment options to nurse-centered banking, eligible nurses can achieve financial peace of mind while enjoying plenty of rewards through their Perks! program, which offers exclusive discounts for premium brands, subscriptions, and services. Check out all Laurel Road’s resources and share this article with your HR department if you want to see these benefits offered through your employer!

This article is sponsored by Laurel Road.

Disclosures:

All credit products are subject to credit approval.

IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-Driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult www.studentaid.gov for the most current information.

Laurel Road is a brand of KeyBank National Association. All products are offered by KeyBank National Association. Member FDIC. ©2025KeyCorp® All Rights Reserved. 3 Corporate Drive, 4th fl, Shelton, CT 06484, USA