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If you, as a mortgage holder, have money in an escrow account, you may see an escrow refund after an escrow analysis at the end of the year. It may not happen often, but an escrow refund check comes if there’s an excess amount in your escrow account. Regulations set by the Consumer Financial Protection Bureau (CFPB) allow the mortgage servicer to retain two months’ worth of your escrow payment as a cushion. Amounts greater than $50 above the cushion should be refunded to you. Escrow balances less than this amount can be retained in the escrow account for the next year or refunded to the borrower.

Escrow refunds generally come when there’s an expense that’s smaller than expected, such as a lower insurance bill or fewer taxes. Your mortgage servicer pays the lower amount and then, when the servicer conducts an escrow analysis, the difference will be refunded to you, typically by check. The funds can also come when an escrow account is closed, such as when the mortgage is paid off or refinanced.

The Escrow Process 101

You might have heard the term “escrow” in a couple of different settings when you’re buying a home. First, an escrow account is like a savings account that is set up for holding earnest money after you make an offer on a house.

And second, a different escrow account is set up by your mortgage servicer after you close on the loan. It can manage your taxes, private mortgage insurance (PMI), and/or homeowner’s insurance. This second type of escrow account is the one most likely to trigger a refund.

In its simplest form, the escrow process looks like this:

1.    The mortgage servicer sets up an escrow account.

2.    The borrower makes monthly payments to the mortgage servicer.

3.    The mortgage servicer deposits the portion of the monthly payment for the homeowners insurance, taxes, and mortgage insurance into an escrow account.

4.    The taxing entity, homeowners insurance provider, and/or mortgage insurance company send the mortgage servicer a bill.

5.    The mortgage servicer pays the bill on the borrower’s behalf.

6.    The mortgage servicer audits accounts every year to determine if there is an overage or a shortage.

7.    If there is an overage above $50, the borrower can be refunded that money. The servicer will alter the monthly payment lower for the next year.

8.    If there is a shortage, the mortgage servicer will modify your monthly payment to account for both the shortage in the last year and the increased cost for the upcoming year.

Recommended: What Is an Escrow Holdback?

What Is an Escrow Refund?

An escrow refund occurs when you, as a mortgage holder, receive a check at the end of the year for the extra money you paid into your escrow account. This is a requirement of mortgage servicing.

When you start making monthly payments to your mortgage servicer, you’ll pay the same amount each month. This amount typically includes your principal, interest, property taxes, homeowners insurance, and PMI (if you have it). The portion designated for taxes, PMI, and homeowner’s insurance will go into your escrow account. This amount is saved until your bill is due. The mortgage servicer pays the bill and deducts the amount from your escrow account.

Every year, the mortgage servicer is required to conduct an escrow analysis. This is a process where the servicer looks at the deposits made by you as well as the bills for insurance and taxes. Adjustments are made, and if you overpaid, you get a refund.

Escrow Refunds at Closing

You also might be wondering, “Do you get escrow money back at closing?” The process for escrow refunds at closing is a little different.

•   Your lender typically uses the money from your existing escrow account to apply toward your down payment or closing costs.

•   Then, for the new escrow account opened by your mortgage servicer, you will contribute what are called “prepaid closing costs” to the account to fund your escrow account. If you end up paying too much, you’ll see an escrow refund check from your servicer after an escrow analysis has been performed.

Mortgage servicers like escrow accounts because it helps protect their investment in your home. When the homeowner’s insurance is paid, the lender can be assured there is protection for the home should anything happen to it. Likewise, when the taxes are paid, the lender doesn’t have to worry about the taxing entity placing a lien on the home.

When Might You Expect An Escrow Refund?

Mortgage servicers are required to complete an escrow analysis at the end of the escrow account computation year, according to Regulation X of the Real Estate Settlement Procedures Act. (The clock starts ticking on the “computational year” when you make your first mortgage payment.) After the yearly escrow analysis, you will receive an escrow account statement. This statement will show you the deposits and expenses for the year, as well as show you a projection of anticipated expenses for the upcoming year.

It will also notify you of changes to your monthly payment that need to be made. These steps help ensure that your mortgage servicer is able to pay your taxes and insurance in full from your monthly payment. It’s common for the amount to change a bit from year to year.

If the escrow analysis uncovers a surplus above the allowable cushion in your escrow account, you can expect a mortgage escrow refund within 30 days.

Here are some common scenarios where you might expect to see a refund from your escrow account.

Mortgage Payoff

When you pay off your mortgage or refinance with a new mortgage loan, your mortgage servicer is no longer required to hold an escrow account for you. You may receive a refund from your escrow account for any unused funds.

Lower Tax Bill

If your tax bill decreases, that means the amount collected from your monthly mortgage payment over the year will be more than what is actually due. The excess amount in your escrow account could be refunded to you after escrow analysis.

Better Insurance Rate

If you change your homeowners insurance to a company that offers a better rate, you may be due a refund. If this happens, you’ll likely pay the higher premium that you had locked into your monthly payment for the year. However, once the escrow analysis is completed, the savings will be apparent and you should receive your refund.

Private Mortgage Insurance No Longer Required

On many conventional mortgages, there may come a time when you don’t need to pay for mortgage insurance. Let’s say you were a first-time homeowner who put less than 10% on your house. When your home equity reaches 20%, you may be able to have the private mortgage insurance premium removed (depending on the type of mortgage you have).

This may happen in the middle of the year before your servicer expects it. Your monthly payment may not be adjusted until an escrow analysis is completed at the end of the year. After an analysis has been completed, you’ll likely receive a refund because you’ve been overpaying for that mortgage insurance you no longer need.

Recommended: What Is a Mortgage Contingency?

Purchase Overpay

If you overpaid for an escrow item when you closed on your home, the surplus can be refunded to you after an escrow analysis.

When You Won’t See an Escrow Refund

The part of your monthly mortgage payment that goes toward your escrow account is set at the beginning of the year. However, tax rates and insurance rates often increase during the year. When your tax or insurance bill is due, your escrow servicer will pay the larger bill even though there isn’t enough money in the escrow account to cover it. This may result in a negative escrow balance.

In the case of a negative escrow balance, the servicer uses their own money to cover the shortfall. To make up for the shortage, the servicer will make adjustments after completing escrow analysis and take steps to collect the shortfall. The adjustment will also account for the new increased amounts due monthly during the upcoming year.

How Soon Can You Expect a Refund?

For ongoing mortgage payments: Your escrow servicer is required to issue a refund within 30 days of discovering a surplus of $50 or more. (This surplus is above a two-month allowable cushion of escrow payments that your mortgage lender may hold.). Borrowers must be current on their mortgage payment, however, to be able to receive this refund.

If you pay off your mortgage: Your escrow servicer may refund the balance of your escrow account within 20 days. Or, if you get a new mortgage with the same servicer, the servicer can apply the balance of the escrow account to a new escrow account with your permission.

The Takeaway

You may see an escrow refund coming your way if you’ve negotiated a better deal for your homeowners insurance, expect to pay less in taxes, or no longer need to pay PMI. It will happen automatically because your mortgage servicer is required to perform yearly escrow analysis. You’ll also receive a refund if you pay off your mortgage and possibly when you refinance. Once that happens, the servicer has 30 days or less to refund the money you’re owed from your escrow account.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

How long does it take to get escrow money back?

If you’ve paid off your mortgage in full, the balance in your escrow account should be returned to you within 20 days. If you are still paying into escrow but an escrow analysis (a process conducted every 12 months) has found you’re due money back, you should receive it within 30 days.

Do you get an escrow refund every year?

There is no rule that says you’ll get an escrow refund every year. In fact, in some years you may find that you need to pay more into escrow the following year (or make a lump-sum payment) to make up for a shortfall.

Photo credit: iStock/MaslovMax

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.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SOHL-Q125-050

If you’re in the market to buy, the choice could boil down to a condo or a duplex. But someone who would enjoy condo living — communal, with amenities — wouldn’t necessarily savor duplex living, and vice versa.

The financing can vary substantially, as can the fees.

Let’s look at the main differences between these two popular kinds of houses.

What Is a Condo?

First, let’s focus on the first of these two types of houses.

You may wonder exactly what a condo is. Short for condominium, a condo is a single, privately owned unit that’s part of a community of these units. They can be combined in a building or built as detached structures.

A condo is often a good starter home.

It also can be a good choice for a first-time homebuyer, who technically is someone who hasn’t owned a primary home in three years.

Overseen by a homeowners association (HOA), condo owners have an interest in common areas, from lobbies and hallways to gyms and pools. A purchaser of a unit owns the condo’s interior.

Recommended: Buying a Condo: 8 Things To Do

Pros and Cons of Living in a Condo

When considering a condo, here are pros and cons to ponder.

What Is a Duplex?

A duplex is a multifamily home with two units, each with its own entrance. Sometimes a duplex has two units that are side by side, Sometimes one unit is downstairs and the other upstairs. In that case, outside stairs can lead to the second-story unit.

You may decide to buy a duplex, live in half, and rent out the other half for income — or rent both halves.

Pros and Cons of Living in a Duplex

When considering a duplex, here are pros and cons to consider.

What Is the Difference Between a Condo and a Duplex?

If you found a sweet condo and a duplex with potential, it might pose a dilemma. Here’s more info to inform a decision.

Financing

Homes with up to four units are considered residential, so if you plan to occupy one of the units of a duplex, you’re looking at the same types of mortgage loans you would with a single-family home.

A condo buyer will enjoy the same kind of financing that is available to buyers of single-family homes but will face extra steps and slightly higher interest rates. Financing a condo vs. townhouse, for example, involves a lender review of the condo community or inclusion on a list of approved condominium communities.

Cost

A condo may cost less than a duplex, but it will come with HOA fees. Prices can vary considerably based on the location, size, and condition of a property.

Insurance rates can be higher for a duplex because the entire structure needs to be covered. Rates can be more affordable for a condo owner, who is responsible for the interior of their unit only.

Ownership

With a condo, you’d own the interior of your unit, with common areas owned by the HOA. With a duplex, you’d own the entire structure, which includes the lot it’s built on.

Responsibilities

Duplex owners take on all of the typical homeowner responsibilities.The HOA handles maintenance and repairs for condo owners.

Common Areas

Condo owners can use common areas and amenities, which can include a clubhouse, pool, park, and gym.

If you buy a duplex, people living in both units share the yard, with the owner responsible for its maintenance.

The Exterior

As the owner of a duplex, you’re responsible for the entire property.

At a condo complex, the HOA takes care of common areas, including the building exteriors.

Resale Value

Condos tend to appreciate in value, although not as quickly as single-family homes do.

Duplexes also tend to be easier to resell because of the rent received and the lack of HOA fees — but tenants have rights, and you may need to wait for your rental unit to be vacant before you can sell without legal concerns.

Condo vs Duplex: The Verdict

If you like the idea of less maintenance and think that HOA fees are worth what you get in return, you would enjoy the community’s amenities, and you’re fine with less green space, then a condo may make sense for you.

If you don’t want to pay HOA fees (and may not use amenities anyway) and believe that having a yard and more control over what you do with your property is a real plus, a duplex may be a better choice.

The Takeaway

When house hunting, two options may include a condo and a duplex. Each has benefits as well as challenges, which should be explored before you make a financial investment in a property.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

Is a condo the same as a duplex?

No. A duplex is a detached home that’s divided in half (side by side or up and down) for two sets of residents, while a condo is a single unit within a condominium community.

Which is better: a duplex or a condo?

It depends upon your preferences and lifestyle.

Is living in a duplex noisy?

It could be! You’ll either have a shared wall or a shared ceiling/floor with someone else. So if the residents in the other half have a rambunctious lifestyle, it could get noisy.

Are duplexes cheaper than condos?

In general, a condo may be cheaper than a duplex, but location, size, and condition affect the values.

Photo credit: iStock/william87

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.

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.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

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.

SOHL-Q125-024

If you’re looking to save money and time on the purchase of a home, you might have heard that an appraisal waiver can do that for you.

An appraisal waiver substitutes an automated valuation for an in-person assessment of a property you’re buying. It saves time and money, thereby simplifying the buying process. However, only certain transactions qualify for it, and an automated appraisal may miss some of the home’s important details.

This guide will explain why you need a home appraisal in the first place. We’ll also explain what is an appraisal waiver, how to get an appraisal waiver, and the pros and cons of appraisal waivers.

Why Do You Need a Home Appraisal?

If you’re financing a home with a mortgage, getting a home appraisal is usually a requirement for the lender. An appraisal is an independent evaluation of the home’s value that protects the borrower’s investment in the property. Consequently, it also helps minimize the lender’s risk when releasing money to the borrower for the property.

A home’s value is critical to a lender since the money they make available as a mortgage uses the home as collateral. If they lend out more money than the home is worth and the home goes into foreclosure, they will be unable to recoup their losses when reselling the home. An appraisal assures the lender that the home is worth at least as much as they think it is when lending money.

An appraisal is also important to borrowers because it assures them the property is worth what they’re contracted to buy it for. If there’s something that hurts the home appraisal and the property is not worth as much as they offered in a real estate contract, the buyer has the option of backing out of the sale. They might also renegotiate the terms of the contract (assuming there’s a financing contingency in place). Or, the buyer could come up with more cash to bridge the appraisal gap if they still want the property.

Recommended: Estimate the Value of Your Property

What Is an Appraisal Waiver?

An appraisal waiver is not a situation when an appraisal is not required. Rather, it allows the use of an automated property valuation tool versus using the services of a professional appraiser to determine the market value of your home. It can be convenient to get one if your transaction qualifies, saving time and money (more on that below).

However, many transactions won’t qualify for this type of property valuation, so it’s important to be prepared to go the route of having a professional appraiser involved.

It’s important to understand that an appraisal waiver is not the same as the following:

•   A property inspection waiver. This is something a prospective homebuyer may offer to sweeten a deal. It means they will forgo a home inspection, which could reveal structural or maintenance issues, when proceeding with the purchase of a home.

•   An appraisal contingency. This is part of a real-estate transaction that says if a home doesn’t appraise for the purchase price, you can exit the deal and get your deposit back.

Getting an Appraisal Waiver

If you are interested in getting an appraisal waiver, here are some important points to know.

•   You need to go through your lender to be considered for an appraisal waiver. Lenders must submit paperwork through the home mortgage loan program you’re applying for and help determine when an appraisal is not required.

•   Typically, you can qualify for an appraisal waiver if your lender uses the automated underwriting systems known as Desktop Originator (run by Fannie Mae) or Loan Prospector (run by Freddie Mac). Many lenders do use these systems, but that doesn’t guarantee that you will get approved for a waiver.

•   There are likely additional qualifications to get a waiver. For instance, conventional mortgages through Fannie Mae have different rules than other loan types when it comes to appraisal waivers. Check with your lender for details about eligibility for an appraisal waiver. You may need, among other factors:

◦   A solid credit score

◦   To be purchasing or refinancing a single-unit property, whether that is a single-family house or a condo.

◦   You may need to pony up a down payment of at least 20%, though there are exceptions, such as people who are applying for homes in what are considered to be high-need rural areas.

Next, take a closer look at the pros and cons of an appraisal waiver.

Benefits of an Appraisal Waiver

Some of the benefits of an appraisal waiver include:

•   A shorter time to closing since you don’t need to schedule an in-person appraisal and wait for paperwork to be completed and filed.

•   Saving the cost of an appraiser’s fee.

Drawbacks of an Appraisal Waiver

There are some downsides of appraisal waivers, too. For example:

•   Automated systems can miss improvements and special features of a home, such as a recent renovation that substantially increases the value of the home.

•   Conversely, they can also miss things that substantially decrease the value of the home, such as a recent flood or signs of water damage in an attic. Hiring a professional appraiser can help mitigate valuation issues like these.

Recommended: Understanding the Different Types of Mortgage Loans

Who Is Eligible for an Appraisal Waiver?

If your transaction meets the following qualifications, it may be considered for an appraisal waiver:

•   If your loan casefile has been recommended for approval

•   The property involved is a single-family residence

•   New construction where there is a prior “as is” appraisal

•   No-cash-out refinance transactions up to 90% loan-to-value (LTV) ratio for principal residence and second homes

•   Cash-out refinance transactions up to 70% LTV for principal residences and 60% for second homes

•   Principal residence and second home purchases up to 80% LTV

•   Principal residences in high-needs rural areas identified by the Federal Housing Finance Agency up to 97% LTV

Transactions Not Eligible for an Appraisal Waiver

As per Fannie Mae policy, transactions not eligible for an appraisal waiver include:

•   Construction loans

•   Two- to four-unit properties

•   Cooperative units vs. a condo

•   Manufactured homes

•   Properties valued at $1,000,000 or more

•   Transactions where a gift of equity is used

•   Leasehold properties

•   Texas 50(a)6 loans

•   Community land trust home

•   Homes with a restricted resale price

•   Renovation loans

•   When rental income is used to qualify for the loan

•   When an appraisal waiver is not recommended by underwriting

•   When the lender believes an appraisal is needed

Fannie Mae states that most transactions are not eligible for an appraisal waiver offer, so if you’re not able to get one, it’s not unusual.

Can a Homeowner Do Their Own Appraisal?

A homeowner cannot order their own appraisal when financing through a lender. The lender must order the appraisal, and it must be impartial, independent, and unbiased.

A homeowner can employ a professional appraiser for their own informational purposes, but the appraisal cannot be used in the lending process.

The Takeaway

Getting an appraisal waiver can help streamline the home loan process and save you money, but if your transaction isn’t eligible, don’t fret. The most important thing is likely getting a reliable, on-target appraisal so that you and your lender feel reassured that the property has at least the value of its purchase price. If you don’t qualify for an appraisal waiver, your lender can usually help you through the home-buying process and every challenge that comes your way.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

Can I get a home equity loan without an appraisal?

It’s not common, but it may be possible to get a home equity loan (or a home equity line of credit) without an appraisal if you meet one or more of these criteria: You’ve had an appraisal done in the last three to six months (perhaps for another loan application that you didn’t complete); if you have an existing relationship with the lender (maybe it holds your mortgage); if you have excellent credit; and if you aren’t requesting a large loan amount.

Is it risky to waive the appraisal?

There is risk involved in waiving the appraisal. You could end up overpaying for the property. An automated valuation may miss a problem that an in-person appraisal would reveal (though, bear in mind, an appraisal is not the same thing as an inspection). If you are anxious to close on your new home with speed, however, risking an appraisal waiver may be worth it to you.

Photo credit: iStock/Prostock-Studio

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.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SOHL-Q125-043

If you’re planning to become a nurse, you may be wondering how long it takes to go to nursing school. The answer to that question depends on the degree you’d like to earn and what type of nurse you want to be. For instance, becoming a registered nurse (RN) with a bachelor of science in nursing degree (BSN) takes longer than becoming a licensed practical nurse (LPN).

If you’re wondering, how long is nursing school?, read on to learn how the type of degree you pursue and the kind of nurse you’d like to become affect how many years of school it takes to become a nurse.

Length of Nursing School by Degree and Program

Nursing school program length varies by the type of degree you’re working toward and the program you choose. Here are some common programs and degrees for students and the nursing school timeline for each.

LPN/LVN Program

An LPN, a licensed practical nurse — referred to as an LVN, licensed vocational nurse in California and Texas — is a nurse that performs basic tasks such as checking patients’ vital signs, administering basic comfort care, keeping records, and maintaining communication with patients and their families. LPNs and LVNs work in nursing homes, extended care facilities, hospitals, physicians’ offices, and in home health care under the supervision of registered nurses (RNs) and doctors.

To become an LPN or LVN, you must have a high school diploma or General Equivalency Diploma (GED) and enroll in an accredited practical nursing program at a community college or vocational school.

•   Number of credit hours required: Between 36 and 40

•   Program length: Typically one year if you attend school full-time, and up to two years for part-time students

Once a nurse completes an LPN/LVN program, they must apply for testing authorization through their local board of nursing and the National Council of State Boards of Nursing. After receiving authorization, they can take the National Council Licensure Examination for Practical Nurses (NCLEX-PN). A nurse must pass the exam to receive their license to work.

Nursing Diploma

Diplomas or certificate programs were the standard for nursing training until the 1950s. Students can still become RNs by attending a hospital nursing school instead of a college or university, but there are no longer many accredited programs available in the U.S.

These programs typically focus on clinical training rather than general education. You won’t earn a degree with this program, and your academic credits generally won’t transfer to a degree program. Instead, you’ll qualify to take the NCLEX-RN exam. If you pass, you’ll become a licensed RN, which qualifies you for entry-level jobs. However, job opportunities for those with a nursing diploma may be limited. This is something to keep in mind when you think about life after school and living on a budget as a nurse.

To get a nursing diploma, you’ll need a high school diploma or GED certificate and be enrolled in an accredited hospital nursing school.

•   Number of credit hours required: 50

•   Program length: One year

Associate Degree in Nursing

You might consider an associate degree in nursing (ADN) to become an RN if you want to finish nursing school quickly or you’re concerned about paying for the cost of nursing school. Plus, you could always go back to school later — an ADN allows you to apply credits toward a future bachelor of science in nursing (BSN) or master of science in nursing (MSN).

However, ADN students may find that their advancement and salary opportunities as a nurse are limited. So think carefully about whether an ADN makes sense for your goals.

To gain admittance to an ADN program, you must have a high school diploma or GED certificate, take math and science courses in high school, and meet GPA requirements to enter a nursing program.

•   Number of credit hours required: 60 to 75

•   Program length: Two years

ADN students must also complete a certain number of clinical hours at a health-care site. Graduates must pass the NCLEX-RN exam to start working as a nurse.

Bachelor of Science in Nursing

A bachelor of science in nursing (BSN) program allows students to become an RN and offers them more career opportunities, including leadership positions. While BSN programs take longer and are more costly to complete than ADN programs, students can earn a combination of credits through online, hybrid, and in-person classes.

To qualify for a BSN program, you need to have taken high school math and science courses and earned a high school diploma or GED certificate. You also must meet a school’s GPA requirements, which is typically at least a 3.0.

•   Number of credit hours required: 120

•   Program length: Four years

BSN students must fulfill clinical hour requirements based on their program and state to graduate. They will then need to pass the NCLEX-RN exam to begin working as a nurse. If they choose to, they can apply their BSN credits toward a master of science in nursing (MSN).

Master of Science in Nursing

Earning an MSN allows you to work as an advanced practice nurse, such as a nurse practitioner, clinical nurse specialist, certified nurse-midwife, nurse educator, or nurse administrator.

If you’re wondering, how long is nursing school after undergraduate school?, it typically depends on the type of degree you already have, which dictates the type of MSN program you can take.

•   BSN to MSN: These programs are for those who already have a BSN and at least one year of RN experience. To earn an MSN you must meet clinical and practice requirements at a health-care facility.

   Program length: Two to three years

•   MSN bridge program: This option is for RNs with associate degrees. It combines the last two years of a BSN program with an MSN program.

   Program length: Three years

•   Direct-entry master’s degree: Qualified applicants with a non-nursing bachelor’s or graduate degree may pursue a direct-entry graduate nursing program. It counts existing college credits, especially those earned in STEM courses, toward the MSN. Students must take a condensed BSN curriculum for a year, pass the NCLEX-RN, and earn an RN license before advancing to the MSN part of the program.

   Program length: 18 to 36 months

•   Dual master’s degree: RNs pursuing advanced leadership roles such as nursing administrator or clinical informatics manager, can pursue a dual master’s degree program, such as an MSN/MBA. The degree combines business, nursing practice, and administration.

   Program length: Three to four years

Doctor of Nursing Practice

A Doctor of Nursing Practice (DNP) degree is for nurses who seek the highest level of expertise and leadership in the field. These nurses work to influence health-care outcomes through leadership, health policy implementation, and direct patient care. They often work in nurse management, organizational leadership, and health policy, or in health informatics systems functioning as nurse midwives, nurse anesthetists, and nurse practitioners.

To earn a DNP, a nurse must have a license as an RN and an MSN or more advanced degree, or they must hold a BSN and master’s degree in another discipline.

   Number of credit hours required: 33 to 43 and at least 500 clinical practice hours

   Program length: One to two years of full-time coursework or two to three years of part-time coursework

Recommended: Ways to Pay for Nursing School

How Long to Become a Registered Nurse?

There are multiple pathways to becoming an RN, and depending on the program you opt for, you can become an RN in one year, two years, or four years.

   In one year: you can become an RN by earning a nursing diploma from an accredited school

   In two years: you can become an RN by earning an ADN

   In four-years: you can become an RN by earning a BSN degree

In each case, after earning your degree, you will need to take and pass the NCLEX-RN exam and then obtain a nursing license in your state before you can start working as an RN.

How Long to Become a Nurse Practitioner?

If you’re thinking about a more specialized or advanced degree, you might be interested in becoming a nurse practitioner (NP). NPs have many professional responsibilities, including assessing and diagnosing patients, creating treatment plans, and prescribing medication.

NPs must have either a master’s or doctoral degree in nursing. That means it takes between six to eight years of schooling to become a licensed nurse practitioner.

The Cost of Nursing School

As you’re thinking about a nursing school timeline, you’ll also want to consider the cost of earning your degree. The average cost of nursing school is approximately $30,884 annually for a four-year BSN degree.

Fortunately, there are options to help nursing students afford their schooling, including federal student loans, scholarships and grants, and private student loans. Be sure to fill out the Free Application for Federal Student Aid (FAFSA) to see what you qualify for.

Also, keep in mind that there are ways to make paying your student loans more manageable, including income-driven repayment plans for federal student loans, loan repayment assistance programs offered by various states and organizations, and student loan refinancing.

When you refinance student loans, you replace your current loans with a new loan from a private lender such as a bank, credit union, or online lender. Ideally, the new loan will have a lower interest rate and more favorable loan terms.

If you can secure a lower interest rate, refinancing student loans to save money may make sense for you to help pay for nursing school. Be sure to explore all your options.

Using a student loan refinancing calculator can help you see what your monthly payment might be if you choose to refinance.

Recommended: Student Loan Refinancing Guide

The Takeaway

How long nursing school takes to complete depends on your career goals. It generally takes just one year for a nursing diploma, but it can take as long as eight years for a doctoral degree. Think carefully about the program and career path that makes the most sense for you.

Nursing school can be expensive, and many students use federal student loans to help pay for it. They might also fill any funding gaps with private student loans.

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.

FAQs

How many years is nursing school?

The nursing school timeline depends on the type of degree you pursue. If you’d like to become a licensed practical nurse (LPN), which is called a licensed vocational nurse (LVN) in some states, it can take just one year to meet all the requirements. However, if you want to earn a bachelor of science in nursing degree (BSN), it typically takes four years, while a doctoral degree (DNP) can take up to eight years.

What is the shortest schooling for nursing?

The quickest way to become a nurse is to earn a licensed practical nurse (LPN)/licensed vocational nurse (LVN) degree, which generally takes one year to complete. However, the degree doesn’t necessarily offer as many opportunities for career advancement. Typically, the more education you have, and the more advanced the degree, the better your chances to move up in your career and earn a higher salary. Explore the different degrees, types of nurses, and schooling options to determine what is the best fit for you.

Is nursing school hard?

Nursing school is rigorous and demanding. It requires you to take challenging classes like physiology, pharmacology, and ethics. In addition, clinical rotations require working with patients in health-care scenarios, where you’ll juggle multiple responsibilities. You’ll also have to take and pass the National Council Licensure Examination (NCLEX) to get your license to practice.

Photo credit: iStock/FatCamera

SoFi Student Loan Refinance
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