The Chancellor announced plans last year to replace the means-tested bursaries with loans in a bid to save £800m a year and create up to 10,000 new training places for nurses.
But UNISON said axing the grant would saddle nurses with more than £50,000 in debt, which they would be paying off until retirement.
Many fear the changes will deter people from entering the profession, leaving the NHS with even fewer staff nurses.
Danielle Tiplady, the organiser of today’s protest, told Sky News: "Increasing training places is a good idea but by charging people to be a nurse is going to put them off and they will be deterred by having to pay up to £64,000."
She added: "I’m worried about the future of nursing and who is going to look after our patients.”
UNISON General Secretary Dave Prentis echoed the view saying it was "madness when the health service is already struggling to fill so many vacancies".
"This is a political decision motivated by short-term financial savings, and will do nothing to solve the country's nursing shortage," he added.
Carmel Lloyd of the Royal College of Midwives, who was at the march, said the bursary supported many mature students with significant financial and caring commitments.
But Alex Wild from the Taxpayers' Alliance said the changes were a "sensible" idea that would bring nursing into line with other students who have to take out loans.
Mr Wild said a Government cap on training places meant two-thirds of those who applied for nursing places are rejected.
He added that as a result the NHS has to pay for recruiting nurses from abroad and expensive agency staff.
A Department for Health spokesperson said: "We need more home-grown nurses in the NHS because they do an amazing job caring for patients, but currently two thirds of people who apply to become a nurse aren't accepted for training.
"Our plans mean up to 10,000 more training places by the end of this parliament, with student nurses getting around 25% more financial support whilst they study."
MPs will discuss the plans, which are expected to come into effect in 2017, on Monday following an online petition against the plan signed by more than 150,000 people.
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