Nursing school is a promising investment that is likely to pay off for the rest of your life if you’re dedicated to pursuing this career path. However, for some students, paying for nursing school up front may not be feasible. Fortunately, a variety of financial aid options can help you pay for your nursing education.
Scholarships
There are dozens of nursing scholarships available. Scholarships are money awarded to you based on certain accomplishments and achievements, such as having a high GPA. Scholarships come from many sources, including private organizations and even local governments.
Some scholarships may be open to any nursing student who fulfills a set of criteria, while others may be open only to students with certain backgrounds or to those pursuing nursing specialties. For example, scholarships from the Army Nurse Corps Association are open only to students enrolled in a nurse anesthesia program who are currently serving or have previously served in the U.S. Army.
Lists of available nursing scholarships are posted on many nursing school websites. When applying for scholarships, try to find those that fit your background or specialty.
Grants
Grants are generally awarded to nursing students based on their unique financial needs. The money you receive from a grant can typically pay for nursing school tuition and related fees, such as housing and textbooks. You may qualify for one or more grants if you fall within a certain income bracket, or meet other criteria as set by the grant provider.
Tuition Reimbursement
If you already work in healthcare, ask your employer whether it offers tuition reimbursement. Many employers are willing to pay for some or all of your tuition if you’re pursuing a career related to their industries. You may have to pay for nursing school tuition up front and then get reimbursed if you fulfill certain requirements. For instance, you may need to achieve a certain GPA to qualify for tuition reimbursement.
Student Loans
Like any other type of loan, nursing student loans require you to pay what you borrowed back to the lender, plus interest. However, the amount of interest you end up paying will depend mainly on factors such as your credit score and history and the rates the lender sets.
You can apply for many types of student loans, including the following.
Direct Subsidized Loans
This federal loan is given by the U.S. Department of Education. You may qualify for a direct subsidized loan if you have legitimate financial need and meet certain income requirements. If you’re eligible for this loan, the government pays the interest rate on it while you’re in school.
Direct Unsubsidized Loans
This loan is also given by the federal government. However, unlike direct subsidized loans, you do not have to demonstrate financial need to qualify or meet specific income requirements. A top advantage of getting a direct unsubsidized loan is that you have a fixed interest rate, though you’ll be responsible for paying off your debt after you graduate.
Private Student Loans
Private student loans are given by a variety of lenders, including banks, credit unions, and nursing schools. Compared to federal loans, private loans tend to offer higher borrowing limits and faster approval rates, and they are not always given based on financial need. The potential disadvantages of getting a private student loan are that you may need a qualifying credit score and you may not be eligible for student loan forgiveness.
“Grow Your Own” Nursing Programs
“Grow Your Own” programs are becoming increasingly popular, especially in the healthcare industry, which is currently experiencing a shortage of medical professionals. The concept of these programs is to provide you with free training, education, and experience to become a nurse, as long as you agree to work for that employer as a nurse for a specific length of time. If you’re passionate about working for a certain hospital or provider, ask whether it offers a “Grow Your Own” nursing program that covers the cost of your tuition or education.
If you want to become a nurse but nursing school isn’t in your budget, don’t hesitate to explore all your financial aid options. Contact the administration department at your nursing school to learn how you can apply for various forms of financial aid so you can move forward with embarking on an exciting, rewarding career path.
Resource Links
- “Scholarships” via Army Nurse Corps Association
- “What is Tuition Reimbursement and How Does It Work” via University of the People
- “Subsidized vs. Unsubsidized Student Loans: What’s the Difference?” via NurseJournal
- “Private vs. Federal Loans for Nursing Students: Which Should You Choose?” via NurseJournal
- “Nursing Students Blossom Through Program” via Collin College