Guide to Financial Aid and Scholarships for Nurses

Nursing has consistently ranked as the most trusted profession for more than 20 consecutive years. Yet, higher education is costly. How much you pay depends on the school and degree you choose.

Paying for nursing school tuition is challenging, but as a nurse, your salary potential is higher than the average of all industries. Consider the financial aid options below to help pay for nursing school, some of which can reduce your financial obligation to zero.

The Free Application for Federal Student Aid (FAFSA) allows students to apply for federal aid to attend college, including nursing school. The FAFSA assesses your eligibility for state, federal, and private financial aid. Fill out the FAFSA even if you already know how you’ll pay for nursing school; you may qualify for financial aid that you didn’t know about.

Pay attention to the FAFSA deadline and fill it out when the application opens. The sooner you fill it out, the more grant and scholarship money you can access, often awarded on a first-come, first-served basis. State and federal organizations use the FAFSA to determine your qualifications, and many schools use it to determine eligibility for work-study programs.

Find out more about how and when to fill out your FAFSA in our comprehensive guide to the FAFSA for nursing students.

Nursing students can apply for scholarships and grants based on their achievements or financial need. Typically, you don’t repay grants and scholarships when you meet the eligibility requirements. However, you may have to repay the funds if you do not meet the requirements.

Unlike scholarships and grants, you must repay student loans after completing your degree, often with interest. You can defer some student loan repayments until after graduation, while others require repayment within weeks of receiving the funds.

Nursing students apply for school loans like any other college student. Each type of loan has pros and cons that make it suitable for different situations.

Nursing students can access programs to help lower or eliminate their nursing student loans. These include student loan consolidation, deferral, and forgiveness programs. Consolidation loans combine all your eligible federal student loans, resulting in one loan servicer and potentially a lower interest rate.

Deferral programs allow you to postpone payments but your loan may still collect interest during the deferment period. Loan forgiveness programs can reduce or eliminate your obligation to repay your student loan. Some organizations design student loan forgiveness programs specifically for nurses.

Other forgiveness programs, like Biden’s Student Debt Forgiveness Plan, are for everyone with student loans. Federal student loans are the only ones that qualify for student loan forgiveness and deferral programs.

Eligibility is typically tied to a specific type of employment or qualification. For example, Public Service Loan Forgiveness programs forgive your balance on Direct Loans after you paid 120 qualifying months and are working full-time for a qualifying employer.

Your eligibility criteria for nursing loan forgiveness programs nearly always include working for specific types of employers, such as in rural or underserved settings or the military. Various organizations, including state programs, can originate nursing student loan forgiveness programs.

You are also responsible for determining whether the amount forgiven is taxable under federal and state law. Several nursing loan forgiveness programs include:

Some employers offer nurses tuition reimbursement or assistance. These programs vary between facilities. Most offer benefits to cover all or part of your education costs when you choose a degree that benefits your employer and work for a minimum period, commonly at least two years. Tuition reimbursement helps you advance your skills while reducing your expenses.

Many employers are eager to help ADN-prepared nurses earn their bachelor of science in nursing (BSN). Hospitals, patients, and staff experience significant advantages employing BSN-prepared nurses. Some universities partner with hospitals to offer nurses free or discounted continuing education.