Paying for Your Nursing Degree

Grants are a great option for students with limited financial resources. Many grants offer need-based funding. Other qualifications may include location, degree type, and GPA. Grants do not require repayment, as long as students adhere to the funding terms.

Many nursing scholarships are available, including for specific groups including master of science in nursing (MSN) scholarship programs, nursing scholarships for men, and scholarships for minority students. These scholarships award funding to learners with exceptional academic records and tend to be competitive. Application requirements vary but usually include academic records, an essay, and reference letters. Like grants, students do not need to repay nursing scholarships.

Work-study programs allow students who qualify for federal funding to work part time at their school or a local community organization in exchange for funding. Students can apply through the work-study office at their school, which matches them with roles that fit their schedules. Recipients can apply these funds directly to educational costs or use them for living costs.

Federal and private lenders give loans to nursing students. Federal loans offer more repayment options than private loans and lower interest rates. After submitting the Free Application for Federal Student Aid (FAFSA), students may qualify for various government-backed loan options. Unlike other financial aid options, loans require repayment.

The government awards federal student loans, while banks and credit unions offer private student loans. Federal student loans offer fixed interest rates, which are generally lower than those for private loans and far lower than those for credit cards.

Students apply for federal loans by submitting the FAFSA form. Federal loans do not require repayment until after borrowers leave nursing school. These loans offer deferment and forbearance options. Private loans typically offer none of these benefits.

The federal government also provides student loan forgiveness for nurses, such as through the Nurse Corps Loan Repayment Program. After graduating, these students must agree to work in a public service role in a high-need area for a set amount of time.

Those who borrow private loans should look for lenders with the lowest interest rates and fair repayment terms. Private loan applications require a credit check, and those with bad or no credit may not qualify. To apply, contact a local bank or credit union.

The federal government offers subsidized and unsubsidized nursing student loans. Nursing students apply for both loan types through the FAFSA application.

Subsidized loans support undergraduate students with financial need. While enrolled in nursing school, the government pays the accumulating interest on subsidized loans. Recipients become responsible for paying interest after leaving school or graduating.

Both undergrads and grad students can take out unsubsidized loans. They do not require credit score minimums or evidence of financial need. Interest on the loan amount accumulates during a student’s time in school and becomes their responsibility whenever they leave or graduate school.

Colleges determine the amount of money nursing students can borrow. The institution bases this number on the nursing program’s cost and the amount of funding students have already received.

Yes, nursing students qualify for many forms of financial aid, including scholarships, grants, and loan repayment programs. Current RNs advancing their education may also qualify for tuition reimbursement through their healthcare employer. Nursing students can research their financial aid options to lower the cost of nursing school.

Around half of nurses borrow money to pay for nursing school, according to the National Sample Survey of Registered Nurses. Nursing students can also use scholarships, grants, and employer tuition reimbursement programs to cover costs. After graduation, nurses qualify for many loan forgiveness programs that can help pay off their student loans.

Yes, the government offers several assistance programs to pay for people to become nurses. For example, the Nurse Corps program covers tuition for nursing school, while the Nurse Corps Loan Repayment Program pays off 85% of student loans in exchange for two years working at a critical shortage facility.