Paying for Your Nursing Degree

Are you interested in nursing school but worried about paying for your nursing degree? You’re not alone. Most nursing school debt ranges from $25,000-$55,000, according to the American Association of Colleges of Nurses’ survey.

But there is good news: Numerous financial aid options exist to help you pay for nursing, including private and government-funded nursing scholarships and grants, work-study programs, and loans.

Federal loan repayment programs can also help you repay school debt after graduation, often in exchange for serving in a particular role or community. Private employers may also be willing to help you repay your school debt if you agree to work for them for a period of time.

Explore some of the ways you can pay for your nursing degree.

Financial aid for nursing comes in various forms. It’s important to understand the different options, along with the application requirements. Creating a nursing school personal budget can also help you see how far your money will take you while in school.

Scholarships, grants, and loans can come from different sources. For instance, many private foundations, professional associations, and higher education institutions provide scholarships. Grants can come from federal and state governments, along with colleges and universities.

Each funding source may set different rules regarding use and repayment. Private loans typically have more conditions than government loans, while grants typically require that you maintain a certain college GPA to maintain eligibility.

If you prefer more personal guidance, reach out to academic advisors from your current and prospective schools. Are there nurses in your network? Don’t hesitate to contact them to learn about the financial aid opportunities they utilized while in school.

Students have several different student loan options. They must decide which type to take based on available interest rates, overall loan amount, and repayment options.

Nursing candidates with no credit or bad credit should apply for federal student loans, as private companies would likely not approve them. Learners who have already maxed out their federal student loans may decide to pursue a private option to receive enough funding to make it through graduation.

Understanding the key differences among loan types can help borrowers avoid costly mistakes and student loan forgiveness scams.

The following two sections break down common types of student loans.

Government assistance programs that help pay for nursing school include those funded by the U.S. Army, Department of Health and Human Services, and Health Resources and Services Administration (HRSA). These scholarships offer full or partial funding for students willing to commit to serving as Army nurses or at facilities located in areas with shortages of primary care or mental health professionals.

The HRSA offers scholarships through its Nurse Corps program in exchange for a two-year’ minimum service at a critical shortage facility in a health professional shortage area after graduation. Awards cover tuition, eligible fees, and reasonable costs for books and materials. Recipients also receive a monthly stipend.

Applicants must be U.S. citizens, nationals, or permanent residents enrolled in an accredited nursing diploma or degree program.

The Benefits Department supports nursing schools with scholarship funding for students in need. Nursing program applicants or enrollees apply through their school’s financial aid office.

Eligible students must be U.S. nationals, citizens, or permanent residents, enrolled in nursing degree programs, and considered low or very low income. Funding can be used for tuition, school expenses, housing, and subsistence — but not childcare.

The U.S. Army’s Health Profession Scholarship program, which includes nursing students, pays for four years of tuition, books and equipment, and school fees. It also provides a monthly stipend, food and housing allowance, access to low-cost healthcare and a $5,000 sign-on bonus with officer’s-level pay during school breaks.

In return, scholarship recipients commit to serving in the Army Nurse Corps in critical care, emergency trauma, gynecology/obstetrics, mental health, or perioperative nursing. Applicants must have active duty status, qualification as a commissioned officer, and full-time nursing school enrollment.

The Navy Nurse Corps is open to prospective and current nursing students and practicing nurses. College juniors and seniors enrolled full-time receive a monthly stipend. Both students and practicing nurses receive sign-on bonuses.

Those participating in the Navy Nurse Corps are given comprehensive health and life insurance, 30 days of paid vacation, and access to military recreational facilities around the world.

Preferred specialties include:

Like scholarship programs, federal loan repayment programs require a post-graduation service commitment. Recipients teach future nurses, conduct research, and work in understaffed areas and facilities in exchange for loan repayment funds.

Most repayment programs require a two-year service contract.

Some nursing jobs can help cover education costs, such as tuition or continuing education courses, in exchange for a commitment to work there for a set amount of time. The federal tax code allows employers to offer up to $5,250 each year in tuition reimbursement.

You can deduct these funds from your expenses, which are not taxable within your income. Many employers offer this program, but you can also ask about the potential of receiving reimbursement.

Individual companies set eligibility requirements, which usually include staying at the organization while enrolled and for a set amount of time after graduating. This money does not require repayment so long as the recipient meets the specific terms.