A Guide to Getting Financial Help and Scholarships for Nursing Students
So, you’ve decided to pursue your nursing degree and have been accepted into a nursing program. Now, the challenge is figuring out how to cover the tuition cost, which can range from $6,000 to $70,000 depending on your degree and where you’re studying. The good news is that there are several ways to pay for nursing school. You have options like scholarships, grants, and student loans. Let’s explore what financial aid you might qualify for and which choices are best for you.
Using FAFSA for Nursing Students
If you’re a nursing student or planning to become one, it’s important to fill out the Free Application for Federal Student Aid (FAFSA) every year you’re in nursing school. FAFSA assesses your financial need to determine if you’re eligible for federal, state, or private financial aid.
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Even if you think you already know how to pay for nursing school, it’s a good idea to complete the FAFSA. You might qualify for financial aid you didn’t know about. The sooner you apply, the sooner you can access limited funds from various organizations.
FAFSA can open doors to financial aid like loans, scholarships, grants, and work-study opportunities specifically for nursing students. Check your state’s FAFSA deadline to make sure you can get any state aid you’re eligible for.
Learn more about how and when to complete your FAFSA with our detailed guide for nursing students.
Scholarships and Grants for Nursing
Nursing students can seek scholarships and grants based on their achievements or financial need. The best part is that you typically don’t need to repay these, as long as you meet the eligibility criteria. However, if you don’t finish your program or fulfill your service agreement, you might have to repay your grant.
Scholarships
Nursing students can earn scholarships based on their accomplishments. There are scholarships available for all college students, all nursing students, as well as those specific to your specialization, membership, or degree level.
Grants
Nursing Scholarships and Financial Support Grants
Organizations provide grants based on your financial circumstances. Your eligibility for grants depends on factors like your membership in certain organizations, demographic details, and the level of degree you’re pursuing.
Student Loans for Nursing Students
Unlike scholarships and grants, student loans need to be paid back after you complete your degree, often with added interest. Some student loans might even require payments while you’re still in school.
Different Types of Student Loans
Nursing students can apply for three main types of loans to cover their nursing education expenses. Each type of loan has its advantages and disadvantages, making them suitable for different situations.
Federal Subsidized Loans
These loans are available to undergraduate nursing students with financial need. The government covers the interest payments while you’re in school.
Federal Unsubsidized Loans
Undergraduate, graduate, and professional students can apply for these loans to help with nursing school costs. Financial need isn’t a requirement for eligibility.
Private Loans
If you have a good credit score, you can apply for private loans from banks or credit unions. These loans can cover tuition, school supplies, and even living expenses while you’re in college.
Student Loan Forgiveness Programs
Nurses can explore various student loan consolidation, deferral, and forgiveness programs. Consolidation loans combine all your federal student loans into one, simplifying repayment with a single loan servicer and interest rate.
Deferral programs allow you to postpone your payments, but be cautious as interest might accumulate during the deferral period.
Certain loan forgiveness programs are designed specifically for nurses. Others, like the Biden Student Debt Forgiveness Plan, apply to anyone with student loans. Nurses can apply for these forgiveness and deferral programs specifically for their federal student loans.
There are diverse sources of student loan forgiveness programs for nurses. Nurses can also seek loan forgiveness at the state level.
These programs often offer to cover a portion of your student loan if you commit to working in a specific location or specialty for a certain period, usually 2-3 years. For instance, the Health Resources and Services Administration can forgive up to 85% of your loan, including interest, if you work in a Critical Shortage Facility (CSF) for up to three years.
Tuition Reimbursement Programs for Nurses
Some employers may provide tuition reimbursement or assistance to nurses who agree to work for them for a set time, often at least two years.
Nurses with an ADN degree might find employers willing to help fund their bachelor of science in nursing (BSN) degree, as BSN-prepared nurses are valuable for hospitals, patients, and fellow nurses.
Certain hospitals might partner with universities to offer free or discounted continuing education for nurses.
Common Questions about Financial Aid and Scholarships for Nurses
What is the federal nursing student loan?
The federal nursing student loan (NSL) is a loan provided by the Health and Human Services to schools offering qualifying nursing degrees to full- and part-time nursing students. You might be eligible based on your financial need indicated in your FAFSA application.
Do hospitals help pay off nursing student loans?
Some hospitals and healthcare settings offer nurses tuition reimbursement or assistance, but often, nurses need to work at the healthcare facility for a specific time to qualify.
How much debt do nurses typically have after school?
The amount of debt after nursing school varies depending on the degree you earn. ADN-prepared nurses usually have around $19,900 in debt, while BSN holders might graduate with $23,700 in debt. An advanced nursing degree could lead to more than twice the debt of an undergraduate degree.
Can you use FAFSA funds for nursing school?
Yes, FAFSA funds can be used to cover nursing school expenses. It’s recommended to fill out the FAFSA each year you plan to attend nursing school, as you might become eligible for new financial aid opportunities.
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