Paying for Your Nursing Degree
As education costs rise, students must explore ways to lower or eliminate their debts. This guide breaks down options for paying for nursing degrees. Interested in nursing school but worried about the cost? You’re not alone. Recent NerdWallet data shows nursing students graduate with around $20,000 in debt, sometimes even more than $47,000.
But there’s good news: Many resources can help you pay for nursing school. There are scholarships, grants, work-study programs, and loans. For example, federal programs can help repay your tuition and costs in exchange for specific roles or community service. Some employers might also help repay your school debt if you work for them. Let’s explore how you can pay for your nursing degree.
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Types of Financial Aid for Nursing Students
Financial aid for nursing programs comes in different forms. Each method works differently, and you need to meet specific requirements to apply. Nursing programs can last 1-5 years, and tuition varies based on school type and funding.
If you need financial help, grants can be a good option. Scholarships are great for those with strong academic records. Research each type of funding to simplify the application process.
Creating a personal budget for nursing school can help you manage your money while you’re studying.
1. Grants for Nursing Students
Grants are a good choice if you have limited funds. Many grants are based on financial need, location, degree type, and GPA.
Grants are attractive because you don’t need to repay them as long as you follow the funding terms.
2. Scholarships for Nursing Students
Many nursing scholarships award money to students with outstanding academics. There are scholarships for master of science in nursing programs, scholarships for men in nursing, and scholarships for minority groups. These awards can be competitive, so you need to stand out.
Application requirements vary but generally include academic records, an essay, and reference letters. Like grants, scholarships don’t need to be repaid if you meet the requirements.
3. Work-Study Programs for Nursing Students
Work-study programs let you work part-time at your school or a local organization to earn money. These programs are available to students who qualify for federal funding. Your school’s work-study office can match you with suitable roles.
You can use the money you earn to cover educational or living expenses.
4. Loans for Nursing Students
Loans can come from private or public sources, but most students get federal government loans.
When you fill out the Free Application for Federal Student Aid (FAFSA), you can qualify for various government-backed loan options. To get a loan, you need to show financial need and request an amount that covers your educational costs.
Unlike other financial aid, loans need to be repaid.
Sources of Financial Aid Funding
Scholarships, grants, and loans can come from different places. Private foundations, professional associations, and colleges often provide scholarships. Grants can come from various government levels and educational institutions.
Each funding source might have different rules for use and repayment. Private loans usually have more conditions than government-backed loans, while government grants may have more requirements than foundation grants.
The next section explains the differences between types of loans.
Types of Loans
Students can get loans in different forms. You need to choose the right type based on interest rates, total loan amount, and repayment options.
If you have no credit or bad credit, federal student loans are a good option, as private companies might not approve you. If you’ve already used up your federal loans, you might consider a private loan to cover your remaining costs until graduation.
Understanding the differences between loan types helps you avoid costly mistakes and student loan forgiveness scams.
The next two sections detail common student loan types.
1. Federal Loans vs. Private Loans
Most students apply for private and federal nursing student loans. Federal loans come from the government, while private loans come from lenders like credit unions, banks, or schools. The U.S. Department of Education (ED) suggests considering federal loans first.
ED offers federal student loans with fixed interest rates, usually lower than private loans and much lower than credit card rates. The government also offers loan forgiveness for nurses, like the Nurse Corps Loan Repayment program. This program requires graduates to work in a public service role in an underserved area for a set period after graduation.
Federal loans are often preferred because you don’t need to repay them until you leave school. They offer deferment, forbearance, and sometimes subsidized interest rates during enrollment. Private loans usually don’t provide these benefits.
You apply for federal loans through FAFSA. For private loans, look for ones with low interest rates, reasonable repayment terms, and helpful features like automatic payment discounts or good customer service.
Unlike federal loans, private loans require a credit check. People with bad or no credit might not qualify. Contact a local bank or credit union to apply.
2. Subsidized Loans vs. Unsubsidized Loans
ED offers both subsidized and unsubsidized nursing student loans. Subsidized loans help undergraduates with financial need. The government pays the interest on these loans while students are enrolled at least part-time. Students become responsible for the interest after graduation.
Unsubsidized loans, available to undergraduates and graduates, don’t require proof of financial need. Interest accumulates during your time in school and becomes your responsibility after graduation.
Your school determines the loan amount based on the nursing program’s cost and your existing funding.
These loans don’t have credit score requirements. You find out if you’re eligible through the FAFSA process and can get help from your school’s financial aid office.
Government Assistance Programs for Nurses
Various government programs help pay for nursing school. These include programs funded by the U.S. Army, Department of Health and Human Services, and Health Resources and Services Administration (HRSA). These programs offer full or partial funding to students willing to work as Army nurses or in underserved areas or facilities.
Nurse Corps
The HRSA’s Nurse Corps program offers scholarships in exchange for a minimum of two years’ service at a critical shortage facility in a health professional shortage area after graduation. The award covers 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.
Scholarships for Disadvantaged Students
This program supports nursing schools by providing scholarship funding for students in need. Applicants or enrollees in nursing degree programs 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.
Army Nurse Corps
The U.S. Army’s Health Profession Scholarship program covers four years of tuition, books and equipment, and school fees for nursing students. It also provides a monthly stipend, food and housing allowance, and a $20,000 sign-on bonus with officer-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.
Loan Repayment for Nursing Graduates
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.
Faculty Loan Repayment
Health professionals, including registered nurses and advanced practice registered nurses, can apply for HRSA’s Faculty Loan Repayment Program. Funding requires coming from a disadvantaged background, a nursing degree or diploma, and a two-year agreement to serve on the faculty of a nursing school.
The program offers up to $40,000 of loan repayment assistance, plus funding to offset the taxes.
NURSE Corps Loan Repayment Program
HRSA’s Nurse Corps Repayment Program pays 60% of the education debt owed by eligible registered nurses, advanced practice registered nurses, and nurse faculty. To qualify, nurses must spend two years working at a critical shortage facility, an area that needs primary care providers or mental health professionals. They can also work at an eligible nursing school.
A third year of service awards an additional 25% repayment.
National Health Service Corps Loan Repayment Program
The National Health Service Corps Loan Repayment Program, administered through HRSA, provides loan repayment to licensed primary care clinicians in eligible disciplines, including nurse practitioners and certified nurse midwives. Awardees commit to working for two years in a health professional shortage area and receive up to $50,000 for full-time service and $25,000 for half time.
Loan repayment eligibility requires U.S. citizenship or nationality; caring for Medicare, Medicaid, and state children’s health insurance patients; and completion of training and licensure.
National Institutes of Health Loan Repayment Programs
National Institutes of Health (NIH) Loan Repayment Programs aim to recruit and retain qualified health researchers, including nursing doctoral degree-holders, while easing the costs of advanced education and training.
The program repays up to $50,000 in educational debt for NIH and non-NIH clinical researchers, along with pediatric, health disparities, and emerging areas critical to human health.
NIH requires a two-year research commitment.
Indian Health Service Loan Repayment Program
The federal Indian Health Service repays up to $40,000 of health professionals’ education loans in exchange for a two-year commitment of full-time work at an American Indian or Alaska Native healthcare facility identified as needing staff.
The program does not require membership in federally recognized tribes but does give members priority consideration. Applicants submit college transcripts, current licensure, employment verification, and loan documentation.
Student Loan Forgiveness for Nurses
Nursing Tuition Reimbursement From Employers
Some nursing jobs offer to cover education costs like tuition or continuing education courses if you agree to work there for a certain period. The federal tax code allows employers to offer up to $5,250 each year in tuition reimbursement.
These funds can be deducted from your expenses, and they’re not considered taxable income. Many employers provide this program, and you can inquire about the possibility of reimbursement.
Each company has its own eligibility criteria, but generally, you need to stay at the organization while you’re enrolled and for a specific time after graduation. You don’t need to repay this money as long as you meet the terms.
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Sources
- Federal student aid. (n.d.). https://studentaid.gov/understand-aid/types/loans/federal-vs-private
- Helhoski A, et al. (2022). Student loan debt statistics: 2022. https://www.nerdwallet.com/article/loans/student-loans/student-loan-debt