The Top 10 Ways to Pay for Your Master’s in Nursing Education
Are you wondering how to afford nursing school? Discover the options to finance your master’s degree in nursing, including scholarships, loans, and employer assistance. If you’re a registered nurse, getting a Master of Science in Nursing (MSN) can boost your career and let you become a nurse practitioner. Nurse practitioners make good money, with a median yearly salary of around $115,800, as stated by the Bureau of Labor Statistics (BLS). Plus, the field keeps growing, with a projected 26% increase in nurse practitioners from 2018-28.
Even though nurse practitioners earn well and the field is expanding, MSN programs can be costly. Tuition for master’s programs can range from $30,000 to $100,000. Many aspiring nurse practitioners might be thinking, “How can I pay for a master’s degree?” Keep reading to find out about financing your degree. You can also get more advice from this resource.
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1. Scholarships
MSN scholarships are a great way to get financial help for school. Scholarships are like gifts you don’t have to repay. Many schools, professional groups, hospitals, and private organizations offer scholarships.
Lots of MSN scholarships are based on merit. Students usually need to have a certain GPA or show their achievements in some way. Applicants might also have to write an essay, get recommendation letters, or provide references.
You can find more than 50 nursing scholarships here, including several for male nursing students here.
2. Grants
Grants are another kind of financial aid you don’t need to pay back. These awards often depend on your financial need, so only students who meet certain income requirements can apply for grant money. Grant recipients often have to meet certain academic standards to keep the award. If they don’t, they might have to repay the grant.
Nursing students can find grants from government organizations at the federal or state level. Sometimes, nonprofit groups and foundations offer grants. Universities might also have research grants for graduate students. Check out this resource to start looking for grant opportunities.
3. Student Loans
About two-thirds of students in the U.S. take out loans to pay for school. The government has student loan programs with low interest rates and options for income-based repayment. Students can also get private MSN loans, though these might have higher interest rates and not be as flexible with repayment.
The government gives out direct subsidized or unsubsidized loans. Subsidized loans are for students with financial need. With these loans, the U.S. Department of Education pays the interest during deferment. Also, there’s a special loan forgiveness plan for nurses who meet certain requirements. Get more details about your choices here.
4. U.S. Health Services Corps
The U.S. Department of Health and Human Resources has a special scholarship program for nurses. Through the National Health Services Corps Scholarship Program (NHSC SP), students get a scholarship that covers one year of tuition for every two years of full-time service after they graduate. During those service years, nurses work in underserved or rural communities.
Besides covering tuition, scholarship winners also get money for educational expenses and monthly stipends for living costs. Students with loans might also qualify for the NHSC Loan Repayment Program.
5. Saving and Budgeting
A good old-fashioned way to help pay for nursing school is saving and budgeting. This means carefully planning your expenses and giving up some non-essential things to cover your education costs. Even if you can’t pay all your tuition upfront, you might need fewer loans and scholarships. This can be especially useful when you’re doing required supervised clinical experiences and can’t work while in nursing school. Saving money can help you cover everyday costs during that time.
Students can save money by eating at home, using student discounts, buying used materials and textbooks, and enrolling in accelerated master’s programs. Check out this resource for personal budgeting tips.
6. Online Nursing Programs
Not all online nursing programs are cheaper than traditional ones, but many have lower tuition rates. Plus, online programs often don’t have the extra costs that on-campus students pay. For instance, online students don’t have to commute, and those with families don’t need to pay for childcare.
Online bridge BSN-to-MSN programs can also help students get their advanced degrees faster. If you’re interested in online nursing programs, you can start looking by reading about the most affordable online nursing programs.
7. Work-Study Programs
More than 3,000 colleges and universities in the U.S. have a federal work-study financial aid program. To apply, students fill out the Free Application for Federal Student Aid (FAFSA), just like they would for grants and loans. If they’re eligible for work-study, they can find a part-time job through their school. Every college runs their work-study program differently. Some students work on campus, while others can work off-campus. But keep in mind, working while in nursing school can be tough.
8. Military
Being in the U.S. military has lots of financial benefits when it comes to education. For example, service members can get college credit while in the Army or Army Reserve. The government can forgive loans for students who’ve served on active duty in combat situations. Other service members might also get partial loan forgiveness. Alternatively, the U.S. Army Reserve Minuteman Scholarship can cover full tuition or $10,000 for room and board in exchange for service.
Some colleges also offer reduced tuition rates for active service members or veterans. You can find out more about financial aid for military veterans with this resource.
9. Employers
Employers see the value of employees getting graduate degrees, so some help them go back to school. They might offer scholarships, tuition help, or compensation programs. With these programs, companies pay for nursing school because they see education as an investment. Usually, they expect employees to come back after graduation.
Remember, though, most employers won’t pay more than $5,250 per year. That’s the most they can pay without extra taxes.
What Tax Benefits Can I Claim as a Registered Nurse?
10. Choose the Right Program
One of the best ways to lower MSN costs is to pick an affordable or accelerated program. Lower tuition doesn’t mean worse quality. Many public universities have highly-rated nursing programs that cost less than private ones. Plus, accelerated programs need fewer credits, so you pay less overall.
If you’re not sure where to look for these programs, this page lists the most affordable online RN-to-MSN programs, while this resource tells you all about direct-entry master’s in nursing programs.
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