Once you have chosen your school, begin to examine your financial aid options. Make careful note of eligibility requirements and deadlines to ensure you receive maximum financial aid benefits. There are many ways to help pay for your education if you review your options early.
What Are Some Financial Aid Options for Nurses?
The best way to begin your financial aid search is by completing the Free Application for Federal Student Aid (FAFSA). This will determine which federal grants and loans you might be eligible to receive. Keep in mind that most financial aid options have different requirements for eligibility, although most require the school to hold accreditation.
Grants
Grants do not have to be repaid and are often provided for high-demand fields like nursing.
- Most grants are based upon financial need and the cost of attendance.
- Check for possible eligibility requirements such as grade point average (GPA), financial need, enrollment status and post-graduation service.
Scholarships
Scholarships do not have to be repaid. Some are based on financial need, but others are based on academics and work experience.
- Many have specific eligibility requirements and may be awarded based on race, religion, gender, specific schools or state residency.
- Accredited online programs are usually eligible, but always carefully examine the requirements for each individual scholarship.
The extra time spent researching options online, and in your local community, could help you procure financial rewards. Smaller organizations often offer scholarships and have fewer applicants. Contact local organizations in which you, or your family, are involved. A few to consider include:
- Nursing associations.
- Professional organizations.
- Community groups.
- Local employers.
The American Association of Colleges of Nursing also maintains a list of scholarships and financial aid resources.
Loans
You are required to pay back a loan, although most students postpone payments until after graduation. Private loans may begin to gain interest while you are still in school, while federal loans generally have better interest rates but stricter eligibility requirements.
The government offers a variety of student loans.
- The government pays some of the interest for a subsidized loan while the student is in college.
- The student pays the interest for an unsubsidized loan.
- A Perkins Loan is a low-interest loan for students with exceptional financial need.
Loan Forgiveness Programs
Loan Forgiveness Programs pay some or all of your debt in exchange for a specific amount of work.
- Nurse Corps Loan Repayment Program
- Assists with paying student loans in exchange for a two-year commitment to work full-time in an area with a nursing shortage.
- The nursing school must be accredited for a student to be eligible.
- Funding preference depends upon financial need.
- Federal Perkins Loan Cancellation
- Up to 100 percent of a Federal Perkins Loan can be forgiven for full-time nurses.
- Public Service Loan Forgiveness Program (PSLF)
- If an RN works full time for a qualified employer, after 120 payments the remaining balance may be forgiven.
- Nursing Schools
- Some schools have loan forgiveness programs if the RN agrees to specific employment requirements.
Other Financial Aid Options
- Tuition Reimbursement
- Check with your current employer about tuition reimbursement. Most employers require that you continue employment for a specified period of time.
- Military Service Grants
- Often aid is available for military personnel and/or family members.
- Education Tax Credit and Lifetime Learning Credit
- These credits may reduce the amount of tax owed.
Plan Well Ahead
The opportunities for financial aid for nurses are extensive if you start early and review available resources. Start preparing today and enjoy the benefits of advancing your career by pursuing your RN to BSN degree.
Learn more about the Lamar University online RN to BSN program.
Sources:
Nursing Degrees.com: Financial Aid
Nurse Journal: Top 9 Advantages of a BSN Degree
Scholarships.com: Career-Specific Grants
Johnson & Johnson: Find a Scholarship
Federal Student Aid: Types of Aid: Loans
American Association of Colleges of Nursing: Scholarships and Financial Aid
Health Resources and Services Administration: NURSE Corps Loan Repayment Program
