Financial Aid Guide for Nursing Schools

Earning a nursing degree is a significant investment in your future, but it doesn’t have to be a financial burden. There are numerous financial aid options available to help nursing students cover the costs of tuition, books, and living expenses. At NursingDegreesOnlineNow.com, we’ve put together this guide to help you explore the various types of financial aid, resources, and tips to make nursing school more affordable.

Types of Financial Aid

1. Grants

Grants are need-based financial awards that do not need to be repaid. They are typically awarded based on financial need and are a great option for nursing students. Here are some common grant options:

• Federal Pell Grant: Available to undergraduate students with significant financial need, the Pell Grant is one of the most widely used forms of financial aid. The amount awarded depends on your financial situation and the cost of attendance at your nursing school.
• Federal Supplemental Educational Opportunity Grant (FSEOG): This grant is available to undergraduate students with exceptional financial need and is awarded through participating schools. Funding is limited, so applying early is important.
• State-Specific Grants: Many states offer grants to residents attending nursing programs. Check with your state’s education department or your school’s financial aid office to learn about state-specific grants.

2. Scholarships

Scholarships are a form of financial aid that also doesn’t need to be repaid, and they are often merit-based. Here are some scholarship opportunities for nursing students:

• HRSA Nursing Scholarship Program: The Health Resources and Services Administration offers scholarships to nursing students in exchange for service in underserved areas after graduation.
• American Association of Colleges of Nursing (AACN) Scholarships: AACN provides several scholarships for nursing students pursuing undergraduate and graduate nursing degrees.
• State Nursing Scholarships: Many states offer nursing scholarships to residents pursuing a degree in nursing. For example, the Florida Nursing Student Scholarship is awarded to residents of Florida pursuing a career in nursing.
• Private Scholarships: Many private organizations, such as hospitals, healthcare companies, and community foundations, offer scholarships for nursing students. Be sure to check with local organizations and national nursing associations for potential opportunities.

3. Federal Student Loans

If grants and scholarships don’t cover all your costs, federal student loans can help bridge the gap. Federal loans typically offer lower interest rates and more flexible repayment options than private loans. Here are the main types of federal student loans:

• Direct Subsidized Loans: These are need-based loans available to undergraduate students. The government pays the interest while you’re in school at least half-time and during deferment periods.
• Direct Unsubsidized Loans: These loans are available to undergraduate and graduate students and are not based on financial need. Interest accrues while you’re in school.
• Direct PLUS Loans: These loans are available to graduate or professional students and parents of undergraduate students. PLUS Loans require a credit check and offer higher loan amounts to cover additional expenses.

4. Work-Study Programs

Federal Work-Study programs provide part-time jobs for students with financial need, allowing them to earn money to help pay for education-related expenses. Many nursing schools participate in work-study programs, offering jobs in healthcare or on-campus positions that are related to nursing studies.

5. Loan Forgiveness Programs

Many nursing students take advantage of loan forgiveness programs that offer to repay part or all of your student loans in exchange for working in high-need or underserved areas. Here are some loan forgiveness options for nursing students:

• Public Service Loan Forgiveness (PSLF): This program forgives the remaining balance of your Direct Loans after you’ve made 120 qualifying payments while working for a qualifying employer, such as a government or non-profit organization.
• NURSE Corps Loan Repayment Program: This program offers to repay up to 85% of your unpaid nursing education debt if you work in a critical shortage facility or an eligible nursing school for at least two years.

Helpful Financial Aid Tips for Nursing Students 

1. Complete the FAFSA Early: The Free Application for Federal Student Aid (FAFSA) is the key to unlocking most forms of financial aid. Submit your FAFSA as early as possible to ensure you’re eligible for the maximum amount of aid available.
2. Research State and Local Aid: Many states offer their own grants, scholarships, and loan programs for nursing students. Check with your state’s education office or your school’s financial aid office to learn more.
3. Apply for Multiple Scholarships: Scholarships can significantly reduce the cost of your education, and there are many options available for nursing students. Don’t limit yourself to just one or two; apply for as many as you qualify for.
4. Create a Budget: It’s important to plan how you will use your financial aid and manage your expenses during nursing school. Create a budget to ensure you’re staying within your means and keeping track of tuition, books, and living expenses.
5. Look for Employer Assistance: Some healthcare organizations offer tuition assistance or reimbursement for employees pursuing nursing degrees. If you’re already working in healthcare, ask your employer if they have a program to help cover education costs.
6. Consider Loan Repayment Programs: If you plan to work in underserved or high-need areas after graduation, look into loan repayment or forgiveness programs that can help reduce or eliminate your student debt.
7. Stay Organized: Keep track of application deadlines and required documents for financial aid, scholarships, and loans. Missing deadlines or incomplete applications can result in missed opportunities for financial support.

Resources for Financial Aid

Here are some helpful resources to explore:

• Federal Student Aid: www.studentaid.gov
  Learn about federal grants, loans, and work-study programs, and apply for aid through FAFSA.
• Nursing Scholarships: www.nursing.org/scholarships
  Explore a variety of scholarships specifically for nursing students.
• Health Resources and Services Administration (HRSA): www.hrsa.gov
  Information about the HRSA Nursing Scholarship Program and other resources for nursing students.
• National Student Nurses’ Association (NSNA): www.nsna.org
  Offers scholarships and other financial aid information for nursing students.