How To Pay for a Healthcare Administration Degree

You want to work in healthcare administration, but you're wondering how to get there. College is expensive, and you likely can't afford a healthcare administration degree on your own; however, there are several ways you can get help to pay for a healthcare administration degree.

An accredited degree program in healthcare administration, business administration, human resources, or a related field is necessary to work as an administrator in the healthcare industry. Fortunately, you can pay for this degree by obtaining student aid, scholarships, fellowships, work-study programs, and more.

Keep reading for more information about financial aid options and how to pay for a healthcare administration degree.

How Much Does a Healthcare Administration Degree Cost?

Aspiring healthcare administrators can pursue different levels of education. The level of degree you pursue will affect how much it costs. Let's look at the average costs of these programs.

Associate Degree

Associate degrees are available at many colleges and community colleges. While it's possible to get a healthcare administration job with an associate degree, many of these two-year programs are designed to transfer to bachelor's degree programs.

Associate degrees are the least expensive degree type and largely consist of lower-division, introductory coursework. On average, these degrees cost anywhere from $5,000 to $20,000 depending on the school (private schools are typically more expensive). These costs do not account for other expenses such as books, fees, transportation, or room and board.

Online associate degrees in healthcare administration may offer lower tuition rates.

Bachelor's Degree

A bachelor's degree is one of the most common healthcare administration degrees. These four-year programs are available at many colleges and universities and are usually offered as Bachelor of Science programs.

Healthcare administration bachelor's degrees are more expensive than associate degrees but generally lead to better job opportunities. Total tuition costs can range between $30,000 and $100,000 or more depending on whether you attend a public or private school and enroll in a campus-based or online program.

Master's Degree

A master's degree is another popular choice for healthcare administration. Commonly offered as Master of Healthcare Administration MHA programs, these graduate-level degrees are a great option for those with an unrelated bachelor's degree and those hoping to take their current healthcare administration career to the next level.

Most of these programs are completed within one to three years, and average tuition costs range from $10,000 to more than $75,000 depending on whether you attend online or on-campus at a public or private school.

Tips for Paying for a Healthcare Administration Program

A degree is necessary to help you learn about daily operations and develop leadership skills for healthcare administration roles. That said, the cost is often discouraging to many students. Still, there are many ways to cover these costs.

1. Complete the FAFSA

The FAFSA (Free Application for Federal Student Aid) is a form that helps you obtain government financial aid to support your educational journey. These funds may be grants, loans, and work-study programs.

FAFSA funds generally go to those who demonstrate the greatest financial need, but it may be worth applying even if you're unsure if you will qualify. The FAFSA awards aid regardless of whether you are a graduate or undergraduate student, whether you are completing an in-person or online degree, and whether you study full-time or part-time.

2. Explore Scholarships for Healthcare Administration Majors

Scholarships typically come from private companies and nonprofit organizations. They may be merit-based, requiring demonstrated academic excellence, or they may require an essay submission to be considered. Some good healthcare administration scholarships include the following.

The Bachrach Family Scholarship for Excellence in Health Care Administration

This scholarship comes from the Association of University Programs in Healthcare Administration (AUPHA). It provides $6,000 scholarships for graduate students entering their second year of study. To be considered, students must submit a personal statement and demonstrate academic excellence and community service.

Bill and Mary Russell Scholarship

The Bill and Mary Russell Scholarship is available to students in certain counties in Missouri, Kansas, Iowa, and Nebraska. Students must be enrolled full-time in a nursing or healthcare degree program, demonstrate academic excellence, submit a narrative, and submit at least two letters of recommendation.

Tylenol Future Care Scholarship

The Tylenol Future Care Scholarship provides $5,000 and $10,000 awards to 35 students yearly. Students must be undergraduate seniors or graduate students in a healthcare program. They must submit an essay and are considered based on GPA, community service, and other factors.

3. Discover Healthcare Administration Degree Fellowships

Fellowships are typically postgraduate programs enabling students to gain experience in their field before moving into a career. These highly competitive programs are often paid positions. Let's look at some top healthcare administration fellowships to consider.

David A. Winston Health Policy Fellowship

This fellowship program helps fellows learn more about healthcare policy development in private and public health settings. Fellows receive a monthly stipend and coverage for program-related expenses. The program lasts for one year.

Stuart A. Wesbury, Jr. Postgraduate Fellowship

This year-long fellowship, available through the American College of Healthcare Executives, allows fellows to gain hands-on experience in executive healthcare roles. Fellows must hold a graduate degree in healthcare management or a related field and will receive a competitive salary and benefits package.

The Bryan Health Administrative Fellowship

This fellowship program is available through a leading healthcare system, Bryan Health. Fellows must be enrolled in or recently graduated from an MHA, MBA, or MPH program. This paid position provides a valuable stepping stone from college to career, providing work experience in healthcare management and allowing fellows to put what they learned in college into practice.

4. Look for Student Loans

Student loans allow you to cover your college costs and pay them off in small amounts over time. Federal student loans generally have the lowest interest rates, but private loans through individuals or organizations may also be an option.

Subsidized loans are generally best, as they don't require you to pay interest until you have graduated college. With unsubsidized loans, you begin accumulating interest as soon as you take out the loan, so they end up costing you more money in the long run.

5. Consider a Work-Study Program

A work-study program allows you to work a certain number of hours on campus or with a partnered business. The money you earn is then applied to your education.

You can establish your eligibility for work-study programs by completing the FAFSA.

Is a Healthcare Administration Degree Worth It?

Whether a healthcare administration degree is worth the time and money depends on your career goals. If you hope to work in healthcare settings as a leader, manager, or administrator and potentially earn a higher salary, getting a healthcare administration degree is typically the best way to get there.

What Is the Job Market Like for Healthcare Administration Graduates?

According to the U.S. Bureau of Labor Statistics (BLS), medical and healthcare managers are in high demand. The job outlook is expected to increase by 28% from 2022 to 2032, which is much faster than the average for all jobs.

Healthcare professionals in this field also have a high earning potential. Though individual salaries can vary widely, the average median salary for those in this healthcare field is in the six digits.

Common Healthcare Administration Career Paths

Candidates with a healthcare administration degree can hold various job titles. Some of these include the following.

Learn more: Jobs With a Healthcare Administration Degree

Health Services Manager

Healthcare services managers are also called healthcare administrators. They perform various duties related to overseeing a department or entire healthcare facility. This includes preparing budgets, complying with laws and regulations, hiring staff, and keeping records.

Hospital Administrator

Hospital administrators are healthcare administrators who work at hospitals. Their job is to oversee all operations within the hospital, ensuring each department has what it needs and complies with all laws and regulations.

Nursing Home Administrator

Nursing home administrators are healthcare administrators who work at nursing homes, assisted living facilities, and other long-term care facilities. They may perform both administrative and clinical duties, assisting with patient care and comfort as necessary.