How To Pay For a Nurse Practitioner Degree Program

If you want to become a nurse practitioner, you may be worried about paying for your nursing education. After all, college is expensive. Are there any ways to make your nursing degree more affordable?

An advanced degree to become a nurse practitioner typically costs thousands. Fortunately, various financial aid forms can help you cover the costs and get your education without breaking the bank.

Keep reading to learn more.

How Much Does It Cost to Become a Nurse Practitioner?

Nurse practitioners are advanced practice registered nurses (APRNs). This means they usually have some prior nursing experience. However, to take their career to the next level, they need either a Master of Science in nursing (MSN) or a Doctor of Nursing Practice (DNP) degree. Let's look at the average costs for each type of degree.

MSN Degree Cost

An MSN degree typically costs anywhere from $18,000 to $90,000. Factors affecting the cost include the length of the program, whether or not you have an Associate Degree in nursing (ADN) or a Bachelor of Science in nursing (BSN), and whether you attend a public or private school.

Generally speaking, those holding a bachelor's degree and attending a public state school as an in-state student will pay less because average tuition rates are lower and BSN-to-MSN programs are shorter than ADN-to-MSN programs.

DNP Degree Cost

The cost of a DNP program can also vary widely. Nursing students in these programs can expect to pay anywhere from $9,000 to more than $100,000.

Again, factors affecting the price depend on your level of education and the corresponding length of the program, as well as whether you attend a public or private school. Public schools generally cost less than private schools, though private, for-profit institutions may have lower rates than private, nonprofit schools.

Is There a Pay Difference Between an NP and a DNP?

Both MSN and DNP degrees can lead to careers as nurse practitioners. Those with an MSN degree are typically referred to as an NP, while those with a DNP degree are referred to as DNPs. A DNP degree is a higher level of education involving more advanced coursework and clinical hours. Because of this extra training, nurse practitioners holding a DNP degree earn more than those with a master's degree alone.

That said, average salaries can vary greatly among nurse practitioners regardless of the type of graduate degree they hold. Other factors potentially affecting pay rates include the nurse practitioner's level of experience, the location, the specialization they pursue, and the type of healthcare facility they work in.

Tips for Paying for a Nurse Practitioner Program

Now that you know more about the graduate programs to consider on your path to a nurse practitioner career, consider how you can pay for your program of choice. Follow the tips below:

1. Complete the FAFSA

The Free Application for Federal Student Aid (FAFSA) is available to all students whether they study part-time or full-time and at the undergraduate or graduate level. Completing the FAFSA can help you earn need-based financial assistance from state and federal governments and school-specific programs.

2. Explore Nurse Practitioner Scholarship Programs

Scholarships are merit-based awards usually available through schools or private organizations. Awards may be based on factors like GPA and essay writing. These are some scholarships available specifically for aspiring nurse practitioners.

American Nurse Practitioner Foundation (ANPF) Scholarships

ANPF scholarships are available to students who belong to the American Association of Nurse Practitioners (AANP) and are currently enrolled in an MSN, DNP, or PhD in nursing program. Eligible students must complete at least one semester of their program and present a resume and letters of recommendation with their application.

AACN Student Scholarship Programs

The American Association of Colleges of Nursing (AACN) offers a variety of nursing scholarships. Each scholarship has different award amounts and eligibility requirements. Some of the scholarships available include:

• QGenda Scholarship
• Scrubin Uniforms Scholarship
• NurseThink Scholarship

The Nurse Practitioner Healthcare Foundation Scholarships and Awards

The Nurse Practitioner Healthcare Foundation awards scholarships to current and aspiring nurse practitioners. Those enrolled in graduate programs are eligible for the scholarships; current nurse practitioners seeking funds for research or clinical advancements are also welcome to apply.

3. Discover Nursing Graduate Grant Programs

Grants are similar to scholarships; however, these tuition assistance programs may be awarded on either a need or merit basis. Some common grants for students attending nursing school include:

Sigma Nursing Research Grants

Sigma offers various nursing grant programs for students and current providers seeking to advance their education. Eligibility requirements and award amounts vary. Some of the grants available include:

• National League for Nursing Grant
• Doris Bloch Research Award
• National Association of Hispanic Nurses Research Grant

American Academy of CPR and First Aid, Inc. Grants

The American Academy of CPR and First Aid, Inc. provides the Save a Life Scholarship program for students enrolled in any healthcare program at an accredited school in the U.S. Each scholarship amount awarded is $1,500.

ANF Nursing Research Grants Program

The American Nurses Foundation offers several nursing grants in different specializations. Grant awards and eligibility requirements vary by program. All awards are available through the CALNOC Research Fund and the Nursing Grant Scholars programs.

4. Examine Student Loan Forgiveness Programs

Students enrolled in NP programs often find it necessary to take out student loans to cover their costs, with high interest rates adding to already high debts until the loans are paid off. Fortunately, student loan forgiveness programs are available so those enrolled in a nursing school won't have to pay back all of these loans.

Nurse Corp Loan Repayment Program (NCLRP)

The Nurse Corp Loan Repayment Program will cover up to 85% of unpaid student loans for registered nurses, advanced practice registered nurses and nurse faculty. In exchange, those receiving these awards must spend at least two years of their nursing career working in a critical nurse shortage facility or as faculty at an eligible nursing school.

Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness program is available through the federal government. This program will forgive any remaining balance after you have made the equivalent of 120 payments on a monthly payment plan. To be eligible for this program, you must work full-time for an approved nonprofit organization or government agency.

State Level Loan Forgiveness

Most states offer one or more student loan forgiveness programs. In some states, nursing-specific programs are available. Check with your state to find out what programs are available and whether you may be eligible for loan forgiveness through a state-funded program.

5. Consider a Work-Study Program

Those attending nurse practitioner school can earn additional funds for their education by participating in a work-study program. These programs enable students to earn money for their college expenses by working for the college or a business. To determine if you're eligible for a federal work-study program, complete the FAFSA. Work-study will be listed as an option when you receive your financial aid package.