Does Financial Aid Cover The Cost Of a Nurse Practitioner Degree?

If you're hoping to pursue a nurse practitioner career, you're probably thinking about how to get there. Do you need an advanced degree but are worried about how to pay for it? Are there financial aid options for nurse practitioner students?

There are many forms of financial aid available to nursing students, including those enrolled in MSN and DNP programs. These financial aid options can help graduate students pay for their nursing education and reach their career goals.

Keep reading to find out more.

What Is the FAFSA Form?

The FAFSA is the Free Application for Federal Student Aid. This form helps undergraduate and graduate students to apply for grants, loans, work-study programs, and other need-based aid from state and federal governments.

Eligibility Requirements

You'll need to meet several requirements to be eligible to receive FAFSA funds. These requirements include:

• U.S. citizen or eligible non-citizen
• valid social security number
• enrolled or accepted at an accredited school
• provide consent for the release of tax records
• no default on a federal student loan program

Is a Nurse Practitioner Program Eligible for Financial Aid?

Only schools that maintain regional or national accreditation through a U.S. Department of Education-approved organization can receive FAFSA funds. That said, as long as your school is accredited, your nurse practitioner program should be eligible for financial aid.

The FAFSA covers undergraduate and graduate degree programs, including those that lead to a career as a nurse practitioner. So, whether you are pursuing a Master of Science in nursing or a Doctor of Nursing Practice, you should be able to receive FAFSA funds for your education if you complete the application by the deadline and demonstrate financial need.

Can I Get Financial Aid for an Online Nurse Practitioner Program?

Some nursing degrees are available online. This is especially true for registered nurses (RNs) with years of experience looking to advance their careers. FAFSA funds are available for online degree programs as well as in-person degrees. It's important to ensure your online program is offered by an accredited school, as non-accredited programs are not eligible for the FAFSA.

Types of Financial Aid for Nurse Practitioner Degrees

Even if you have completed the FAFSA form, you may still wonder if other financial aid programs are available to cover additional nursing program costs. Read on to learn more about tuition assistance programs and funds available.

1. Explore Graduate Nursing Scholarships

Scholarships are merit-based awards that can help reduce your college costs. Some good scholarship programs for aspiring nurse practitioners include:

Association of Rehabilitation Nurses Scholarships

The Association of Rehabilitation Nurses (ARN) offers various scholarships. One of these is a graduate scholarship designed for those enrolled in nursing master's degree or doctoral degree programs. To receive the $1,500 scholarship, students must be involved with ARN, enrolled in a graduate program, and have at least two years of experience in rehabilitation nursing.

TYLENOL Future Care Scholarship

The Tylenol Future Care Scholarship is available to various healthcare students. It provides ten $10,000 scholarships and 25 $5,000 scholarships yearly to graduate students demonstrating academic excellence and community service.

Oncology Nursing Society Foundation Scholarship

The Oncology Nursing Foundation, part of the Oncology Nursing Society (ONS), provides scholarships to students pursuing BSN, MSN, DNP, and other nursing programs. Award amounts and eligibility requirements vary depending on the type of program you're enrolled in and the specific scholarship being offered.

2. Discover Nursing Loan Forgiveness Programs

Loan forgiveness programs pay off some or all of a student or recent graduate's student loans. Some of these programs are specifically designed for those in nursing, healthcare, and public service. Some options to consider include:

Nurse Corps Loan Repayment Program

This loan forgiveness program is available through the Health Resources and Services Administration (HRSA). It will cover as much as 85% of student loan debt for nurse faculty, registered nurses, and advanced practice registered nurses (APRNs), including nurse practitioners. Candidates must agree to work in a high-need facility or school for two years to be eligible.

Faculty Loan Repayment Program

This program, available through the U.S. Department of Health and Human Services, is available to faculty at health professions schools, including nurses and nurse practitioners. Candidates will receive up to $40,000 in loan repayment funds and are expected to work for two years at eligible schools.

NHSC Loan Repayment Program

The National Health Services Corps provides this program. In exchange for working part-time or full-time at an approved facility, candidates may receive more than $75,000 in student loan forgiveness funds.

3. Employer Tuition Reimbursement

Many healthcare facilities and other employers provide tuition reimbursement for employees who are looking to advance their careers through higher education. These employers may cover some or all your tuition costs as you work toward your nursing degree.

If you're a registered nurse, ensure your employer offers a tuition reimbursement program. Each employer may have different stipulations or requirements for receiving funds, so find out well ahead of time if you're eligible.

4. Evaluate Student Loan Options

Even with other financial aid, most nursing students take out student loans. These loans help them cover immediate college costs, making smaller payments over some time to pay off the loans. When you fill out the FAFSA, you may be offered federal student loans as part of your financial aid package. The government may cover these low-interest rate loans until you graduate from school.

Private Loans

If you don't receive enough public loans to cover your education, consider applying for private loans. These are available through various individuals and organizations. Private loans typically charge higher interest rates, and students often face greater liabilities if they cannot pay off the loan in a predetermined length of time. Always find out about the loan requirements and expectations before getting private loans.

5. Look for Nurse Practitioner Fellowships

Finally, many organizations offer fellowships for nurse practitioners and other APRNs. These are typically postgraduate fellowships, meaning they take place after you graduate with at least a master's degree. They last at least one to two years and provide a stipend, health insurance, and other benefits to help you pay off the student debt you may have accrued while in school.

Some top nurse practitioner fellowships include:

• Atrium Health's Advanced Clinical Practitioner fellowship program
• The American Association of Nurse Practitioners (AANP) fellowship program
• The American Association of Colleges of Nursing (AACN) fellowship program