Does Financial Aid Cover The Cost Of a Nursing Degree?

If you dream of becoming a registered nurse, you may be worried that the high cost of a degree could get in your way. So, you'd like to know: are there financial aid options to help you pay for your nursing degree?

Aspiring nurses have many sources of financial aid available to them. Federal aid, scholarships, loan repayment, and tuition reimbursement programs can make it possible to earn your Associate Degree in nursing (ADN), Bachelor of Science in nursing (BSN), or other healthcare degrees without breaking the bank.

Keep reading to find out more.

What Is the FAFSA Form?

When pursuing higher education, the first thing you should do is complete the Free Application for Federal Student Aid (FAFSA). This form helps you demonstrate financial need and earn offers for federal aid programs like:

• grants
• work-study
• student loans

Students can obtain need-based FAFSA funds whether they study full-time or part-time, online or in-person, and whether they attend undergraduate or graduate school. As long as you meet the eligibility requirements and complete the application by the deadline, there's a good chance you'll receive some form of financial aid through the FAFSA.

Eligibility Requirements

All students must meet the following requirements before completing the FAFSA:

• be a U.S. citizen or eligible non-citizen
• have a social security number
• not have a history of defaulting on federal student loans
• be willing to submit tax information and other financial documents
• be accepted into or enrolled in an accredited postsecondary program

Can You Use FAFSA for Nursing School?

Yes, FAFSA funds can be used to cover nursing school. Since the FAFSA covers education for undergraduate and graduate students, students can complete ADN, BSN, Master of Science in nursing (MSN), Doctor of Nursing Practice (DNP), and other nursing degree programs using aid from the FAFSA.

Aspiring health professionals, including nurses, can use FAFSA funds to cover many costs, including tuition, fees, books, and living expenses. You can also use the funds for online and in-person programs if your school is accredited.

Is Financial Aid Available for Accelerated Nursing Programs?

Students enrolled in accredited, accelerated nursing programs are eligible for FAFSA funds. Accelerated programs can help you finish your degree faster. However, they still require the same credit hours, so you will still have similar expenses.

Due to the intensive nature of accelerated programs, most students do not work while completing their studies. This makes financial aid an even more important consideration for these students, as they will most likely require financial assistance to pay for their degree and living expenses while enrolled in the program.

Types of Financial Aid for Nursing Degrees

Now that we've discussed the FAFSA, let's consider additional options. Below, we'll look at other financial aid forms, including scholarships and loan forgiveness programs.

1. Explore Nursing Scholarships

Scholarship programs provide merit-based awards for aspiring nurses. Some good nursing scholarships to consider include:

The Scrubin Uniforms/AACN Scholarship

The American Association of Colleges of Nursing (AACN) provides various nursing scholarships. One of these is available through a partnership with Scrubin Uniforms. This scholarship provides $2,500 awards to students in bachelor's, master's, and doctoral nursing programs. Students must be enrolled in an eligible school and currently enrolled in a nursing program.

The NurseThink - AACN Scholarship

Another AACN scholarship, the NurseThink program is available to graduate students pursuing a nurse faculty career. To receive this $5,000 scholarship, students must be members of the Graduate Nursing Student Academy and enrolled in a master's or doctoral program. They must also complete an essay detailing their career aspirations.

Deborah E. Trautman Future Nurse Leader Scholarship

This scholarship is also available through the AACN. It is specifically designed for graduate students hoping to pursue a career in nursing leadership. It provides $3,500 in scholarship funds, including money used to participate in a nurse leadership conference with Dr. Deborah Trautman.

2. Examine Loan Repayment Programs

Loan repayment programs, or loan forgiveness programs, provide funds to cover some or all of your student loan debt after graduating. Some good nursing loan repayment programs include:

Nurse Corps Loan Repayment Program

This loan repayment program is available through the Health Resources and Services Administration (HRSA). If you are a registered nurse, APRN, or nurse faculty, this program will cover up to 85% of your loan costs if you work for a critical shortage facility or school for at least two years.

Nursing Education Loan Repayment Program

This federal program is similar to the Nurse Corps loan repayment program above. The program will cover up to 85% of student loan debt over three years. In exchange, candidates must work for a hospital or facility in a critical shortage area.

Public Service Loan Forgiveness

This is another program available through the federal government. The PSLF program will repay any student loan debt after the candidate has made 120 monthly payments and worked in a public service capacity for 10 years.

3. Employer Tuition Reimbursement

Whether you're already working as a nurse or have not yet entered the profession, your current employer may be willing to help you finish your education. Many businesses and healthcare services provide tuition reimbursement for employees who are seeking a degree.

If you're enrolled in an accredited program at a school of nursing, check with your employer to find out if tuition reimbursement is available. You may have to meet certain requirements, and any benefits available may or may not fully cover costs, so it's important to find out exactly what you'll have to do to obtain these funds.

4. Evaluate Student Loan Options

Student loans allow you to cover all your school costs and pay them back over time. There are different types of loans: some are public, and available through the government, while others are private and come from individuals or organizations.

Public loans are usually best, especially subsidized loans. With these loans, you don't have to pay any interest until after graduation. Unsubsidized loans begin accumulating interest right away. Many private loans are unsubsidized. They may contain higher interest rates and fewer student protections than federal loans.

5. Look for Nursing Grants

Grants are need-based financial awards similar to scholarships in that, unlike loans, they don't have to be paid back or forgiven. Grants for nurses can help nursing students cover any remaining costs after other forms of financial aid have been applied.

Both public and private organizations may offer nursing grants. Each program has its requirements and conditions, so make sure you qualify before applying to any of these programs. Check with local organizations and state and federal government agencies to find out about any nursing grants that may be available to you.