11 Best Ways to Pay for Nursing School

Obtaining a nursing degree offers numerous benefits. For many, it's an opportunity to impact the health and well-being of countless individuals. For others, it's a strategic move for career progression and potential salary increases. However, the financial commitment, including tuition fees, living costs, and textbooks, can be a significant concern for many prospective students. 

For those concerned about the financial aspects, there are several avenues to explore that can help mitigate these expenses. Scholarships, grants, and financial aid programs are available specifically for nursing students. Many institutions also offer work-study programs, allowing students to gain practical experience while offsetting some of their educational costs. Additionally, some employers offer tuition reimbursement programs for nurses looking to advance their education.

Learn more about these options and more as we explore the best ways to pay for nursing school.

How Much Does Nursing School Cost? 

Nursing school will cost a different sum depending on the length, type, location, and level of degree being earned. The National Center for Education Statistics reported that all institutions' average tuition, fees, room, and board in 2021-22 was $26,903.00, with four-year degrees costing $30,301 and two-year degrees costing $11,976.00. The costs per program can also vary based on whether the school is public or private, with all public institutions costing $21,878.00 for a four-year degree, while private was priced at $47,962.00. 

Post-graduate education, such as MSN degrees, can also vary, with allnurses recording programs between $15,000 to $50,000, while Johns Hopkins University prices their full-time program between $43,824 to $60,288. DNP programs also vary, with some ranging from tens of thousands to Duke University listing theirs at approximately $15,563 per semester.

11 Best Ways to Fund Nursing School

1. Scholarships: Many scholarships are available to future and current nursing students, which are essentially educational funds that future RNs can leverage to achieve their healthcare goals without needing to pay them back. These financial aid opportunities are offered in colleges, universities, professional associations, hospitals, and more and are often based on merit. 
2. Employee Reimbursement: Some employers offer reimbursement for tuition to help employees cover the cost of furthering their education, especially when ongoing education and training are paramount to the organization's mission and goals. Examples include hospitals wanting to achieve Magnem status, and providing RN to BSN bridge reimbursement for any ADN-prepared RNs. Nurses seeking reimbursement for continued education can request information from their employer, with the typical process requiring an assessment of eligibility, filling out an application, receiving approval, reimbursement, and maintaining continued employment.  
3. Savings & Budgeting: One of the best ways to fund your nursing education and avoid debt is to plan ahead of time, allowing prospective students to budget and save in advance of enrollment in a degree program with their chosen nursing school. Saving and budgeting can begin years before sending a nursing school application and continue from entry into the program to graduation. 
4. Grants & Bursaries: Oftentimes disbursed based on financial need, academic achievement, or a combination of both, grants and bursaries for nursing schools are similar to scholarships as neither must be repaid. There are various types, including federal grants, state grants, nursing-specific grants, institutional grants, minority grants, and more.  
5. Student Loans: There are varying types of student loans available to nursing students, including federal, private, and loans specifically designed for health professions. The U.S. Department of Education provides direct federal loans, whereas private student loans are offered by lenders like banks and credit unions. Loans must be repaid with interest, so it is always essential to completely understand any conditions before borrowing, your ability to pay them back, and the ability to exhaust alternative options. Many student loans also offer loan repayment programs after graduation.  
6. Online Nursing Programs: Although online nursing education programs won't necessarily fund your education, they are a more cost-effective option for achieving your goals without breaking the bank. Online nursing programs are typically more affordable than in-person programs due to lower overhead costs, the efficiency of resources, reduced travel and living expenses, more flexibility in scheduling, and the usage of digital materials. However, it is important to check the associated costs with each institution of choice, as not all online programs are less expensive than their in-person counterparts. 
7. Military: The U.S. Military has several offerings to help cover the expenses of nursing school, such as the Health Professions Scholarship Program (HPSP), which pays full tuition and a monthly stipend in exchange for a service commitment after graduation, the Nurse Candidate Program (NCP) which provides a grant and a monthly stipend to nursing students in their last two years of school providing the students serve as active-duty Navy Nurses after graduation, among the Nurse Corps Scholarship Program (NCSP), Reserves Officer Training Corps Nurse Program, GI Bill, Military Tuition Assistance, each with associated conditions. It is essential to research each option and understand all applicable terms. 
8. Work-Study Programs, Peer Support Workers & Employed Student Nurses: Work-study programs are a form of federal student aid allowing students to earn part-time money, often by working on campus, to cover their education costs. These programs are also beneficial in allowing nursing students to develop valuable experience in the healthcare field. Typically, students must meet certain eligibility criteria, find a suitable job placement, and abide by their work schedules as per regular employment. Another option includes working as a Peer Support Worker (PSW) or Care Aide part-time if you're in the BSN program, as many schools offer this certification after completing around 1-2 years of schooling. This allows for students to get hands-on experience in a hospital or community health setting while getting compensated. Lastly, some hospitals hire student nurses for part-time work as long as they meet eligibility requirements. This allows students to get practical experience, receive relevant references, and be able to apply internally to jobs once they graduate from nursing.  
9. Free Application for Federal Student Aid (FAFSA): Free Application for Federal Student Aid is a form students and prospects prepare annually, either for a bachelor's or higher education, such as a doctoral degree. Specific eligibility requirements must be met for students to qualify for funds. 
10. The U.S. Health Services Corps & Student Loan Forgiveness: The U.S. Health Resources and Services Administration (HRSA) operates the National Health Service Corps (NHSC), which offers financial aid to health professionals in exchange for working in underserved areas. In Canada, similar programs, such as the Student Loan Forgiveness Program, offer recent graduates the opportunity for student loan forgiveness if they serve in underserved communities for a designated period. These funding opportunities can help address nursing shortages, strengthen the workforce, and increase human services. Two of the key programs in the USA include the NHSC Scholarship Program and the NHSC Loan Repayment Program. 
11. Accelerated Programs: Similar to online education, accelerated programs won't necessarily help fund your education; however, they are often more affordable than a traditional baccalaureate. Though the costs depend upon several factors, including opportunity, the shorter duration of these programs is often more intensive, resulting in less time to practice professional nursing part-time while attending. 

Is Nursing School Worth It? 

According to the U.S. Bureau of Labor Statistics (BLS), the mean annual wage of RNs was $89,010, with the top-paying states being: 

• California: $133,340
• Hawaii: $113,220
• Oregon: $106,610
• Massachusetts: $104,150
• Alaska : $103,310

It has also been reported that the employment of RNs is projected to grow 6 percent from 2021 to 2031, equating to over 200,000 openings each year. 

Ultimately, deciding to pursue an accredited education to enter the nursing workforce or to continue your education in a graduate program such as a master's degree to become a nurse leader is a decision that depends on your personal career goals. Nonetheless, if you decide a career in nursing is right for you, any of the above options will help fund your education.