How do you pay for a graduate degree in Nursing?

Riseupandnurse · Dec 11, 2008

I worked as a graduate assistant. Best thing I ever did. Learned A LOT, made valuable contacts and went to school free.

llg, PhD, RN · Dec 11, 2008

I've been to graduate school twice. For both times, this is how I paid for it.

1. I lived very frugally prior to attending school so that I could save up money in a special account to help pay some of my expenses.

2. I applied for every scholarship and grant I could find. I got some of that money and it paid for part of my expenses.

3. I worked part time as a graduate assistant while in school to help pay some of my expenses.

4. I took out student loans to help pay some of my expenses.

As you can see ... there was no one method of financing that covered everything for me. I pieced the money together bit by bit as I went. I lived very frugally throughout my education and didn't indulge in many non-necessities until I was done at age 41.

ArwenEvenstar · Dec 11, 2008

I'm working on a graduate degree but not in nursing. I did not want to get a loan, so I'm doing it part-time so the expense of it is spread out over a longer time. No way I could afford a full-time tuition bill! But I can manage to incorporate part-time tuition into my budget. Plus frugal living! Really analyze your budget...what can you cut out or cut back on? What can you live without? Simplify. Little things can add up fast. You might be surprised that you can come up with several hundred dollars a month of extra money by slashing some stuff from your budget.

But everyone's situation is different! Just my :twocents:

Not_A_Hat_Person, RN · Dec 11, 2008

I plan to open a 529 account for myself, look into state schools, go part-time (Boston College lets RNs finish in up to 7 years), and get my employer to pay for as much as possible.

Honestly, I have very little interest in going back to school again, unless someone else pays for it. I have enough debt.

AntonellaB · Dec 11, 2008

Thanks for your reply. Could you tell me more about the graduate assistant job?

ArwenEvenstar · Dec 11, 2008

I plan to open a 529 account for myself, look into state schools, go part-time (Boston College lets RNs finish in up to 7 years), and get my employer to pay for as much as possible.
Honestly, I have very little interest in going back to school again, unless someone else pays for it. I have enough debt.

Although the graduate degree I am working on is not in nursing, they too allow a max of 7 years to complete the program. I hope/plan to do it in 5 yrs though. I'd rather go very slowly and have no debt as a result, as opposed to going full-time and have to get a loan. But that is just me....I HATE debt and avoid it if at all possible! BUT I am not criticizing people who do get loans for schooling, as sometimes a loan is the only way. Everyone's situation is different. But explore all options -some of the other posts have some good ideas. How badly do you want to get a degree without incurring debt or only incurring a little debt? Think creatively! Good luck!

SharonH, RN · Dec 11, 2008

To begin with, I didn't have any credit card debt or a car payment when I started grad school which put me ahead of the curve although I didn't have any savings as I should have.

I went to school part-time and worked per diem in the beginning so I could pay as I go. Because I was part-time I wasn't eligible for any scholarships but they are easier to get than most people know. I did apply for one that didn't specify the need to be full-time and I got it. Unfortunately I couldn't accept it once they realized their error.

At the end, as school became more consuming and I worked less, I made it easy on myself and took out a small student loan ($8000) which I easily paid off. If I'd attended school in my home state I probably would have been to take out a much smaller loan or I might have even been able to continue to pay as I went.

But definitely apply for every scholarship, all they can do is say no.

HouTx, BSN, MSN, EdD · Dec 11, 2008

Aren't we all a creative and industrious bunch?? I just love nurses!

You usually only have 5 years to complete an MSN - including thesis.

I am lucky enough to live in a state with very low tuition at state universities - between that and my tuition reimbursement, I only had to pony up about $500 per semester. I worked full time while going to school full time (12 hours per sem). Maybe a little crazy, but my employer allowed me to flex my hours so that I could attend school one day a week. All my classes were scheduled on that day each semester -- the school's effort to accomodate working nurses.

My MSN is in Critical Care with Education focus - Loved the whole experience, including all the wonderful people that I am still in contact with after all these years.

Shop around for a grad school that really fits you. The online programs are tempting, but very pricy and I don't think they offer the same level of support as the good old bricks and mortar variety. There is a real push to get more nurses with grad & post grad degrees nowadays because our nursing faculty is dwindling alarmingly. Check into stipends/scholarships that are available if you promise to teach nursing. You could always do it part time after you get your MSN - I do.

You probably won't be able to get loans unless you commit to going full time - but remember that graduate classes usually only meet once a week & frequently are scheduled in the evening. it's do-able!!

The neatest thing - your grad school expense can be deductible for IRS as continuing professional education .. just make sure that you get your job description changed to someting that says "MSN preferred". LOL, I even deducted the cost of a new laser printer - survived an audit because I told them it was the minimal standard acceptable for graduate work. And afterward, if you have to take out loans, the interest is deductible also.

After all, the safest investment these days is yourself - everything else could disappear overnight like cheap gasoline.

Riseupandnurse · Dec 12, 2008

Graduate assistants agree to work part-time for the school, probably about 20 hours a week. They get holidays, week-ends and usually summers off so you can still work somewhere else too. Where I worked I got all my classes free and a stipend too, and the hours had to be scheduled around my classes. They will put you where your skills and often your interests are and it's a wonderful experience to work closely with your faculty, both personally and professionally. Ask about GA opportunities at any school you're considering.