How to pay for MSN??

HouTx, BSN, MSN, EdD · Oct 21, 2010

YEAH!!! I am so glad to have someone else intersted in becoming an educator. For the last few years, we have been overshadowed by the campaign to produce NPs.

Have you talked with the people at any of those programs? You may discover that there are fellowships or grants & financial support available - especially if you wish to become an academic instructor/faculty. I would advise you to focus on state universities rather than private or commercial (investor owned) programs. They are MUCH less expensive and more likely to receive Federal funds that have been earmarked to 'grow' nursing faculty.

I think you will find that it is much easier to work and attend grad school, particularly if your work schedule can be adjusted so that you have a couple of days off during the week for classes. My MSN classes only met once a week, and at the beginning of each term, the class actually worked with the instructor to determine which day of the week would be best for all paricipants. Keep in mind that MSN programs are short... and your relationship with faculty is more collegial and supportive than undergrad.

llg, PhD, RN · Oct 21, 2010

I lived very cheaply for a few years and saved my money. I set an exact dollar amount in my budget and put that dollar amount each month into a special account. Yes, it meant that I didn't have "nice furniture," drive a fancy car, buy expensive clothes, take expensive vacations, etc. ... but I was able to do that twice in my life -- once for my MSN and once for my PhD. I lived "like a graduate student" until I was about 40 years old -- and took great pleasure in that frugal, but comfortable lifestyle.

I also worked a little overtime and put that money into my "grad school account."

In both cases, I was able to self-fund a significant portion of my graduate school expenses. I also got a few grants to pay for some things ... and worked part time while in grad school to pay my basic living expenses. In total, I was a full time graduate student for 7 years -- 2 full time years for my MSN and 5 full time years for my PhD.

Work closely with your school's financial aid office and cultivate positive relationships with faculty members and upperclassmen. They sometimes have "leads" to good part time jobs, scholarships, grants, etc. that you might find helpful. Apply for everything that you might qualify for. (e.g. I worked for the school and got free tuition with some jobs.)

That combination of savings, grants, scholarships, and work allowed me to need only a very small student loan. I was able to pay that off 3 years after finishing my PhD VERY easily.

Learning to be happy living on a modest budget has continued to serve me well now that I have graduated. I've continued my habit of including regular savings into my budget and have saved about $500K in my retirment account while having only a 15-year mortgage on my waterfront condo. It will be completely paid off before I retire.

If you are interested in going to grad school ... don't wait until you are accepted to begin paying for it. Start now. Do a detailed budget (and maybe work a little overtime) and start that "grad school savings account" ASAP. The sooner you start it ... and the more aggressive you are about saving, the bigger it will grow ... and the more money you will have at your disposal.

happycatrn · Oct 21, 2010

Thanks to both of you for the encouraging advice!

AOx1 · Oct 21, 2010

I couldn't agree more with llg. I live a very frugal lifestyle as well. I pay my retirement first, my bills and charitable giving second, and to my "education fund" and short term savings third. If there is anything left (usually isn't much!) then that can go towards other things. I was pleasantly surprised to receive a full scholarship for my master's and a partial grant to cover my doctorate. I agree: state schools often have money set aside for faculty recruitment grants. This great news meant that I was able to transfer all the money I would have used for my master's into my savings. I will do the same after I complete my doctorate with the money I've set aside for it if it is never needed.

I see my peers saddled with incredible student loans and feel very bad for them. I also maintain the same standard of living after each raise in salary, adjusting once a year for inflation only. This has meant a lot going into my retirement account also. I love my job, but I also love the security of knowing that if I ever want out, my "escape hatch" is already in place in the way of savings until I find a new job.

Also check this links (some schools have this funding in place alread):

http://www.federalgrantswire.com/nurse-faculty-loan-program-nflp.html

Another option is to hire on as faculty at a school that will pay part or all of your tuition for advanced degrees.