How to pay for Nursing school: Student Nursing Scholarship + Financial Aid Links

[NRSKarenRN]

College Grants

A grant is free money usually based on financial need. These awards do not have to be paid back. Read more

School Scholarships

Scholarships are considered gift aid, which do not have to be repaid, and are often awarded for merit in academics, athletics, or a particular field of study. Scholarships may also be awarded based on ethnic background, religious affiliation, and special interests. Read more

Education Loans

Student loans are long-term, low-interest loans made directly from the federal government or by private lending institutions such as banks, savings and loan associations, and credit unions.

Students from across the nation also have a number of discounted student aid options they can explore. 

Read stories about Student Loans

Work-Study Programs

Work-study provides you with employment opportunities both on and off campus to help pay for school costs. Participation in a work-study program is based on your financial need.

Read Your Guide To The Federal Work-Study Program

Additional links

Complete the FAFSA® Form

8 Steps to Completing the FAFSA® Form

Financial Aid Timeline

Glossary of Terms for Financial Aid Offers

Estimate Your Federal Student Aid

[tokyoROSE, BSN, RN]

Have you filed for FAFSA? If you are a single mom, you should get all your tuition covered with grants. Often times, I've seen single parents get a couple thousand extra for everything else. You can also qualify for loans with much better rates than private loans.

[2bmalenurse2012]

I was accepted into nursing school this Fall. I have orientation in another month or so, however I am already concerned that I will not be able to finance my education. I currently hold a bachelor's degree, and I am looking to attend an accelerated nursing program this fall. The program is 15 months roughly 48,000. Presently, I have 36,500 in debt from student loans. The limit on the amount of student loans the federal government will provide is 56,000. I have nothing in savings and I make mediocre pay in my current position. I just don't know how I will finance this education being that I will be short 28,000 once all my student loans are spent. My mother and father do not want to see me give up on this dream and neither do I. I just need as many ideas as possible as to how to pay for this education. Also, instructors at the school I plan on attending advised students don't work becuase the program is very intense considering its accelerated pace. I welcome all advice on this topic.

[Calixan]

I was accepted into nursing school this Fall. I have orientation in another month or so, however I am already concerned that I will not be able to finance my education. I currently hold a bachelor's degree, and I am looking to attend an accelerated nursing program this fall. The program is 15 months roughly 48,000. Presently, I have 36,500 in debt from student loans. The limit on the amount of student loans the federal government will provide is 56,000. I have nothing in savings and I make mediocre pay in my current position. I just don't know how I will finance this education being that I will be short 28,000 once all my student loans are spent. My mother and father do not want to see me give up on this dream and neither do I. I just need as many ideas as possible as to how to pay for this education. Also, instructors at the school I plan on attending advised students don't work becuase the program is very intense considering its accelerated pace. I welcome all advice on this topic.

I'm not sure how old you are or if you are even willing to do this but they have parent loans to for their children. I'm not sure if you have to be a certain age or not to do that. I am somewhat in the same boat, I don't qualify for pell grant which means I dont apply for any grants at all, they say I make too much money (not). So the only thing I can suggest since u already are reaching ur maximum is look at the parent student loans and see if that works for u. Good Luck!

[Double-Helix, BSN, RN]

Look into scholarships and grants for continuing education. If your school has a financial aid advisor, sit down and talk with them about your current situation and ways that you can finance your education. Some schools have work-study programs where you can work for the school in exchange for reduced tuition. They also might be willing to help work out a payment plan.

You can also take out private loans. The federal government might only provide you with up to 56,000, but you can take out more money in loans from private organizations. (Just ask my brother, who has over 100,000 dollars in loans from his law school education.) If you are concerned about the credit, perhaps your parents would take out a loan on your behalf and allow you to make the payments once you graduate.

Finally, consider if this is the best time to be entering a 48,000 dollar program. While it would be nice to have your bachelors, ABSN programs are the most expensive of all programs. In contrast, a 2 year ADN program at a community college would take a few months longer, but probably cost you about 35,000 dollars less. You could easily finance it by taking out additional federal loans. Then you could pursue an RN-BSN program after you have had some time to work and build up some savings.

[Stephalump]

Definitely check into scholarships, though it's a bit late in the game for fall entry. Nothing better than free money! Some are need based, some are merit based, some require a commitment to work at a facility after you graduate.

Wells Fargo offers private loans, I believe, if you have great credit or a cosigner.

Other than that, I'm not sure what other options you have. I don't qualify for student aid, so I'm going the ADN route. Not at all what I was originally planning, but the tuition is only $4,500 and I got a scholarship to cover the cost. Then I have early acceptance to an RN-BSN program that costs around $7500 that I'm saving up for now. It'll take 30 months to get my BSN this way instead of the 15 I planned, but I'll be debt-free! And to be honest, with the way the job market looks, I'm not all that eager to jump out in it, anyway.

Anyway, if you're family is committed to helping out, perhaps you could throw yourself a little fundraiser? Beg, borrow, and steal your way into school!

[2BRN123]

Ok, whoa. I seriously would stop and think about this before you think you're throwing a dream out the window.

If you were able to get federal aid for the total 48k you would be looking at roughly $84,000 PRINCIPAL amount. Interest compounding from the day you take out the loan.

In order to repay that loan in the typical 10 years the government wants you to, you're going to be paying nearly a thousand dollars a month in student loans.

With the interest you'll actually end up paying closer to 115k if you do it in ten years. If you do the extended version in 300 months, its closer to $175. All of these numbers come from the federal student loan repayment calculators so I'm not making this up. Since you can't finance the whole thing federally, The interest rates are likely to be higher for the 28k difference you'll have to find on your own.

Don't just think about how you're going to finance it and do it now, think about how you're going to deal with paying it all back when you're done. If you can't cut down that 48k to like 10k via scholarships and grants, I personally would look at a different program.

Having the degree doesn't guarantee you a well paying job (as you know).

[2bmalenurse2012]

Wow. This was all very helpful and I appreciate all the intelligent responses. it seems these choices in life are never wasy for any of us. I applied to ADN and ABSN programs for the fall, but my gut told me that if I was accepted into an ABSN program than I would take that route. The money this is going to cost me is very overwhelming to say the least. I paid the non refundable deposit to secure my slot in the program already. I didn't realize how grim my financial situation was looking. I was way too excited to know that I could start ABSN program in the fall. I guess mynext question for everyone on this forum is whether I should push myself into this ABSN program now, or maybe wait to be accepted into ADN program?

[2BRN123]

Not saying you shouldn't do the ABSN, just think about the risk (and yes facing over $900 a month in student loan repayments is taking a risk). How long until you hear back from the ADN school?

Also have you filled out your fafsa etc? I would get that done and printed and have it IN HAND to talk to the financial aid officer on Tuesday (Monday is a holiday) to figure out what your options are for the ABSN route.

[Double-Helix, BSN, RN]

From a purely financial standpoint, I would pursue the ADN program at a local community college before spending over 50,000 dollars on an ABSN. But you've got to do what's right for you.

Loan Balance: $56,000.00

Loan Interest Rate: 6.80%

Loan Term: 10 years

Monthly Loan Payment: $644.45

Number of Payments: 120

Cumulative Payments: $77,333.97

Total Interest Paid: $21,333.97

Now, this is just the max federal loan amount- not counting what you would be paying in additional private loans to foot the additional 20K. Assuming you get a full time job as an RN that pays 25 dollars per hour (I'm not sure where you live). Those loan payments will be about 20% of your monthly income. That's not factoring rent, utilities, food, gas, insurance, car payments, cell phone bills, or anything else you might be paying.

[MMGF]

If your question is simply how to finance it, then private loans are probably your best bet to cover what you need.

I will also be taking out loans to cover the costs of the ABSN. (I have a small amount of student loans remaining from my previous degree. They are private loans with a 2.75% interest rate (with a cosigner). I'm not sure if I will be able to get the same low interest rate on the new loan, but I'm hoping not to be close to 6.8% interest! ).

If you are worried about your overall debt for an ABSN, which some of the above posters are alluding to, then that is a different story and a decision you are best to make. Tuition is $42K, similar to what I paid to get my previous degree at a SUNY school.

I too feel overwhelmed thinking about taking out more school loans just when they are about to paid off! But it will take me to where I want to be in life. To be honest, I think it is madness the amount of debt students come out with just to get an education - and as other posters have said, there are many other options to get your nursing degree including the CC ADN route. As for me I'm willing to bite the bullet because it is worth it to me. I would rather pay $30K more, but be in the workforce in 15 months with a more "desirable" degree. I look at it as I'm losing $70K every year I'm not working...

We all have different life circumstances though... and I'm sure you know (or soon will) what is best for you! Good luck in your decision (but hope to see you in June)!!

[Katie71275]

Are you living with parents or on your own?

If you are living with your parents, and you can continue to live with them for a bit after nursing school, then if this is your only option, I would deal with it and pay off all that debt prior to moving out.

If you are living on your own, look into nontraditional scholarships(I was able to get several...and although they aren't a lot, they do help!).....Definitely consider what the starting pay is for nurses in your area and how that will factor in with your bills.

[Faith247]

HI,

I'm in the exact same situation as you with the exact amount of debt in federal student loans. What did you end up doing?