You are preparing to enroll in nursing school or may have already been accepted to your program of choice. One of the main concerns you have to attend to now is the financial aid for nursing school.
Your education is the most significant investment that you can make for your future. And, with the federal government awarding over $150 billion in financial aid every year and many private lenders of nursing scholarships and grants, it may also be an investment you do not have to pay for yourself.
In our complete guide to financial aid for nursing school, you will discover your funding options, the differences between scholarships and grants, and how to get grants for nursing school based on your personal background and requirements.
Who Can Get Financial Aid for Nursing School?
Financial aid is available for all individuals, regardless of age, background, financial status or one’s education level. Whether you have just completed high school or starting nursing school later on in life, you should search for scholarships and grants that address your specific situation and needs since there are multiple options for scholarships, grants, and loans awarded to a wide array of students.
There are four main types of financial aid:
- Scholarships – Generally awarded based on merit and do not need to be repaid.
- Grants – Financial aid based on need that does not need to be repaid.
- Federal loans – Are granted by the federal government and require to be repaid, generally with interest. However, federal loans have lower interest rates and do not require credit checks or co-signers.
- Private loans – Are granted by financial institutions and require to be repaid, generally with a higher interest. They also require credit checks and co-signers.
The application process for nursing school financial aid involves sending applications and transcripts, personal essays, or letters of recommendation, but criteria and required documents will differ from one type of financial aid to another. During the qualification process, you will be required to provide information on your credit score, income, and tax records, as well as on your educational experience and past performances. Nevertheless, the first step to receiving the required funds is applying for financial aid for nursing school via FAFSA.
FAFSA: Best Place to Start for Nursing Students
The Free Application for Federal Student Aid (FAFSA) is a standard form used to find financial aid for all types of higher education and, consequently, is also the form you must complete to get financial aid from the federal government for your nursing education.
The FAFSA represents the first resource you should use when searching for economic solutions to fund your studies. It determines your eligibility for various types of loans, scholarships, or grants, depending on your financial need. Most learning institutions and schools will award their financial packages (consisting of various types of aid) based on your FAFSA form.
Whether you are an aspiring or current nursing student, you should fill out the FAFSA since you may discover that you are eligible for financial aid without knowing it. You should also do so as soon as possible since many awarding institutions have limited funds, which may be allotted to other early applicants.
Filling out the FAFSA also has three deadlines: one set by your school, a state deadline, and a federal deadline. Ensure your application falls within the designated time frame of all three.
1. Nursing Scholarships
Nursing scholarships are financial aid awards based on achievement and merit. They can be designed for all nursing students, specific specialties and degree levels, or demographic characteristics, such as cultural identities or military histories.
If you are a current or aspiring student at Nightingale College, you can receive financial aid in the form of internal scholarships and scholarships from the Nightingale Foundation. We aim to remove financial barriers and increase equity in learning, with an emphasis on nontraditional students from underserved and underrepresented communities. These scholarships and alternative funding options for pre- and post-licensure programs can give you the much-needed support to become a nurse without the negative financial effects associated with nursing education.
Discover the scholarship options at Nightingale College and access the support you need to excel!
2. Nursing Grants
Similar to scholarships, nursing grants are a type of financial aid that you do not need to repay. The main difference between the two is that grants are awarded based on your financial need. Organizations will verify your eligibility based on demographic information, financial situation, or membership in various organizations.
The amount of funding you receive will depend on your financial status. Grants can cover tuition and additional costs, such as accommodation, learning materials, transportation, or child or dependent care.
Grants and scholarships come with certain conditions, often depending on performance. Generally, if you fail to complete the academic program or you break the service agreement, you will have to repay your grant or scholarship.
3. Student Loans for Nursing School
Student loans are another type of financial aid that you may access. Unlike nursing scholarships and grants, you must repay the loans once you complete your program or degree, often with interest. In some cases, you may also have to make payments during your study period.
Here are the main types of student loans for nursing school:
Federal Student Loans
Federal student loans for nurses are a type of federal student aid (FSA) provided by the federal government that you can use to cover your tuition. Once you complete your studies, you will have to repay the loan. However, you will not be required to pay back any sum during your time in nursing school, and the interest rate of federal student loans is lower than that of private lenders. Additionally, federal student loans for nurses do not require any credit checks, nor do they ask for a co-signer to be accessed. They will be generally paid directly to the school or educational institution.
Lastly, if you are having issues paying back the loans, you have various options for assistance, such as enrolling in specific programs, deferring your payments, temporarily lowering your payments, or consolidating your loan. In some cases, you can even qualify for loan forgiveness.
Direct Subsidized Student Loans
A direct subsidized loan is awarded directly by the US Department of Education to students who meet specific income requirements and who can demonstrate financial need. If you access a direct subsidized loan, the federal government will cover the interest rate for the duration of your studies.
Direct Unsubsidized Student Loans
The federal government also provides a direct unsubsidized loan but does not require you to meet specific income conditions to qualify. However, unlike in the case of subsidized loans, you will have to take up the payment of interest accrued during your study period once you graduate.
Federal Perkins Loans
Federal Perkins loans are a type of financial aid for very low-income students. Unlike direct subsidized and unsubsidized student loans (often referred to as Stafford loans), federal Perkins loans are granted by your school, as opposed to the US Department of Education.
In order to qualify for a Perkins loan, you must meet specific income requirements. Additionally, the academic institution must have funds available to support you, so make sure to apply through the FAFSA as soon as possible.
Private Loans for Nursing Students
Private student loans are a type of financial aid provided by banks, credit unions, and academic institutions. Compared to federal student loans, they have higher interest rates and offer fewer repayment options and plans. Another difference is that private loans are deposited in your personal bank account.
On the positive side, private loans often provide extended financial support, which can cover the tuition, living expenses, and school supplies needed. However, this comes at a price, with some institutions offering loans to applicants with poorer credit scores, who can end up doubling the amount to be paid back. This means that if you choose the wrong private loan, you can accrue crippling debt that you may find difficult to get out of.
Additionally, when opting for a private loan, you will generally have to start paying it back while still in school, and you have little to no options to defer or delay payments.
Does Financial Aid Cover Student Expenses?
Not all financial aid options provide money for all student expenses. Many will cover strictly your tuition. If you need help paying for accommodation or learning materials, your best option is to try to access a scholarship or grant.
Similarly, if you apply for a private loan, you can use the funds for these purposes. However, a private loan generally has a high interest rate, and using it for purposes other than covering your tuition can add to your debt.
That is why you should try applying for nursing scholarships and grants that include the costs of accommodation, student materials, and even child or dependent care if you cannot cover student expenses on your own, either due to your financial situation or other external expenses.
You should keep in mind that you will surely find nursing financial aid suited for your specific situation without needing to accumulate additional debt.
How to Apply for Financial Aid for Nursing School
Now that you know what types of nursing financial aid you may be eligible for, you should also find out the steps to applying and successfully receiving your scholarship, grant, or loan:
- Complete and submit your free FAFSA application using the www.studentaid.gov portal to start the application process. You can also use the Federal Student Aid Estimator to see how much federal aid you may be eligible to receive.
- Read the student aid report (SAR) you receive in your email after completing the FAFSA application. You can see your eligibility for obtaining loans, Pell grants, or other financial aid forms.
- If you have enrolled with a school already, its Office of Financial Aid will review your student aid report and specify any outstanding requirements, such as a CSS profile form. Complete and sign all other forms required by your educational institution.
- If you are not enrolled in any school, the up to 20 schools you selected in your FAFSA form will use the information and your Student Aid Index (SAI) to calculate the amount and types of financial aid you are eligible to receive.
- Apply to your desired nursing school. Once you get admitted, the school’s Financial Aid Office receives a notification and will create a financial aid offer for you based on the FAFSA (and CSS profile). This may include non-federal financial aid granted by the institution. However, this is often also based on the FAFSA form or the CSS profile.
Once you receive the financial aid offer, you can accept it and be ready to embark on your educational journey. However, remember that you will have to complete the FAFSA form every academic year for as long as you are in nursing school to be eligible for ongoing nursing financial aid.
How to Pay Back Nursing Student Loans
As you have seen, certain types of financial aid for nursing students must be paid back, and this is the case with the most frequent kind of aid – loans. However, given your circumstances and the types of loans you have received, you may have some instruments that help you in your efforts to repay the accrued debt. These will include loan consolidation, deferral, tuition reimbursement, and deferrals.
Student Loan Forgiveness Programs
As a nursing student receiving financial aid, you may qualify for loan forgiveness programs, given that you meet specific requirements. These programs generally pay part of your student loan debt under the condition that you agree to work for a certain period (2 to 3 years) in specific locations or as some specialties, for example, in areas or hospitals with a nursing shortage.
If you have accessed federal aid, you can qualify for Federal Student Aid Loan Forgiveness. However, you can also apply for loan forgiveness through your state if you have been granted state loans.
Nursing Tuition Reimbursement Programs
Some nursing employers will agree to reimburse or assist you in paying your student debt if you agree to work for them for a certain minimum amount of time, such as two years.
In other cases, you may find employers that support your continuing education for free or at a discounted price. For instance, if you are a licensed practical nurse, your place of work can subsidize you in getting an ADN. Similarly, they may help their ADN-level nursing staff in earning a BSN degree.
“Grow Your Own” Programs
Some hospitals have their own nursing programs. Similar to tuition reimbursements, these are offered free of charge, given that you agree to work for them for a specified amount of time once you graduate. Some employers will partner with learning institutions for seamless educational advancement for their nurses.
Student Loan Payment Deferrals
Deferral programs allow you to postpone your payments for a specific time, given some outstanding situations, such as financial hardships or job loss. Deferrals are generally available only for federal loans. In some cases, you may still accrue interest on the loan during the deferment period, so make sure you know the conditions for deferrals.
Receive the Help You Deserve for Nursing School
If you aspire to be a nurse and are passionate about helping your patients and your community, economic hardship and a lack of funds should be the last concerns for you, should they be a concern at all. Most nursing schools and learning institutions are aware of this and actively try to mitigate the need for gap funding for their prospective and existing students.
If you have enrolled in one of the nursing programs at Nightingale College or are currently considering doing so, you are also eligible to apply for tuition and aid in various forms.
Scholarships at Nightingale College
Scholarships are great for defraying your expenses when it comes to education, and you can benefit from a wide array of such options when studying at Nightingale College.
Here is a list of the internal scholarships which you can apply for while studying with us:
- President’s FNS Scholarship – One outstanding student receives 25% off tuition for eight semesters. The recipient must maintain a 3.3 GPA each semester to remain eligible.
- Honors FNS Scholarships – Awarded to all qualified applicants, including $250 toward tuition per semester, valued at up to $2,000. The recipients must maintain a 3.0 GPA each semester to remain eligible.
- Susan J. Jero Scholarship – Provides a tuition waiver for the BSN program. The recipient must maintain a 3.0 cumulative GPA to remain eligible.
- Key to Success Scholarship – Provides $1,500 off each semester for 8 semesters for one student per school district. The scholarship is available for the BSN program and requires recipients to maintain a 3.0 GPA while attending Nightingale College.
- Elevate Scholarship – Covers published minimum cost of the recipient’s program each semester for 8 semesters. The scholarship is available for all programs, and recipients must maintain a 3.0 GPA while attending Nightingale College.
- Joining Forces Scholarship – Designed to assist service members and veterans achieve educational and professional goals. Recipients must be active duty or reserve members, honorably discharged or retired veterans, or otherwise, must be spouses of active duty and reserve members. They will also have to maintain a 3.0 GPA per semester.
Discover the scholarship opportunities at Nightingale College!
Scholarships at the Nightingale Foundation
As a student at Nightingale College, you can also receive a scholarship from the Nightingale Foundation, a charitable foundation that aims to improve the nation’s health outcomes and health equity by aiding the efforts to eliminate the ongoing nursing shortage. The financial support it provides to learners is designed to increase access to both pre- and post-licensure nursing programs, especially among underserved and underrepresented student populations.
The scholarships at the Nightingale Foundation include:
- FNP Scholarship – Offered to FNP learners with a GPA of 3.0 or higher, amounting to $1,000 per award.
- Shneyder & Kirk Reaching the Impossible Scholarship – Designed to support learners currently in their foundational courses who are at risk of not matriculating into a nursing program due to a lack of financial resources. There are three awardees per semester, and each award amounts to $2,000.
- Utah Economic Nursing Scholarship – Supports currently enrolled Junior and Senior learners residing in Utah who have a financial need to matriculate. Recipients should also have plans to work in the state of Utah as a nurse post-graduation.
- Bittner Scholarship – Meant to mitigate the risk of a potential nurse not entering the program due to lack of funds and to prevent a potential drop from the program due to economic hardship. The awardee receives $6,000.
FAQs About Financial Aid for Nursing School
Can I Get a Scholarship to Study Nursing in the USA?
Yes, there are many types of financial aid for nursing students, including nursing scholarships and grants. The easiest way to find the scholarships you qualify for is by completing the FAFSA form or checking in with your academic institution.
Can I Study Nursing for Free in the USA?
The main way in which you can study nursing at no cost or with a minimum of expenses is by receiving nursing scholarships and grants. You can also have your student loans forgiven in part or in whole if you apply to the right forgiveness program and you fulfill the state criteria. Alternatively, you can find tuition reimbursement programs or enroll in a “build your own” learning program provided by various healthcare employers. Remember that you will have to work for a specific amount of time with the employer once you graduate.
How Much Debt Are Nurses in After School?
Graduate nursing students are projected to accumulate around $40,000 and $55,000 in debt. However, the amount you have to pay back following graduation will depend on the tuition costs of your program of choice and whether you have used financial aid for nursing school. For instance, if you have accessed private loans, you may expect higher interest, which can almost double your owed amount.