Summary:
Pursuing a degree in nursing is often accompanied by outrageous tuition costs. If you’re looking to launch a nursing career, figuring out how to cover these expenses can pose to be a challenge. The good news is that there are plenty of loan programs, scholarships, and government grants designed for nursing students requiring financial support.
Taking advantage of these programs can enable you to focus on your studies rather than worry about earning enough money for tuition, textbooks, and other equipment. So if you intend to advance your nursing career, read on to discover the best ways to help you achieve your career goals.
Scholarships
A scholarship is a form of financial aid awarded to students in need of financial assistance who display outstanding academic success. Once awarded, these students aren’t required to repay the scholarship funds. That said, utilizing nursing scholarships is a great way to lift this financial burden off your shoulders.
The majority of nursing schools often provide scholarship programs for newly-enrolled students. If you don’t qualify for these scholarship programs, you can also check for private scholarships, which are mostly offered by private entities.
However, you should note that there are different scholarship packages for different types of students. For instance, you may qualify for a scholarship based on grades, racial background, or income level. So it’s imperative to consult with your
local nursing department to verify if you’re eligible for any scholarships. If you believe you qualify based on these criteria, identify the kind of scholarship program available in your nursing-school-of-choice.
Government grants
Fortunately, plenty of government grants enable aspiring nurses to achieve their career dreams, especially those previously obstructed by financial limitations. Just like scholarships, grants are financial awards that students don’t have to repay. In most cases, these grants are need-based. This need-based structure means that applicants must meet a particular financial threshold to apply for the grant funds. Additionally, grant-seekers must meet specific academic requirements to qualify for government grants. If students fail to meet the above criteria, they risk repaying the funds.
Both local governments and the Federal government offer grants to nursing students. Students can also find grants from nonprofit organizations and other foundations. For example, the National Health Services Corps allots grant programs through the U.S Department of Health and Human Services. These grants are readily available to qualified candidates in various healthcare sectors.
Work-study programs
Several universities and colleges contribute to the Federal government work-study financial aid program, which helps students cover costs associated with their nursing degree. Potential candidates must apply for this program to receive the financial aid they need.
You can apply for the program by filling out an application for the Federal Student Aid. The application is usually free and is completed the same way as a federal loan or grant application. If you qualify for the program, you can apply for a part-time job by referring to the university or college you’re currently enrolled in. Keep in mind that various colleges run their work-study program differently. While some students find employment on campus, others can still work outside the school.
Government-backed student loans
Government-backed student loans are also a great option to cover your nursing expenses. The federal government provides student loans that enable students to access college loans that a student can repay at very low-interest rates.
Government-backed student loans offer subsidized and unsubsidized loan programs. Both observe the income-driven guidelines. Low-income nursing students can apply for the subsidized option if they’re facing financial hardship.
In the event of deferment, the U.S Department of Education will be responsible for the loan interests. Government-backed student loans have the freedom to provide special-circumstance loan forgiveness for nursing students who meet the designated requirements.
Private student loans
Private student loans are non-federal loan programs created by private institutions such as credit unions, banks, and state-affiliated organizations. Unlike federal loans, private student loans are set and controlled by the lender and lean to the expensive side compared to federal loan options.
However, private student loans have minimal limitations. You can request a private loan at any time and use the funds for whatever expenses you want: books, transportation, tuition, computers, and boarding. Typically, private loans are awarded on a needs basis.
Find an employer who will pay off your student loans as part of a signing bonus
Most employers are willing to pay off their employees’ student loans and may even offer tuition reimbursement for graduate degree purposes. Employers invest in these programs, as a well-educated employee is a valuable asset.
Another great way to cover your nursing-school-related expenses is to find an employer who will pay off your student loan as part of a signing bonus. Some employers might provide compensation programs, tuition assistance, or even scholarships. These employer programs are particularly important for employers who view tuition expenses as an investment towards the company’s future success. Unsurprisingly, when an employer pays off your loan, they expect you to return after graduation.
Conclusion
If you have limited finances, completing your nursing degree may take you longer than expected. Luckily, there are several financial resources you can use to cover your nursing school expenses. Review and compare the college financing options listed above to choose the most suitable route for your needs.
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