RN Nurse Schools

By: Grant Eckert

If you’re interested in becoming a nurse, you’ve most likely looked at nursing schools and the cost associated with attending them. Although you know you would be getting a rewarding degree, the fact remains that you are still going to have to pay for the educational costs. Read the rest of this entry »

Whether your nursing school tuition fund is half full or half empty, chances are you can always use financial aid. Nursing school is expensive, but there are many grants, loans, scholarships, work-study and loan forgiveness programs available to hard working students—you just need to know where to find them.

Nursing School Grants

Grants are a smart way to finance your education because it’s “free” money — you do not have to pay back a grant! With over a thousand federal grant programs in the US, worth more than $400 Billion, securing a student grant can save you hundreds or evan thousands of dollars. It takes time and energy to apply for grants, but the payoff is well worth the effort. Often, schools automatically consider you for grants when you complete a FAFSA and apply to school.

Nursing School Scholarships

Scholarships generally recognize a students academic achievement, athletic ability or artistic accomplishments. Scholarships can be very competitive, but they do not need to be paid back and are an excellent way to help finance your education.

For nursing students, the professional association for your specialty may give scholarships to qualified individuals. For example, the Oncology Nursing Society offers scholarships to students pursuing a master’s, doctorate or a post-master’s certificate. Some of the best scholarship resources, however, can be religious organizations, private and public schools, small businesses, large corporations, community groups, generous individuals or philanthropic foundations.

Nursing School Work Study Programs

Work study programs help students finance their education by working on-campus jobs, community related jobs or assisting teachers. Work-study programs typically depend on factors such as level of financial need and school funding available.

You can work with professor’s on-campus or work with a non-profit agency off campus. Often students choose work-study programs that are related to their field of study which, not only helps them finance their education, but also gives them resume experience.

Work-study programs pay at least the federal minimum wage, and often more, depending on your level of skills and experience.

Nursing School Loans

While no one likes to take out a loan, college loans are an investment in your future. The investment you make now will pay big dividends later in higher income, better career opportunities and job satisfaction.

College loans have lower interest rates because the federal government regulates the interest that lenders can charge on federally guaranteed student loans. This helps make the loans easier to pay back, which encourages people to attend school. In addition, loan repayment does not begin until six months after graduation ( or when enrollment in school is less than half time).

Stafford Loans

There are different types of loans, including a Stafford Loan, the most common federal student loan available. The Stafford Loan includes the Federal Family Education Loan (FEEL) program and the William D. Ford Federal Direct Loan (Direct Loan) Program. Both programs are dispersed directly to students, and can be subsidized or unsubsidized, depending on the student’s financial situation. Loan amounts are need based and will be distributed accordingly.

Private Loans

Private loans offer higher limits and no payments until graduation, but interest starts to accrue immediately after the loan is distributed. Private student loans can be made out to either parents or students and are a nice alternative to credit card dept.

Plus Loans

There are also Plus Loans. These loans are geared toward parents. These loans are through FEEL and Direct Loan programs. In order to qualify for this type of loan, you must be a dependent student enrolled at least half time in your undergraduate education, and your parent’s must apply for the loan.

Nursing School Loan Forgiveness Programs

Loan forgiveness programs help students pay back their nursing college loans as they work in a nursing setting. These programs are an ideal type of financial aid, because you gain valuable nursing experience in a hospital setting, get paid for your work and get reimbursed for your nursing school education.

There are many loan forgiveness programs available in response to the growing nursing shortage throughout the US. The loan forgiveness program is funded by government agencies to help areas around the country that are desperate for nurses. So, in exchange for nursing services, the program offers to pay back or forgive student loan debt. Usually at least one year of student loans is forgiven for each year the nurse serves in the area of need. This is a great way to get out of debt while gaining valuable experience.