If you’ve decided you want to go to nursing school and are totally overwhelmed with how much nursing school costs, you are definitely not alone. If you’re like I was, you’re probably wondering how to pay for nursing school with no money. Figuring out how to pay for nursing school can be an overwhelming task, and I’m here to tell you not to panic! You definitely have tons of options to choose from.
How much does nursing school cost?
If you’ve clicked around on my site before, you know that I’ve written a more in-depth post about how much nursing school costs, as well as the various differences between nursing degrees like the ADN, BSN, MSN, and beyond. You can also find some good information about nursing school requirements and how to choose a nursing school. These posts give you an idea of what to consider before making this costly decision and tips for keeping nursing school costs down. These are also great posts to read if you’re interested in learning how to pay for nursing school without loans and/or financial aid.
Before you start panicking about how to afford expensive nursing schools, I would highly encourage you to check out these posts to get a really good idea of what your options are based on your financial situation. The more you know now, the less your wallet will hurt later!
How to Pay for Nursing School
If you take nothing else away from this post, I want you to remember this: Tuition costs can be daunting, but there are tons of options when it comes to paying for nursing school. Attending nursing school does not have to break the bank. What works for you might not work for someone else, and that’s okay!
Now let’s get into it.
Nursing scholarships and grants
Scholarships and grants are lump sums of money that are awarded to nursing students OR nurses who have already entered the workforce. You can find some great scholarships and grants on the Johnson & Johnson Nursing Website, Scholarships.com, Incredible Health, NurseJournal.org, and the AACN.
If you’re wondering how scholarships, grants, and loans differ from each other, there are some key differences to be aware of.
Nursing Scholarships
According to Drexel University
In general, grants are given based on financial-need, while scholarships are merit-based and awarded to students based on their academic achievements, extracurricular activities, field of study, and more.
While not impossible, this does mean that qualifying for certain grants may be more difficult if you cannot demonstrate financial need (think if you have a good nest egg of savings or have a high family income). Similarly, you might feel like you don’t qualify for scholarships as a nursing student just starting out with only a few “merits”. Don’t fall into this trap! I guarantee there is at least one scholarship on this earth that you are very (very) much qualified for.
Are there different types of nursing grants?
Yes. The Federal Student Aid website gives a great overview of some of the different types of grants that are available. As a nursing student, you would most likely be receiving:
- Federal Pell Grants. Only for undergraduate students.
- Federal Supplemental Educational Opportunity Grant (FSEOG). Only for undergraduate students with exceptional financial needs. These are awarded directly from certain undergraduate institutions.
- Iraq and Afghanistan Service Grant. Very specific criteria.
- If you are a graduate nursing student, this list from the AACN has a great section, Scholarships for Graduate Students.
- Any of the grants listed on the websites above are also great options.
Different types of nursing grants are essentially differentiated by their eligibility requirements. Make sure you always read the fine print so you are never disappointed!
Scholarships and grants pros and cons
Wondering why anyone would opt for federal student loans when these are available? There are some caveats to being able to use nursing scholarships and grants to fund your nursing school education.
Pros
- Unlike federal student loans, you DO NOT have to pay these back (*in MOST situations). Consider them a gift!
- Money awarded can be anywhere from a few hundred to several thousands of dollars.
- These are a great thing to put on the “honors and awards” section of your nursing resume because it shows that you have qualified, applied, and been chosen for a prestigious scholarship!
- They can be used in conjunction with the more standard federal student loans to keep the overall amount you have to pay back as low as possible.
Cons
- Lots (and lots and lots) of research and time is required for finding, applying for, and obtaining these scholarships.
- You must read the fine print before applying. Most have very specific requirements, making them hard to qualify for.
- Applications often require essays, recommendation letters, or proof of financial documentation. This often makes applications time-consuming to complete.
- Most of the scholarships will be small lump sums, which many don’t find adequate when it comes to funding their entire nursing school education.
- There is no guarantee that you will receive any of the scholarships or grants that you apply for.
Can I pay for nursing school with financial aid?
Yes. Given our current student loan crisis, I think it goes without saying that obtaining financial aid is always an option. When it comes to using financial aid for tuition assistance, you generally have two options:
- Federal student loans, AKA student loans given to you by the federal government
- Private student loans, AKA student loans given to you by a private lender
Both have their pros and cons. Let’s take a look.
Federal nursing student loans
One of the biggest downsides of getting federal student aid is having to take on student loan debt in order to get your nursing degree. Unlike grants or scholarships, student loans must be paid back. Additionally, federal student loans often come with interest rates anywhere from 3-8%, which often means that you end up having to pay back more than you owed. However, for many (myself included), federal student aid is the best (and only) option when financing nursing school.
There is nothing wrong with having student loan payments, but you should be smart about which path you choose. That being said, when it comes to getting federal student aid, there are many different types of federal student loans available. The US Department of Education gives out 4 different types of loans. If you are interested in any of these, you will have to fill out a FAFSA form.
1) Direct Subsidized Loans
- Who is eligible: Undergraduate students who can demonstrate financial need.
2) Direct Unsubsidized Loans
- Who is eligible: Undergraduate, graduate, OR professional students.
- You do not need to prove that you have financial need in order to qualify.
3) Direct PLUS Loans
- Who is eligible: Graduate OR professional students AND parents of dependent undergraduate students.
- Designed to help pay for education expenses that standard financial aid does not cover.
- Requires a credit check. Poor credit history does not make it impossible but does make it more difficult to qualify for these loans.
4) Direct consolidation loans
- A combination of all of your federal student loans into one single loan.
- A great way to reduce your interest rate (because consolidating takes the average of all of your loan interest rates).
*Federal Perkins Loans
It’s worth noting that at the time of writing this article (August 2023), Federal Perkins Loans are no longer available to students.
Private student loans
Private student loans are loans that are given to you by large companies like Sallie Mae, Ascent, Earnest, or SoFi (instead of the US government). There are tons of different companies that offer private student loans, however, I do want to point out that, unlike federal student loans, private student loans:
- Are not eligible for government programs or loan forgiveness.
- Do not have fixed interest rates (meaning they can change your interest rate anytime which could result in much higher monthly payments).
- Often have higher starting interest rates than federal student loans.
Despite these points, sometimes these loans really are the best option for you. If you’re still not sure which type of loan to get, U.S. News has a great comparison of private vs federal student loans. I would highly recommend doing tons of research before deciding to have any of these companies fund your education.
Using student loans to cover certain expenses
One great way to keep federal student loan payments lower is to take out only what you need to pay for your nursing school tuition. This might mean getting a part-time or per diem job while in school to pay for your other living expenses (such as gas, room and board, medical care, etc).
Military Service to Pay for Nursing School
If you are interested in joining the military, the US military can help fund your nursing career. Since I did not use this option and am not very familiar with it, I’ll leave you with some information from the experts.
US Army Nurse Corp Loan Repayment Program
You can find more information HERE.
Navy Nurse Corps and Student Loan Repayment Program
You can find more information HERE.
Air Force Nursing Reimbursement Program
You can find more information HERE.
Here’s an excellent, comprehensive overview of different military nursing scholarships available.
Employer Assistance
Nursing Tuition Reimbursement Programs
Though not all employers offer this, many large hospitals and academic medical centers offer great resources when it comes to getting loan assistance. Talk to your unit educator or check out your employer’s tuition assistance website to learn more about what your options are.
Employer Funding for Future Nursing Education
Much like helping you pay back your student loans, employers also offer employee-only scholarships for funding any future educational goals – whether that be going back to get an advanced degree or getting a certain certification.
*One sidenote: You usually have to be a career employee for this. This means that per diem nurses or travel nurses will not be eligible to receive these types of benefits.
Government Assistance Programs for Nurses
Public Service Loan Forgiveness (PSLF) for Nurses
It’s no secret that PSLF has been a highly contested, highly publicized method of student loan forgiveness. The premise behind PSLF is:
- Work for a qualifying employer (certain government or nonprofit organizations).
- Make 10 years’ worth or 120 total payments towards your student loans.
- Get your remaining student debt forgiven tax-free.
The PSLF program is a great option for many nurses who have high amounts of student debt, are confident they will be working for a qualifying employer for 10 years (check the website above to find out who counts as a qualifying employer), or who are interested in loan forgiveness above all else.
NHSC NurseCorps Scholarship Program
The NurseCorps Scholarship Program requires that participants work in an area with a critical shortage of healthcare professionals for a certain number of years. In exchange, those healthcare professionals then get a portion of their student loans paid for. Though working out a deal like this sounds like a pretty sweet gig, there are many things to consider when signing up for a program like this. Again, do your research to determine if this is truly right for you before committing.
Deferment and Forbearance
If all else fails, loan deferment and forbearance remain an option if you are really (truly) in a bind and cannot make your student loan payments. This is really a last resort and should only be used in case of a big life event or an emergency and should not be your plan when it comes to paying back student loans.
Though I am not affiliated with them in any way (I wish I was), a great resource for overwhelmed nursing students with lots of student loans is Student Loan Planner. They offer some great financial advice, especially if you are in the medical field. If you’re interested in learning more about other student loan forgiveness options for nurses, Forbes has another great list for you HERE.
As you can see, there are tons of options when it comes to financing your nursing education. Take a deep breath, read up on the methods listed above that might interest you, and tackle one thing at a time. You got this!
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