HRSA provides these grants within three types of programs: scholarships, loans and loan repayments. Each type provides financial support a little differently. The Nursing Scholarship Program pays tuition, fees, reasonable costs and a monthly stipend while the student completes his undergraduate education. The Nursing Students Loan program provides low-interest loans with a specified loan-repayment schedule that begins after graduation. The Nursing Education Loan Repayment Program repays 60 percent of the nurse's educational loan balance if the nurse works two years in a critical shortage facility. This financial support comes after the nurse has graduated and earned his RN license.
Some of these programs, such as the Nursing Scholarship Program, are specifically designed for students in an accredited educational program leading to an RN license. Others, such as the National Health Service Corps, offer funding for nurses pursuing a graduate degree in designated specialties such as family practice or nurse midwifery. The Scholarships for Disadvantaged Students program is available for a broader base of health-related professionals that includes nursing.
Federal grants may have stipulations in terms of employment after graduation, loan repayment schedules and other criteria. For example, a National Health Service Corps scholarship for a family nurse practitioner requires that the practitioner serve in a federally designated area of greatest need for two to four years after earning her master's degree in nursing (MSN).
Eligibility for federal grants is clearly defined within each program and varies significantly from one grant to another. The Scholarships for Disadvantaged Students program, for example, awards funds to financially needy people from environments that have kept them from obtaining the knowledge and skills needed to enroll in an educational program for one of the health professions.
According to the Federal Trade Commission, students have been taken in by unscrupulous companies that sponsor scams designed to take their money without giving anything in return. Some clues that a company may be dishonest include statements such as, "This scholarship will cost some money" or "We'll do all the work." It's best to visit a government website such as HRSA to obtain first-hand information about grant programs and the application process.