Financial Help for Nursing Students

Due to the current shortage and increasing demand for nurses that is expected only to grow as the Baby Boomer generation continues to age, many government, educational, and private healthcare agencies are offering more financial options to students wishing to pursue a career in nursing. While the funds and programs available will vary by state and school, the most common types of financial help for nursing students are outlined here.
  1. Student Loans

    • While student loans may be the most common means of funding education, nursing students are sometimes eligible for greater loan amounts due to the intensive nature of nursing programs, which may not allow the student to work full-time. Alternatively, there are work-study programs that require the student to work only part-time to supplement loans. Check with your school's financial aid department to see which lenders it works with, and then contact the lenders to see what loan options you have.

    Grants

    • There are many grants available to nursing students from both federal and state government programs as a means to promote nursing education and increase the number of nursing graduates each year (thus increasing the nursing workforce). These, however, are often limited by school and program, so it is important to carefully research your educational options beforehand. For instance, it may be better to go to a school that is in another state if you will be able to receive grant funds to help you pay for your education, but you would need to make sure you could still be licensed through your state when you graduate.

    Scholarships

    • There are more scholarships available to students than most people think, and although the companies offering large amounts are more selective, other companies offer smaller scholarships or multiple scholarships for which the competition isn't as fierce. Consider using a nursing scholarship database (Discover Nursing, for example) to search for scholarships you qualify for, and apply for more than one. Contact larger healthcare companies directly, as they may offer nursing scholarships that are not necessarily advertised. It may take some time and effort to apply for scholarships, but if you do get one you won't be stuck with student loan debt when you graduate.

    Employer Funding

    • If you are working as a nurse's aide or a practical nurse (or almost any area of healthcare), and want to further your education, many healthcare companies offer some kind of educational reimbursement or funding program to help you pay for nursing school. The structure of these programs varies widely and the terms can sometimes be confusing, so be sure to go over the fine print carefully before signing.

      For those who aren't already working in healthcare, some employers (especially larger companies) will fund your education but you may be required to sign a contract stating you will work for them for a specified amount of time after graduation at a certain pay level; if you choose not to or decide to discontinue your education, you may be liable for paying back any funds already spent. Again, carefully go over the fine print before engaging in something like this.

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