The U.S. Department of Education Federal Pell Grant is designed to help low-income college students offset the costs of their education. While grant amounts vary, maximum grant awards as of 2010 to 2011 were capped at $5,550 per year. To qualify, applicants must be enrolled in an undergraduate program or accepted post-baccalaureate program at an approved school. Applicants must submit a Free Application for Federal Student Aid (FAFSA) and provide proof of household income of $60,000 per year or less. Unlike loans, Pell Grants require no repayment.
Stafford loans are another form of financial aid that can help assist students in financing nursing school. Stafford loans work much in the same way as conventional bank loans, but they are financed through the Federal government. Two forms of Stafford student loans are available. Stafford direct subsidized loans are issued primarily to students who have a household income of $100,000. Stafford direct subsidized loans are awarded to students who demonstrate financial need, and interest does not accrue on the loan while the student is still in school. Stafford direct unsubsidized loans are funded differently in that they are not awarded based on financial need, and interest begins to accrue immediately upon receipt of the loan. Interested applicants must submit a FAFSA for approval.
The U.S. Department of Health and Human Services Health Resources and Services Administration offers nursing scholarship programs to applicants who qualify. Applications are selected on a yearly basis, typically beginning in March and ending in May. In order to qualify, applicants must be enrolled in an approved U.S.-based nursing school and not be delinquent in federal debt. In exchange for scholarship funding that covers tuition, books and all necessary fees, applicants must agree to work for a nursing facility that has a documented shortage of nurses for a minimum of two years after graduation. In addition to tuition, students receive a monthly stipend, which averages $1,326 as of the 2010 to 2011 school year.
Based in California, the Health Professions Education Foundation provides private scholarships and loan forgiveness programs for nursing students and medical professionals in the health care industry. To qualify, applicants must provide direct patient care in an area that has been determined as medically underserved by the Office of Statewide Health Planning and Development for a period of one to four years, depending on the program. Criteria vary and students may be required to submit proof of financial need. In addition, proof of transcripts may be necessary to qualify for loan forgiveness awards.