Are you wondering how to pay for nursing school? Nursing students must look for affordable tuition, like the tuition for Harding University’s ABSN program. With federal aid, scholarships and loans, nursing students can help finance an excellent accelerated nursing program.
Switching careers is more common than you might think. It’s possible to switch to another field entirely, even to a highly technical one like nursing. At Harding University, we welcome future nurses with a non-nursing bachelor’s degree or at least 64 college credits to apply to our accelerated Bachelor of Science in nursing program. Our program allows you to apply your past education toward a nursing degree and graduate in as few as 16 months.
Whether you’re eligible for an ABSN program or are considering enrolling in a traditional BSN program, paying for nursing school can seem overwhelming. Once you begin exploring your options, you might find it more doable than you imagined. Here’s a look at how to pay for nursing school using various funding sources.
Understanding the Cost of Nursing School
It’s reasonable to want to know how much money you can expect to spend on your education. You can start by understanding the different financing options.
Tuition and Fees
Tuition rates vary from one nursing school to the next. A BSN might cost more than $70,000 in tuition and fees at some schools. At Harding, we strive to keep the tuition and fees of our ABSN program competitive. While subject to change, the total tuition for the 64 required credits is $56,512, plus additional fees for items such as:
- Textbooks
- Student activity fee
- Technology fees
- Supplies and professional fees
Another expense to consider is the cost per credit hour of prerequisites. ABSN programs require completion of prerequisite courses to ensure students are ready to tackle the rigorous nursing curriculum. Depending on your prior non-nursing college education, you may need to complete a few prerequisite courses.
Additional Expenses
Of course, tuition and fees aren’t the only expenses for nursing students. You’ll need to purchase supplies, such as a stethoscope. You should also consider the cost of housing, food, transportation, health care and other living expenses while in school. All these expenses might seem intimidating, but with some pre-planning, paying for nursing school is within reach.
How to Pay for Nursing School with Federal Financial Aid
A common first step to determining how to pay for nursing school is finding out if you’re eligible for federal student aid.
FAFSA Overview
To determine if you’re eligible for federal student aid for nursing school, you’ll need to fill out the Free Application for Federal Student Aid. After applying, you’ll learn if you’re eligible for federal grants and loans for nursing students. The response from your FAFSA form can make tackling paying for nursing school more manageable.
You’ll need to submit a new FAFSA each year to continue qualifying for aid. You can complete it online at studentaid.gov in the fall or spring of each year. Be prepared to provide your financial information, like tax returns.
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Federal Grants for Nursing Students
One type of federal student aid you may be eligible to receive is grants, including Federal Pell Grants and Federal Supplemental Educational Opportunity Grants. Unlike loans, grants don’t need to be repaid. Your eligibility for a federal student grant is generally based on financial need.
Federal Student Loans
Although grants can help you finance your education if you’re eligible, they’re unlikely to pay for all of it. The next option is student loans for nursing students. The federal government offers multiple types of student loans, subsidized and unsubsidized.
Federal Subsidized Student Loans
You may qualify for subsidized student loans if you demonstrate financial need. These are the more desirable types, as they offer better repayment terms. For example, you won’t need to pay the interest accrued in nursing school or for the first six months following graduation. The government will also pay the interest accrued during any loan deferment periods.
Federal Unsubsidized Student Loans
Although federal unsubsidized loans aren’t as ideal as subsidized loans, they still offer better rates and terms than private loans. They aren’t based on financial need, which means you may qualify for them even if you don’t qualify for subsidized loans due to your financial situation. Unlike subsidized loans, you’ll need to pay the interest that accrues on unsubsidized loans during nursing school.
Private Student Loans for Nursing Students
Even if you qualify for both government grants and loans, these sources of funding may not entirely cover the total cost of your tuition and other expenses. You can apply for private student loans from financial institutions such as banks and credit unions.
Remember that private loans typically offer higher interest rates and sometimes less favorable terms than federal loans. Because of this, it’s imperative to compare loans. Don’t simply apply for a loan from a bank just because you’re already a customer at that institution. Do your due diligence and research different interest rates and terms to find the best possible deal.
Obtaining private student loans is typically dependent on having a good credit score. Consider viewing your credit report, available via a number of sources, and then work to improve your credit score before applying for loans.
Nursing School Scholarships
A vast range of scholarships is available to students, including private scholarships, scholarships specific to nursing students and general scholarships based on other criteria, including:
- Academic merit
- Community service
- Financial need
- Military service (If you or a parent served, you may qualify to apply for a scholarship.)
- Minority background
- Special talent
- Sports achievement
Research different opportunities and apply for as many as possible. Don’t limit your applications to the scholarships with greater monetary awards, as these tend to have more competition. Smaller scholarship awards can be easier to obtain.
Work-Study Programs
Working during nursing school, especially during an accelerated program, is usually not advisable. It’s best to treat nursing school like a full-time job; however, a work-study program might be a good option if you absolutely must work.
Nursing Apprenticeships
The issue of how to pay for nursing school might be addressed in part by a nursing apprenticeship. Apprenticeship programs are an emerging trend in the U.S. and aren’t available in all areas; however, if you can find one, you may be able to work within a local health care facility while attending nursing school. You’ll gain some practical experience and have opportunities to practice your clinical skills under supervision while earning a paycheck.
Employer Sponsorships and Tuition Reimbursement
Employer-sponsored tuition reimbursement might be an option for some nursing students. If, for example, you’re already a certified nursing assistant interested in transitioning to becoming a registered nurse, your health care employer might sponsor your education. With tuition reimbursement, you’ll pay the cost of your tuition and then be reimbursed for some or all of it by your employer.
Tuition reimbursement generally comes with certain conditions. For instance, it’s common to work for the employer for a set time after graduation, and you might also be required to maintain a certain GPA.
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Loan Forgiveness Programs for Nurses
Even if you qualify for grants and land a few scholarships, you’ll likely graduate with student loan debt. There are a few loan forgiveness programs available for nurses that can eliminate some of your student debt. These include:
- Public Service Loan Forgiveness Program: If you go on to work for a nonprofit organization or a governmental agency after earning your nursing degree, you might qualify for this program. First, you’ll need to make 120 payments on your student loans. Then, if eligible, the program can eliminate the remainder.
- Nurse Corps Loan Repayment Program: This program incentivizes nurses to work in underserved communities. If you work for at least two years in a critical shortage facility after graduation, this loan forgiveness program may eliminate up to 85% of your student loan debt.
Ready to Invest in a Meaningful Future?
If you have a non-nursing bachelor’s degree or at least 64 college credits, you could leverage your prior education to earn a nursing degree in as few as 16 months at Harding. Our ABSN program blends online coursework, onsite skills and simulation labs and clinical rotations at local health care facilities. Harding’s ABSN program in Northwest Arkansas offers three start dates each year, so you can begin your nursing education at a time that is right for you.
Contact us today to speak with a friendly Harding University admissions counselor who will guide you through this process, answer your questions and connect you with the financial aid office for more personalized guidance.