Wondering how to pay for nursing school? Nursing school is an investment in your future, as nurses can expect strong earning potential. First, apply for federal financial aid for nursing school by filling out the FAFSA. Then, look for nursing school scholarships and consider private loans or employer tuition reimbursement.
Higher education is your pathway to getting ahead and landing the nursing career you want, but it is an investment. When it comes to how to pay for nursing school, there are plenty of options to consider. An ideal financial plan for your college education will include a blend of financial aid and financing.
If you’re concerned about the cost of nursing school, Madonna University could be a good choice for you. Through online coursework, in-person skills labs, and clinical rotations, Madonna’s Accelerated Bachelor of Science in Nursing (ABSN) program enables you to graduate in as few as 16 months. This means you could enter the nursing workforce much more quickly than a traditional BSN program.
Get advice on how to choose a nursing program that suits you.
Before deciding, reflect on why nursing school could be worth your investment. Then, start sorting through your options for financial aid for nursing school, including scholarships, grants, and federal student aid. Be sure to consider alternative methods of paying for nursing school, such as nursing apprenticeships.
Why Nursing School Is Worth the Investment
Although nursing school can be expensive, it’s worth the investment if you have your heart set on becoming a nurse. The tuition rate at Madonna University is lower than that of many other ABSN schools, and you can apply for well-compensated nursing jobs as soon as you pass the NCLEX and become licensed. According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for RNs was $93,600 as of May 2024.
If you decide to pursue career advancement and become an advanced practice registered nurse (APRN), you can expect your salary to jump even higher. APRNs collectively made a median annual salary of $132,050 as of May 2024, according to the BLS. Nurse anesthetists are the highest-paid type of nurse, earning a median annual salary of $223,210 as of May 2024.
It’s never too late to become a nurse. Discover why nursing can be a great career for older individuals.
Understanding Financial Aid for Nursing School
The first step you should take when figuring out how to pay for nursing school is determining if you are eligible for federal financial aid. The only way to know is to fill out and submit the Free Application for Federal Student Aid (FAFSA). You’ll need to create a StudentAid.gov account to complete the form online. Be sure to submit a FAFSA form each year that you’re in school.
After submitting the FAFSA, you’ll receive a notice that outlines the financial aid you’re eligible for, if any. You may qualify for both grants and loans. Grants do not need to be repaid, while loans do. Federal grants include Pell Grants and Federal Supplemental Educational Opportunity Grants (FSEOG).
You might also be eligible for federal student loans, such as Direct Subsidized Loans, which are based on financial need, and Direct Unsubsidized Loans, which are neither need-based nor credit-based. Although federal student loans need to be repaid, you can typically enjoy lower interest rates and more favorable terms than private loans.
In addition to federal financial aid, consider any available state financial aid for students. Some states will use your FAFSA to determine your eligibility for state-offered tuition assistance programs, while others require you to complete a separate form. This is one reason it’s ideal to submit your FAFSA as early as possible; states that use the FAFSA may have a first-come, first-served policy for educational assistance.
Nursing School Scholarships and Grants
In addition to applying for federal and state financial aid for nursing school, you can look for scholarships and grants from private entities. Some scholarships may be available only to nursing students, while others base eligibility on background, financial need, or merit.
The more scholarships and grants you apply for, the more chances you have of obtaining assistance with your college tuition. Don’t neglect applications for scholarships with smaller awards, as these tend to have less competition.
Additional Ways to Finance Your Nursing Education
Even if you are offered a robust financial aid package and you win a scholarship or two, you might still benefit from exploring alternative strategies for paying for nursing school.
Employer Tuition Reimbursement
It’s always worth checking with your employer’s human resources office to determine if tuition reimbursement is available. You might be more likely to access tuition reimbursement benefits if you already work in healthcare. For example, you might be a phlebotomist or a certified nursing assistant (CNA) with an employer who offers tuition reimbursement.
Before accepting tuition reimbursement from your employer, read the fine print thoroughly. You might be required to work for that employer for a set period after graduation.
VA Benefits
The GI Bill and other educational assistance programs can help qualified students pay for nursing school. You may qualify as an active-duty service member, a veteran, or a National Guard or Reserves member. Qualified survivors and dependents can also receive educational benefits. You can apply for these benefits online.
Nursing Apprenticeships
While not available in all hospitals, nursing apprenticeships might be an option for you. A nursing apprenticeship program allows nursing students to work in hospitals and handle pre-approved patient care tasks. You’ll gain experience in a clinical setting, work on nursing skill development, and have opportunities to be mentored by experienced nurses.
Our ABSN program at Madonna University is fast-paced, and it’s vital you set aside enough time for your courses, labs, and clinicals. Generally, we recommend not working during the program. If you need to work, however, a nursing apprenticeship can be a good choice because it complements your nursing education.
Explore the process of getting into nursing school.
Private Loans
When considering how to pay for nursing school, private loans might have occurred to you first. Yet, they’re the last financing option you should consider after you’ve exhausted your options for free financial aid and federal loans with low interest rates. Turn to private loans only to bridge the gap between the tuition rate and your financial aid package.
Check out different banks and credit unions and compare their interest rates and terms. Understand your rights and responsibilities as a borrower before signing the paperwork.
Explore Your Future at Madonna University
As a Catholic school, Madonna University proudly infuses our Franciscan values into our nursing education. Thanks to our values-based education, our graduates are thoroughly prepared to tackle modern challenges in nursing. In addition, our nursing school offers comprehensive student support, including Academic Success Coaches.
As you explore your financial aid options for nursing school, you can work with our Office of Financial Aid. In addition, you’ll work with a dedicated admissions representative who will walk you through the admissions process.
Contact an admissions representative to determine if our ABSN program is right for you.