If you're thinking about starting as a nursing student, paying for nursing school is probably at the top of your mind. Figuring out how to afford nursing may be a significant cause of stress in your life.
Luckily, there are plenty of ways to pay for nursing school, and some nursing students may qualify for financial assistance.
Even if you don't qualify for financial assistance, opportunities to save on nursing school abounds if you know where to look. And students who take the time to plan how they're going to save on education often report they're able to focus on school more and perform better than students who have 100% of the financial burden.
In this blog post, we're coming up with our tips on saving money on nursing school so you can reduce your stress.
How much does nursing school cost?
Before determining how much you can save on nursing school, first, you have to figure out how much nursing school would cost for you—finding out that number comes down to various factors. The cost of nursing school largely depends on your current educational level and the degree you're pursuing.
In general, you can expect to spend anywhere from $40,000 to $80,000. If you're eyeing a nursing school graduate degree, you can expect to spend $100,000 or more for the program.
- An Associate's degree in nursing (ADN) typically costs $10,000 - $40,000
- A Bachelor's of Science in Nursing (BSN) typically costs $72,000 - $104,000, depending on if the college is private or public
- A Master's of Science in Nursing (MSN) typically costs $48,000 - $108,000
These costs don't include other common expenses such as books, room and board, transportation, uniforms, childcare, and income loss if you cannot work while going to school.
How to Afford Nursing School
If you're like most of us, you don't have 100K lying around to pay for nursing school. So how do you afford it? Luckily, nurses are in high demand, and there are plenty of grants, scholarships, and financial aid for this field in particular.
Apply for grants for nursing school
Because there is a shortage of nurses and a high demand for more people in the field, there are many government-backed grants for nursing students. Many of these grants are targeted toward helping in-need students pay for nursing school.
Other grants (like private grants) may require you to have reached a certain stage of your education first or may require you to promise to work in a certain particular area of nursing for a set time. If you qualify, grants are a great way to pay for nursing. Plus, unlike loans, you don't have to pay back any of the money you receive from grants. Do your research to see what local organizations or nursing groups offer grants to aspiring nursing students.
Apply for scholarships for nursing students
There are thousands of private scholarships available for nursing students. Many cities and states are working to combat nurse shortages, so the pool of nursing scholarships is especially large. Research and apply for nursing scholarships, but be sure to keep certain things in mind.
- National nursing students have thousands of applicants, so start by searching for local nursing scholarships. Non-profits, local businesses, and community organizations offer scholarship programs.
- Some students don't bother to apply for scholarships because their grades and test scores aren't impressive. But, many scholarships look at other factors, like overcoming personal adversity.
- Fill out any scholarship information as neatly as possible. Misspellings and inaccuracies can disqualify you.
Look into your school's financial aid.
Start to your school's financial aid office as soon as possible about securing aid and how to pay for nursing school. If federal financing is available at your school, college's financial aid counselors will show you how to apply. Keep in mind; federal aid is usually a loan, so have a repayment plan in mind.
If your nursing school is in the United States, fill out a Free Application for Federal Student Aid or FAFSA. Your school should provide you with information about deadlines for submitting.
Your school uses your FAFSA information to see how much federal financial aid you can receive. The amount of aid you can receive varies based on your income, dependency status, and how much you can pay out-of-pocket for schooling.
Borrow money from family members
If possible, see if your friends or family can chip in to help you pay for nursing school. After all, owing a family member is better than being indebted to a federal loan server. You can avoid a lengthy loan process, high-interest rates, and years of debt if you have a family member who can help fund your schooling. Still, as with all loan agreements, you should have everything in writing.
Work while going to nursing school.
Nursing programs are very demanding, but if you can manage it, consider working while in school. Having a part-time job can help you cover some of your tuition, books, and living costs. Some hospitals offer students work as undergraduate A.I.N. (Assistant in Nursing), which can also help you gain work experience.
If you're an LPN or LVN, not only is working while going for your RN possible, your work experience can also count as credit for some of your classes. Talk with a college advisor to see how much of your work experience can count towards credit for your nursing degree.
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Nursing school can be expensive, but you can still go to school without breaking the bank with a little planning.
Achieve Test Prep can help! Learn more about how Achieve can help you save money on your nursing degree.
