When paying for nursing school, using a multipronged approach is important. Apply for federal student aid, including grants for nursing students, with the FAFSA. Apply for state and private grants, along with private scholarships. With federal and private loans bridging the gap, nursing school is possible.
Nursing school is an investment in your future. In fact, registered nurses (RNs) made a median annual salary of $86,070 as of May 2023, and advanced practice registered nurses (APRN) have even higher salary expectations. Before you can earn your first nursing paycheck, however, you’ll need to graduate, which requires figuring out how to pay for nursing school. A Bachelor of Science in Nursing (BSN) can be quite an investment, but thoughtful financial planning can help make it affordable.
If you’re eager to become an RN, look no further than Notre Dame of Maryland University (NDMU). The values-based nursing education in our Accelerated 2nd Degree BSN (ABSN) program will prepare you to tackle any challenges in modern health care. Furthermore, you’ll likely find our ABSN program more affordable than many others.
Paying for nursing school can take some planning, but there are many ways of financing your nursing education. It’s best to use a multipronged approach. Start by considering options such as federal grants and loans, as well as nursing scholarships.
Exploring Different Ways to Pay for Nursing School
Plenty of other options exist beyond federal financial aid for nursing school and scholarships. Not all of them may apply to you, but it’s worth exploring to see which might fit your situation.
One of the first things to consider is whether your personal savings can help you get through nursing school. It might not be wise to use up your savings on tuition, but you may have enough to cover your living expenses while attending school full-time.
Some nursing students can cover some of the cost of nursing school with personal loans from close family members. Consider approaching your loved ones to discuss the matter. If a loved one agrees to give you a loan, be sure to set the terms in writing.
If you, your spouse or your parent served in the military, you may be eligible for military education benefits, which can cover a substantial amount of the tuition. There are several military benefit programs and a variety of ways to qualify. For example, children and surviving spouses of service members or members of the Selected Reserve who died on or after September 11, 2001, could be eligible for a special scholarship.
Understanding Your Financial Aid Options for Nursing School
Exploring how to pay for nursing school should include applying for federal student financial aid. The only way to apply for federal assistance is to submit the Free Application for Federal Student Aid (FAFSA). The application becomes available on October 1 each year, and you’ll need to submit it annually while attending school to be considered for aid.
One smart strategy is to apply as soon as it becomes available, as you may increase your chances of receiving more aid. Note, however, that you can only apply after you’ve been accepted to school. At Notre Dame, we review applications on a rolling basis, which means you can apply any time of the year. This could make it a little easier for you to coordinate your financial aid applications with your intended school start date.
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Grants for Nursing Students: Free Money for Your Education
After submitting the FAFSA, you may be eligible for federal grants. Grants are similar to scholarships because they do not need to be repaid. One common type of federal grant is the Pell Grant. Another opportunity to investigate is your eligibility for the Federal Supplemental Educational Opportunity Grant (FSEOG). In addition to federal grants for nursing students, you can apply for state-funded grant opportunities and private grants.
Nursing School Scholarships: Where to Look and What to Expect
There are thousands of scholarship opportunities out there. You won’t qualify for all of them, but you’ll likely be eligible for some. Start by compiling a list or spreadsheet of all the nursing school scholarships you’re eligible to apply for. Order them by the application deadline, with the earliest deadline first. Then, begin your applications.
You can begin your search on a scholarship site, including BigFuture or Fastweb.
To increase your chances of winning scholarships, follow the application directions precisely. If an essay is required, try writing a unique one for each application. Strive to highlight your strengths and demonstrate your passion for pursuing a nursing career.
Be sure to research scholarship and financial aid sites to ensure they are legitimate, and beware of scams.
Can I Work While Attending Nursing School?
Our ABSN program is fast-paced, and you could find yourself putting in more than 40 hours per week to keep up with your coursework, labs, clinicals and studying. It’s strongly recommended that you do not work while attending an accelerated nursing program, as this can interfere with your success.
If you do need to work, however, it’s best to find a job that:
- Is part-time or per diem
- Offers highly flexible scheduling
- Provides you with health care experience
Some jobs are remote and have flexible hours, which may be a good option for nursing students.
There are different levels of nursing. Understanding what they entail as you plan your nursing career is essential.
What Happens if You Can’t Afford Nursing School?
Even after exploring all your options, it might seem like nursing school is out of reach. Before giving up on your dreams of a career in nursing, take a few minutes to call an admissions advisor at NDMU. They may have a solution you haven’t considered.
Another route to consider is enrolling in a state-approved training program to become a licensed practical nurse (LPN). You can then look for an LPN job with an employer that offers tuition reimbursement for LPNs transitioning to RN with an ABSN program.
Tips for Successfully Paying for Nursing School
Figuring out how to pay for nursing school isn’t necessarily straightforward. It’s best to pursue all your options and remain focused on your goal.
While you’re working on financing your education, keep in mind the following tips:
- Begin your scholarship search as early as possible.
- Apply to as many nursing scholarships as you’re eligible for.
- Remember to fill out the FAFSA each year that you’re in school.
- Research your private loan options to find the most favorable rates and terms.
- Create a budget for living expenses while in nursing school, and stick to it.
- Set aside some funds for emergency expenses.
Pursue Your Future in Nursing at Notre Dame
Notre Dame of Maryland University welcomes future nurses to our school. At NDMU, our students benefit from dedicated faculty members and Academic Success Coaches, who will help support your progress.
You can earn your nursing degree in as few as 15 months at Notre Dame, allowing you to save money while earning your degree on an accelerated timeline. Plus, with no waitlist and three start dates per year, you can begin your education shortly and land your first nursing job sooner than you’d think.
Contact an admissions advisor today to get started.