Once accepted into a nursing program, the next step is determining how to pay for nursing school. There are several options available, from federal student aid to scholarships and grants. By exploring multiple options, you can combine resources to make nursing school accessible and start working towards your degree.
Nursing can be a rewarding career path. The nursing field has much to offer, including competitive salaries and professional growth, while allowing you to make a lasting and meaningful impact on your community. Enrolling in nursing school, like the University of the Incarnate Word’s Accelerated Bachelor of Science in Nursing (ABSN) track, is a necessary first step, but paying for nursing school can be an intimidating or uncertain prospect.
Fortunately, many financial aid options can help offset the cost and make a nursing education affordable. Below, we will discuss how to pay for nursing school. Hopefully, this post will help you research and gather the resources needed to make a nursing education viable.
Is it hard to get into nursing school? Read more to learn about the admissions process and how to increase your chances.
1. Federal Student Aid
The first financing option to explore is federal student aid, which is funded by the federal government and includes benefits generally not found with private loans, such as fixed interest rates and income-driven repayment plans. You must submit the Free Application for Federal Student Aid (FAFSA) to apply.
After submitting the FAFSA, you will receive a benefits package. You may receive either direct subsidized loans based on financial need or direct unsubsidized loans, which are not.
2. Private Student Loans
After determining your federal student aid eligibility, any costs not covered by financial aid may be covered by private student loans for nursing students from a bank or financial agency.
Before you accept any loan, carefully review your financial aid options and the loan details, such as credit requirements and interest rates. As you plan your finances, remember that private loans generally have higher interest rates than federal loans.
3. Scholarships & Grants
Scholarships and grants are another avenue you can explore. These types of aid do not need to be repaid and can cover the total or partial costs. Nursing school scholarships are based on need or achievement, while grants for nursing students are needs-based.
Research local scholarships and grants offered by organizations in your area. You may even be eligible for scholarships offered by your school. While focusing on large scholarships or grants is natural, don’t ignore smaller awards. Depending on the award’s stipulations, they can help cover supplies, textbooks and the general cost of living while enrolled in nursing school.
Ready to start nursing school? Read more to learn how to prepare for nursing school.
Start Your Nursing Journey Today
Many financial aid options are available to make nursing school accessible. At UIW, our admissions counselors can help you learn how to pay for nursing school and direct you to our Office of Financial Aid for further assistance.
If you have a non-nursing bachelor’s degree or at least 60 college credits and meet the admission requirements, the ABSN track at UIW can help you earn your nursing degree in as few as 16 months. Contact an admissions counselor today to learn more.