Nurses at work
If you are planning to attend nursing school, you should be aware of the costs. Check with schools in your area and compare tuition and fees associated with your program. Make sure your program is nationally accredited so you may apply for federal financial aid. Registered Nurses are required to graduate from a nationally accredited program and must take the NCLEX exam in order to obtain a license, which is required in all U.S. states. Depending on your specialty, there may be additional training required.
Grants and Scholarships
Fill out a free application for federal student aid (FAFSA). Federal student aid may include Pell Grants, student loans, and work-study opportunities.
The Pell Grant award is given to undergraduate students, and the amount will depend on each student's financial need, school's cost, and the student's full or part-time status. According to the U.S. Department of Education, a Pell Grant in 2009-10 could be as much as $5,350; that amount may vary year to year.
The Health Resources and Services Administration (HRSA) provides a nursing scholarship program that covers tuition, fees, and reasonable costs. According to HRSA, to qualify for the program, students must work at least two years at a hospital or healthcare facility with a critical shortage of nurses.
Some states have educational grant opportunities for nursing students. State requirements usually center upon academic performance, financial need, and a service obligation.
Individual nursing schools may have scholarships available based on academic performance.
Student Loans
Federal Stafford loans are available to undergraduate and graduate students who are studying at least half-time. There are subsidized and unsubsidized loans. Subsidized loans don't charge interest while the student is in school, and the payments are deferred until after graduation. Unsubsidized loans charge interest while the student is attending school and defers both the interest and principal until the degree is completed or the student drops below half-time enrollment.
Private student loans are available through some banks and lending institutions (such as credit unions). Qualifications for private loans depend on the lender's requirements and the credit score of the borrower.
Employer Assistance
Hospitals, clinics, and healthcare institutions often have education assistance programs for employees. Programs usually offer to pay some or all of a nursing student's tuition based upon academic performance (for example, some hospitals have LPN-to-RN and RN-to-BSN programs that cover tuition for employees). There may be limits for how much may be awarded, and such programs generally require the nurses to agree to stay with the employer for several years after graduation.
Tags: academic performance, after graduation, charge interest, charge interest while, financial need