Paying for Nursing School – Financial Aid, Free Money, and Loan Repayment Plans for Nurses

Why Study Nursing Online ?

With many baby boomers retiring, there is a large nurse shortage growing by the day. The demand for nurses will create over a million new jobs, and is already lifting nursing wages. Studying nursing online allows you to improve your career and salary with flexible hours that work around your current schedule.

TOP ONLINE COLLEGES

 

Nursing students risk missing some sources to help pay for college. Why? There are many options, including federal and state loans, general merit and need-based scholarships and grants, PLUS a whole slew of loans, reimbursement and repayment programs, and unique scholarships and grants built just for nursing students.

Before you dig into the special scholarships, grants and reimbursement programs designed specifically for nursing students, you must first apply for your federal and state based financial aid programs.

This “generic” funding is available across the board to students studying in community college up to university doctoral level studies.

Low Cost Government Student Loans

Apply by completing the Free Application for Federal Student Aid (FAFSA) by the deadline. Miss the deadline and you’re out of luck for the upcoming academic year. Don’t think you’d qualify anyway because your family isn’t “poor”? Guess what? Most students with that belief are wrong. The Stafford Loans are some of the most popular and most disbursed college loans in the country, for good reason—9 times out of 10 students qualify for some level of aid. And many more actually qualify for Pell Grants—and that’s free money you never need repay. True, your Stafford Loan allowance may not be much, but every few hundred dollars is that much less you have to pay out yourself.

Another argument for filling out the FAFSA: many scholarship and grant programs will not consider your application unless you’ve applied for your federal loans via the FAFSA. That’s like leaving thousands of dollars on the table for others to snag.

• Stafford Loans are available to undergraduate and graduate students each and every year. These are non-credit-based low-interest federal loans packaged with a 6-month grace period after graduation and a handful of repayment terms from which to choose.
• PLUS Loans are designed for parents and graduate students. These are credit-based loans—unless your credit is good expect to borrow with a co-signor. You are required to begin repaying the loan as soon as the last payment is sent you your school.
• Perkins Loans are campus-based aid and not available everywhere. If you qualify for the Pell Grant chances are good you may qualify for the Perkins as well. This loan program is designed for financial need and is meted out on a first come, first served basis. So should you be hoping for a chance at the Perkins Loan you must apply early.

Nursing Loans and Loan Repayment Programs

Possibly one of the next best options for nursing students is the possibility of a tuition reimbursement, loan repayment or nursing loan program. Your state government could be giving out low-cost nursing loans with possible repayment in exchange for a few years of your time as a nurse working in a medically underserved facility after you graduate.

Some states are giving out these types of nursing loans, and loan forgiveness to students willing to become Nurse Educators and teach in a state nursing school for a few years. You can thank the nursing shortage for lucrative programs like these.

Military Finaid Incentives

If you’ve at all considered the military, active duty or reserve, you’d be remiss in not checking out the amazing repayment, reimbursement and sign-on bonus programs the Army, Navy, Air Force and National Guard sponsor for new and practicing nurses. In some cases you can get $30,000 or $40,000 to pay off student loans AND $5,000 or $10,000 each year you serve for up to 3 years—as a bonus stipend.

 

Explore Your Nursing Degree Options Today!