How to Finance Your Nursing Education

Funding your education is a challenge whether you're working on the first stage, or an advanced degree. There are many avenues which you should explore.

It's not a one-step process, but if you are diligent, you may be able to piece together several sources to cover some or all of your educational costs.

Scholarships and loans are not always reserved for the neediest and/or those with the highest grades. There are packages to meet almost everyone's needs. You should investigate all avenues.

The nursing shortage has helped to produce a lot of creative ways to fund your education as well as offering new paths to completing your education in a timely manner. There are even plans that can even forgive portions of the loans after the fact for nurses; especially those willing to work in areas of greatest need.

Complete Your FAFSA

The financial aid office at the institution you choose will help you to some extent, but the first thing you need to do is fill out your FAFSA (Free Application for Federal Student Aid). You can access this online. Or you can obtain a copy from your school's financial aid office. High school students should be able to obtain this from their career center or counselor's office. This form needs to be completed each year, and there are deadlines to pay attention to. You will need your most recent tax information to complete it. (And your parent’s tax info if you are a dependent.) The earliest applications are entertained first.

The U.S. Government Department of Education offers many financial aid options. These include Stafford Loans, and Pell Grants. They also offer a loan repayment plan to selected students willing to work in areas of greatest need for two years after graduation.

Beware of Scams!!

Before and during your search for financial aid, you need to be aware that there are frauds and scams in the scholarship business. The Federal Trade Commission has a list of tips for students to help you avoid these. Be sure to read these tips and refer to them often. Remember, you don't need to pay anyone to help you find your financial aid. (There are some reputable firms out there if you do need assistance.)

Start With Nursing Association

Your search for nursing scholarships should next include a visit to the American Nurses Association web site. Here you can access information about ANA scholarships and grants. They also have a fact sheet to help in your search and planning.

You can also access contact information and web site addresses for professional nursing organizations from the ANA site. If your interest is, for example, in oncology nursing, you should access the Oncology Nursing Society to see if there are any awards available.

Next access the State Boards of Nursing. Explore the web site for your home state as well as the state where you will attend school (if different) to see if there are any additional offers from them.

The American Association of Colleges of Nurses (AACN) has a lengthy list of resources on their site.

What Does Your School Offer?

Your college or university program may have grants and scholarships available to nursing students. You can obtain this information from your financial aid office, or the nursing department.

Private Loans and Grants

Private sector loans, grants and other assistance from your local service organizations are also place to search. Loans need to be repaid, but some can be deferred until after your graduation, and others carry very low interest rates, and you pay only the interest until after you complete your education. Be sure to compare, and to read the small print!

Don't Overlook Anything!

Every little bit of aid will help, and no small amount is too small to be worth your effort. It may only help to purchase a text book, but education costs add up rapidly. Your employer, your parent’s employers, or spouse’s employers may also offer education assistance programs.

Online Searches

A very helpful site is Nurse Web Search. Another is Fast Web which will search for opportunities on an ongoing basis and notify you by e-mail as opportunities arise. You can even have it remind you by e-mail when an offer is about to expire.

At College Board.org you can sign up for searches of the private sector for scholarships and other aid, but there is a cost involved so be sure to research it thoroughly before laying out any money.

Nurses Worldwide

Financial aid information for nurses worldwide can be found here.

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