Tips for Financing Your Nursing School Education

If you have been considering going to nursing school for some time now, but you continue to put it off, you might be stressing over the costs of going back to school.  Like many others, you are familiar with all of the benefits of becoming a nurse.  In this economy, you may be cautious of making such a costly decision without knowing where the money for your nursing education will come from.  You shouldn’t worry; you are not the first person to have these concerns.  Although there is no nursing money tree, there are options available to you in order to help you finance your nursing education.

If you are currently working in a hospital or healthcare setting you may want to look into any tuition or advanced training reimbursement programs that your company may offer.  These programs are great because they allow you to get reimbursed for the costs of tuition, books, and other related expenses.  They also show your supervisor and colleagues that you are serious about your chosen profession and that you have long term career goals.  It is also important to understand that many tuition reimbursement programs come with stipulations, some of which dictate how low your grades can be and/or the type of courses you are allowed to take.

State scholarships are a great way of obtaining financing for your nursing education.  Since nurses are needed everywhere, many states have scholarship programs designed to increase the number of nursing school students. The scholarships usually do not have to be repaid and in some instances can cover the costs of living expenses, as well as tuition and books. Applying in an accurate and timely manner is important to winning these awards.  Since there are a number of other candidates competing for these same scholarships, you need to make sure that you have completed your application in accordance with the instructions and get it re-submitted quickly.  Often times these scholarships are given out on a first come first serve basis.  The sooner you get your application submitted the better your chances are of obtaining a state scholarship.

Don’t forget to look for any other applicable scholarships. There are plenty of community, nonprofit, and trade organizations that will provide you with scholarships to help finance nursing school.  Though these may not be as large as the state scholarships every little bit helps.  The best way to find these scholarships is to seek out information from local career centers, talk to nonprofit leaders, and check the info and updates sections on nursing trade association boards.

Check with large healthcare facilities and organizations.  Some of your larger hospitals and healthcare organizations will also help finance your nursing education.  Since experienced and licensed nurses are always in high demand, many organizations try to ensure that they will get priority on nursing school graduates by offering to pay for their education.  These deals can also be accompanied by a job upon nursing school completion.  In order to get accurate information about these programs, be sure that you speak with someone in the human resources department, typically the recruiter. 

Though it may seem like a dreaded word, sometimes loans are your best bet.  Loans must be paid back; there is usually no time frame for applying for a loan.  Depending on your situation, you may need to get a co-signer for your loans.  If you don’t have a co-signer you may have a higher interest rate than others.  Like most student loans, nursing loans can either be paid while you are attending nursing school or deferred until after graduation.  Typically when you think of obtaining a loan, you receive the money from a bank or other financial institution. 

These days there is a growing popularity among private and one to one loans.  Private loans are simply those afforded you by a company, but one to one loans are those between you and another individual.  The one to one loans are growing in popularity as the interest rates can be cheaper and there are often fewer obstacles that can come between you and your dream of a great education.  One on one financing is still relatively new between individuals who are neither family members nor friends.  It is imperative that you have someone you trust go over all documents and come to a general understanding of the amount of money being borrowed, the interest rate, and the time frame in which you must pay the money back.

A nursing education can be your ticket to job security and a future that allows you to control your overall quality of life.  You should not let money stop you from achieving your dream.  Most college students finance their educations, and a nursing education’s financing options are not that different.  The main thing is to know what financing options are available to you.  Weigh those options and then choose the financing mix that will work best for your situation.  

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