Paying For Nursing Education For The Financially Challenged

Nursing is one of the highly sought after career by many students today. There is a high demand for nurses and it is a stable and secured job to have. It is a fulfilling and rewarding career because nurses help plenty of people every day. There is only one thing that makes students think twice about pursuing nursing education and that is the finances.

Nursing education is not cheap and this is the ultimate reason why people are discouraged to become nurses. The government and private institutions have recognized this issue and they are doing their part in helping with the cost of nursing education. The U.S. has a high demand for nurses but the supply does not meet the demand. Hence, the healthcare industry alongside the government is trying to encourage students to pursue nursing instead through offering financial assistance programs.

There is a variety of ways for you to get financial aid and there are different types too. If you need help to pay for your nursing education, look at these:

  • Financial Grants- Financial grants need not be paid back but the application process for this is more difficult. Pell Grants offer monetary support depending on your financial needs. Supplemental Educational Opportunity Grants are given to students who have enrolled half time in an undergraduate program but are in dire need for financial support.
  • Scholarship- Scholarship is monetary support without the need to pay it back. The competition for scholarships is steep. Scholarship is often offered to students with exceptional academic grades or skills. However, there are scholarships with not-so strict requirements. If you are qualified, you will get money for your schooling.
  • College Loans- College loans are something you need to pay back with low-interest rate. If you do not qualify for a grant or scholarship, this may be your only option left. You will apply for a college loan in the school you are enrolling. Nursing Student Loan Programs can offer up to $2,500 a year for 1st-2nd year students and $4,000 for 3rd-4th year students. Repayment is done 9 months after graduation and this should be repaid within 10 years at 5% interest rate per year.
  • College Work-Study Program- The nursing school you choose will be the one to provide this program. The school will find you a part-time job in school or outside school to help pay for your tuition. You will be paid at minimum wage and you have to complete the minimum hours required.

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