Paying for Nursing School

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Outline

Overview

What is covered
1. Free Application for Federal Student Aid (FAFSA)
2. Grants, scholarships, work-study programs
3. Federal and private student loans

Nursing Points

General

FAFSA
1. 1st step in paying for nursing school!
2. Income and financial factors entered
  1. Calculate need
  2. Eligibility for financial aid
  3. You will need income and tax information
  4. If you are claimed as a dependent by your parents then you will need their tax and income information
3. Many nursing programs require
Scholarships
1. Financial gift that is not paid back
2. Can be merit-based
3. Available for every person/situation
  1. Contact for available scholarships
    1. School
    2. Businesses
    3. Community groups
    4. Religious affiliations
4. Apply, Apply, Apply!
Grants
1. Financial gift that is not paid back
2. Need based
3. Provided by government, trust, foundation
Work-study programs
1. Federally funded programs
2. Work part-time on or off campus
  1. Earn money for educational expenses
Tuition reimbursement
1. Employer may pay tuition
  1. Work agreement/contract
2. Nursing program/hospital affiliation
  1. Work agreement/contract
Federal student loans
1. Lower interest
2. No credit history necessary
3. Direct subsidized
  1. Must meet certain income criteria
  2. Government pays interest while in school
4. Direct un-subsidized
  1. No income criteria
  2. You are responsible for interest
Private Student loans
1. Typically higher interest rates
2. Qualifying for loan depends on credit score
  1. May need a co-signer

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Transcript

Hey guys! So you’ve decided on nursing school! Congratulations! What a great decision you’ve made….now the next step is figuring out how to pay.

During this lesson we will start with reviewing the Free Application for Federal Student Aid also known as the FAFSA, grants, scholarships, and work-study programs, and finally federal and private student loans.

Ok guys so no matter what your first step in this process should be to complete the Free Application for Federal Student Aid more commonly referred to as the FAFSA. The FAFSA determines if you qualify for any need-based assistance. The government uses information that you enter on the form like income, financial factors and calculates your financial need which determines your federal financial aid funding. So when you are getting ready to fill out your FAFSA make sure you have right in front of you your taxes that were filed from the previous year and if your parents claim you on their taxes then you will need your parents tax information. The FAFSA will ask you enter specific information from your taxes. Even if you don’t think you’ll need any loans or even help paying for nursing school most universities or nursing programs will require you to fill out this form.

Ok when we are talking about paying for nursing school it is definitely important to understand the difference between scholarships, grants, loans, etc. A scholarship is a financial gift meaning that you do not have to pay it back! Super exciting! There are many different types of scholarships meaning some may focus on certain grade point averages (merit-based), ethnic or geographic backgrounds, and economic situations, and others. For every situation or person there is a scholarship for instance you may see scholarships for single parents, being a child of a veteran, being an older nursing student, and even having a certain last name. Although it may seem simple contact your nursing schools financial aid office first and ask what scholarships are available. There are plenty of other scholarship resources including from local businesses large or small, community groups like the Lions Club or Red Cross, and religious affiliations. Keep in mind that the scholarship doesn’t have to be labeled as a “nursing scholarship” for you as a nursing student to be eligible! The key is to keep your eyes and ears open, search the web often, and apply, apply, apply! Don’t hesitate, there is money out there and who better for it to go to than you!

Ok guys we like grants too! Grants are similar to scholarships because they also do not need to be paid back unless maybe you do not complete your nursing education. The difference between a grant and a scholarship is a grant are funds which are often provided by the government or maybe a Trust or Foundation. Grants are often determined by your financial need off of that FAFSA we talked about a little earlier and you would be notified of this after you fill out this form. But just like scholarships there are grants available that you can apply for so search and apply, even if the amount seems small or insignificant. Trust me any amount helps!

Work study programs are another great option or opportunity for helping to pay for nursing school. Let me explain this concept a little more. Work study programs are federally or sometimes state funded programs that allow you as a student to earn money to help pay education expenses. There a all types jobs on or off campus on a part-time basis for students with a financial need. You may work at the campus bookstore, the rec center, maybe in the bursars office, or even off campus at a participating company. So I have actually held multiple work study jobs while I was in my undergrad, one in the bursars office and one in the financial aid office! I would go for only a couple hours a few times a week doing whatever type of assistance they needed. It really helped out with my expenses and actually it was fun getting to meet people you normally wouldn’t! I highly recommend this option. There is actually a question on the FAFSA that will ask you if you are interested in work study and funds for this are limited so the earlier you apply the better!

Ok so I wanted to mention this option because for some of you this may be a definite possibilty. If you are employed at a hospital already many hospitals will offer tuition remibursement programs where they will pay for your education with an agreement to work. And in the same breath some nursing programs are affiliated or connected to a hospital and will also agree to pay for your education if after you graduate if once again you agree to work to a certain amount of time. Guys depending on your goals and aspirations sometimes a little time commitment is worth it to be debt free after nursing school! So check into this and for sure keep it in mind.

Ok so what happens when all of the awards from federal aid, scholarships, and grants aren’t quite enough to cover your tuition? Ok I know this is scary but a lot of students end of having to apply for loans. It is definitely something that shouldn’t be taken lightly but sometimes necessary. Ok so if you do have to apply for loans federal loans are going to be your best bet! Let me tell you why. Federal loans do not need to be paid back while you’re in school, they typically hold lower interest rates than private loans, and you actually don’t need a credit history to apply for a federal loan. There are couple different types of federal loans. Direct Subsidized Loans are from the U.S. Department of Education but you must meet certain income requirements and if you qualify for this loan the government pays the interest while you’re in school. With a Direct Unsubsidized Loan they are also provided by the government but you do not have to meet income requirements and unfortunately you will be responsible for the interest that accrues.

If all else fails you may need a private loan. Private loans are typically from banks or credit unions and qualifying may depend on your credit score so you may need a cosigner to be approved. Most of the time you are not required to pay while you are still in school but the interest will accrue. Keep in mind interest rates for private loans tend to be higher than federal loans. Be sure before applying for a private loan you do your research and really compare all loans to find the safest and best option for you.

Ok guys! Lets do a quick review. Your first step is going to be to fill out the FAFSA where the government will use the information you entered to calculates your financial need. Scholarships and grants are the best options as they are financial gifts that do not need to be paid back. There are numerous types of scholarships available a lot of them being merit-based where grants are typically need based. The key here is apply, apply, apply! Work study programs help a student to earn money working part-time to help pay their educational expenses, these programs are federally funded. Remember to look into those tuition reimbursement options! If all else fails federal loans are available with typically low interest rates, you do not pay these while in school, and there approval are not credit based. Private loans typically have higher interest rates and are credit based.

Be sure to check out the links we have available for more information! We love you guys! Go out and be your best self today! And as always, Happy Nursing!

Paying for Nursing School

You're watching a preview. 300,000+ students are watching the full lesson.

Included In This Lesson

NURSING.com students have a 99.25% NCLEX pass rate.

Outline

Overview

Nursing Points

General

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