Financial Aid for Nursing Students: An Overview

Nursing

Financial Aid for Nursing Students: An Overview

Written by: University of Tulsa • Sep 9, 2024

Smiling Nurse in Scrubs Holding a Clipboard in a Hospital Corridor.

The higher an individual goes on the nursing industry’s ladder, the greater impact they can have on health care outcomes. Nursing positions involving specialized care or administrative duties can potentially make a bigger difference in a facility’s care delivery strategies and ultimately make a positive impact on its ability to achieve its goal of providing care that can improve patient outcomes.

This may inspire registered nurses without their BSNs to go back to school and enroll in a Registered Nurse to Bachelor of Science in Nursing (RN to BSN) nursing program . However, they may be intimidated by the costs involved with going back to school, even if earning a BSN can yield benefits for both the individual and the patient.

Fortunately, financial aid can help nurses who decide to return to school. There are several different types of financial aid for nursing students to consider; while they all offer different approaches to help mitigate the cost of continuing education, they all share the same goal of helping individuals achieve their dream of advancement. For nurses who’ve decided to return to school after assessing the differences between an RN and a BSN degree, it is important to understand what these types of aid are and how they can fully use them to their advantage.

What Does Financial Aid for Nursing Students Look Like?

At its core, financial aid for nursing students is similar to aid for students going to college for other subjects. Its primary function is to help ease the financial burden of education, thus making it easier for individuals to achieve their academic and professional goals.

Seeking out financial aid may be intimidating at first. After all, those interested in nursing or active RNs looking to grow their career can consider several pathways to financial aid. Because of the multiple possibilities, understanding what kind of financial aid is available for prospective students is important. Several different types of aid are available for consideration, and there are typically financial aid opportunities at both the federal and the state levels.

Scholarships

A wide range of scholarship opportunities are available for current and aspiring nurses to explore. These scholarships can come from a host of different sources, including private foundations, professional organizations, and government agencies. Scholarships are typically merit-based, and awarded for academic performance and extracurricular activities.

Most scholarships are not one-size-fits-all; they usually have eligibility requirements. These can be broad categories, such as state of residency or specific degrees. They can also include more personal categories, such as socioeconomic status, race, or ethnicity. Nurses need to thoroughly examine each potential scholarship to ensure that they’re eligible to apply.

Grants

Various organizations, such as government agencies and private foundations, offer scholarships. Unlike scholarships, though, grants are typically based on a student’s financial need. Individuals usually have to provide in-depth information to an organization to demonstrate the need for aid.

Federal aid eligibility is determined by first completing the Free Application for Federal Student Aid (FAFSA) form. Students must fill this form out every year to maintain eligibility and to ensure that an equitable amount of aid can be provided. Grant opportunities at the state level vary on a state-by-state basis and can be restricted to students attending college in the same state of residence. While most states will use the FAFSA form to determine eligibility, other states may require additional paperwork to be completed to receive aid.

Student Loans

While scholarships and grants don’t have to be repaid, nurses can also opt to apply for student loans to generate funds to help pay for their education. Unlike scholarships or grants, loans must be repaid after a nurse’s educational journey is complete.

Nurses can apply for four common types of student loans:

Federal Subsidized Loans: These loans are direct loans given to the student based on their financial need.
Federal Unsubsidized Loans: These loans are direct loans strictly determined by the school. The amount is commonly calculated by specific metrics, such as how much other aid is received by the student and the cost of attendance. A student’s credit doesn’t factor into this determination.
Federal PLUS Loans: These loans are unsubsidized loans offered to a student’s parents and graduate or professional students.
Private Loans: These loans are nonfederal loans issued by a financial institution, such as a bank. These loans may need a cosigner, depending on the student’s credit rating. Parents can also apply for their own loans to assist the student.

The Federal Direct Loan Program oversees all federal student loans. On the other hand, the issuing institution governs all private loans.

Tuition Reimbursement Programs

An RN seeking to return to school to further their career may be eligible to receive tuition reimbursement from their employer through various programs. Some health care facilities offer programs that can help an RN cover some of the costs associated with their educational endeavors. Continued enrollment in these programs may be contingent on meeting employer-defined requirements, such as maintaining a successful performance at both work and school.

Additionally, RNs with student loans may be eligible for significant loan forgiveness through a wide range of specialized government programs. These programs typically require nurses to meet certain requirements to remain eligible for these programs, such as working in regions impacted by the ongoing nursing shortage for a predetermined amount of time.

Importance of Financial Aid for Nursing Students

For an aspiring nurse or an active nurse who wants to grow their career, obtaining financial aid can be a crucial step in the process. The reason for this is based on economics. After all, going to school for an education costs money. In some cases, this price tag may make attending college cost-prohibitive. Obtaining financial aid helps alleviate the financial burden of education, making it easier to enroll in school and pursue a desired career.

Some financial aid programs may even help nursing students shape their own career paths. An example of this can come from loan forgiveness programs. If a nurse pursues one of these programs, one of the stipulations may be working in an area of nursing shortage. This may expose a nurse to a fast-paced environment that allows them to take on more responsibility. These increased tasks could translate to greater exposure to specific elements of nursing care; if the nurse encounters something they particularly find relevant to their interests, they may decide to grow their career path in a way that allows them to specialize in that aspect.

Importance From a Health Care Perspective

If financial aid can make it economically feasible for students to pursue a nursing career, this can mean that there may be a larger nursing workforce. Those who secure financial aid, graduate, and pursue work in the field will be entering it at an ideal time due to the ongoing nursing shortage.

According to a 2022 brief from the National Center for Health Workforce Analysis (NCHWA), there will be a projected shortage of 78,610 nurses in 2025, despite the assumption that more nurses will be entering the field in the upcoming years.

Importance From a Patient Perspective

If financial aid for nurses can make it economically feasible for students to pursue a nursing career, it can also make it more economically feasible for RNs already in the nursing field to go back to school and expand their knowledge and skill set. This can allow them to pursue a wider range of nurse advancement opportunities , including roles involving leadership and specialization.

Even making the transition from an RN role to a BSN role with the help of financial aid can have a substantial impact on a facility’s ability to provide high-level quality patient care that may improve patient outcomes, regardless of what an individual does with a BSN . According to the American Association of Colleges of Nursing (AACN), an increase in nurses with BSN degrees gives patients a 24% greater chance of surviving an in-hospital cardiac arrest. This increase can also lower the odds of inpatient mortality by 24.6%. Additionally, boosting a health care facility’s staff with nurses with BSNs by 10% can reduce the odds of death among patients with Alzheimer’s disease and other dementias by 10%. Additionally, hospitals with an increased number of nurses with BSNs have a 7.8% reduction in patient hospital stays.

This data demonstrates not only the importance of earning a BSN from a health care perspective but also the impact it can have on patient care and patient experiences. The data also underscores how important it is to prepare professionals to make a difference in various advanced nursing roles.

How to Obtain Financial Aid

Determining the right type of financial aid isn’t just a matter of picking a program and signing paperwork. It does require some research into each potential avenue of aid, appropriately weighing the pros and cons of each so that a financial aid strategy can best align with an individual’s professional goals and long-term budget.

The first step to gaining financial aid is filling out the FAFSA form. This annual process determines eligibility for need-based aid and can lay the foundation for an individual’s financial aid journey.

Completing the FAFSA form is important even if the individual knows how they’ll pay for nursing school. Doing so may uncover forms of financial aid that they’re eligible for that they weren’t aware of before, a discovery that can save them some money.

Taking the time to research various scholarship programs online is also important. Several health care-centric websites, such as AACN and Johnson & Johnson, have webpages devoted to scholarship information. Typically, these webpages will provide vital information about the scholarship, including the following:

Amount
Number of scholarships awarded
Intended recipients
Award date
Eligibility requirements
Application process

Even if an individual is unsure of their eligibility to receive the award, they should still apply for the scholarship anyway. It’s better to try and be passed on than to not try and wonder if they may have been eligible.

When applying for aid, paying attention to every detail associated with the application process is important. Overlooking details such as emails or application deadlines can carry dire consequences. Because application dates and deadlines are particularly important, many prospective students keep a calendar or datebook to track key dates related to multiple financial aid opportunities they’re pursuing.

When deciding on taking out a student loan, ensuring that the terms of the loan are amicable in the long term is important. Remember, student loans must be repaid, and those who don’t bear this in mind may struggle to meet this obligation once they graduate. Part of this process should be researching potential avenues to get some or all of the loans repaid via a loan forgiveness program.

Financial Aid at The University of Tulsa

Students considering enrollment in The University of Tulsa’s online RN to BSN program can receive financial aid through many different pathways. This aid is available to students entering the program in any term. Federal assistance through these forms of aid may be limited to applicants with undergraduate degrees.

TU recommends several different grant and loan opportunities. These include the following:

Federal Pell Grant: This grant can award students in the RN to BSN program a grant amount of up to $6,895. The grant’s amount is derived from a combination of federal funding and an entitlement computation formula and can be awarded once a student completes the FAFSA form.
Subsidized and Unsubsidized Loans: These loans, awarded upon FAFSA completion, can be used to cover tuition, fees, and classroom materials.
Loan Assistance for Oklahoma Students: This program allows students to apply for loans via the Nursing Student Assistance Program, which is sponsored by the state of Oklahoma through the Health Care Workforce Training Commission (HWTC). This loan opportunity is limited to residents of Oklahoma.
External Scholarship and Grant Opportunities: Organizations such as the AACN offer scholarships and grants to celebrate nursing students who deserve academic recognition.

TU also notes that students may qualify for the following:

Employment Loan Forgiveness Programs: Individuals who work in specific locations or with certain communities may qualify for loan forgiveness. Loan forgiveness is usually administered by organizations like the Health Resources and Safety Administration.
Tuition Reimbursement Programs: Certain organizations may offer tuition reimbursement for nursing degrees and certifications. These are usually organizations that employ nurses, such as clinics and hospitals.

To receive these forms of financial aid from TU, students must complete the FAFSA application. Students should fill out this form as soon as they can to best determine their eligibility for student aid.

Organizations Offering Financial Aid for Nursing Students

Many organizations and foundations have scholarships and financial aid available for nursing students. Some of these are for nurses with specific backgrounds, specialties, and certifications, such as emergency nursing. Organizations offering financial aid include:

Nurses Educational Funds: Provides financial aid for registered nurses who meet varying requirements.
Oncology Nursing Foundation: Provides financial support for oncology nursing students and supports oncology nursing as a whole.
National Black Nurses Association: Provides a wide range of scholarships for student members at all nursing levels.
Emergency Nurses Association (ENA) Foundation: Provides scholarships to emergency nursing students and other nursing students.
Nurse Corps Scholarship Program: Provides financial support to nursing students who agree to work at a Critical Shortage Facility (CSF) after graduation.

Take a Bold Step Toward a Bright Future

Financial aid for nursing students isn’t just a means to help pay for the education needed to grow their nursing career. It’s also an investment into their future. Obtaining financial aid can make it easier for students to make the decision to further their education, which can ultimately help them earn a degree. Earning a degree such as a BSN degree can open up a wider range of opportunities within the nursing field. These opportunities can ultimately allow students to have an even greater impact in the field of health care — an impact that can have a substantial impact on patients’ lives.

TU’s online RN to BSN program can help guide you through both the financial aid process and your academic journey. Accredited by the Accreditation Commission for Education in Nursing (ACEN), our online program applies the Roy Adaptation Model (RAM) to the entire curriculum; this model applies a holistic approach to resolve complex health problems, allowing nurses to thrive in a collaborative framework even as they learn in an online setting. Our accomplished faculty also offers you individualized mentorship and career assistance opportunities, further preparing you for success in the future. Learn more about how we can help get you ready to make an even bigger difference in a critical field.

Recommended Readings

Conflict Resolution in Nursing: Importance and Strategies

6 Tips for New Nurses

What Are the 3 Ps in Nursing?

Sources:

American Association of Colleges of Nursing, Baccalaureate-Prepared Nurses Are Essential to Quality Health Care

American Association of Colleges of Nursing, Scholarships & Financial Aid

American Association of Colleges of Nursing, The Impact of Education on Nursing Practice

ENA Foundation, ENA Foundation Scholarships

Federal Student Aid, Federal Grants for College or Career/Trade School

Federal Student Aid, State Aid

Federal Student Aid, When It Comes to Paying for College, Career School, or Graduate School, Federal