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Five Ways to Pay for a Nursing Degree

Do not let the cost of tuition stop you from your dream of acquiring a Bachelor of Science in Nursing degree. There are many different options available to help you shoulder the cost including grants, loans, scholarships, affiliate partnerships and employer tuition reimbursement.

Grants

It may be a good idea to begin looking for grants before you expand your search to other avenues that might fund your education. Grants do not normally have academic achievement requirements and do not require students to maintain a specific grade point average in order to guarantee funding. Grants are awarded based on financial challenges and usually require nothing in return.

Scholarships

Unlike grants, scholarships are awarded based on merit. Students are eligible for scholarships based on their proven record of academic success or on their demonstrated skill in a particular area. Scholarships often require a specific GPA to be maintained or have other areas of measurement that need to be continually fulfilled in order for funding to be processed. Many resources and websites, such as the American Association of Colleges of Nursing, provide lists of grants and scholarships for nursing students.

Loans

If you think you make too much money to be eligible for federal aid, do not let that stop you from applying by completing the Free Application for Federal Student Aid (FAFSA). Many people miss out on these loans because they do not think they will be eligible, but you may be surprised by what you find. One of the biggest advantages of federal loans is their fixed interest rates, which can add up to significant savings in the end. In addition, some schools use information from the FAFSA to see if applicants qualify for private financial aid.

Affiliate partnerships

An affiliation of two groups usually means that the two groups have a mutually beneficial partnership. A university's affiliation with a healthcare institution often provides RN to BS in Nursing students with scholarships or reduced tuition for nursing school. Check with your hospital to see if it has an affiliate relationship with the University of Rhode Island.

Employer tuition reimbursement

Most employers recognize the value of a highly educated workforce, particularly in the area of nurses. For that reason, some employers offer tuition reimbursement for working nurses. Employer tuition reimbursement often come with a request for a certain commitment from the employee, such as a number of years that must be completed with that specific employer. Nevertheless, the financial assistance is usually worth the time investment.

The wide array of options available to help students with pay for their education makes nursing school accessible to almost everyone.

Learn about the URI online RN to BS in Nursing program.


Source:

http://www.differencebetween.net/business/finance-business-2/difference-between-grant-and-scholarship-2/

http://www.aacn.nche.edu/students/financial-aid

https://fafsa.ed.gov/


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