Ways to finance your nursing degree

Getting a nursing degree is a fantastic way to move your career forward, but it can be expensive. If you’re keen to take up the opportunity to study as soon as possible and you don’t have much by way of savings, what are your options? These are the most popular options for financing education.

A scholarship

If you can demonstrate your ability, there are some great nursing scholarships out there which will cover your fees and sometimes more. Some are focused on people from deprived backgrounds or specific disadvantaged groups, but others are based purely on merit, so all you need are good grades and something to make you stand out.

A grant

If you have good grades but are on a low income, you may be eligible for a grant. There are lots of foundations out there providing support like this. It may help towards your overall costs or even cover all of them. Online courses at Wilkes University cost significantly less than traditional ones so there can be ways of keeping costs down and making your grant go further.

A federal loan

Getting a loan from the Department of Education means you’ll be able to finance your studies without the burden of heavy interest. If you’re in significant need, you may even be able to get a subsidized loan, reducing your long-term costs further. If you’re worried about the long term, bear in mind that there is also a debt forgiveness program for nurses in straitened circumstances.

A private loan

If you’re ineligible for a federal loan, private loans are also an option. They can be significantly more expensive, but if you have good credit and can find the right lender, it is possible to get good deals. you might also be able to borrow money privately from somebody you know, keeping your costs still lower.

The US Health Services Corps

A longer-term option which is viable if you’re not in a position to save is volunteering for the Health Corps. For every two years that you volunteer to serve remote or underprivileged communities, you’ll get one year of tuition fully paid for, together with the cost of basic food and accommodation throughout.

Work/study programs

Federal financial aid is available to cover your costs if you join a work/study program. Most colleges have a program of this sort available to nursing students and it has the additional benefit of being a good way to hone your skills. It can be physically exhausting, however, so you’ll need to be in good shape if you’re going to commit to this approach.

With all these options available, most people can find some means of financing their study. The important thing is to find the option that best fits you, so that you can emerge at the end in decent physical and financial health. Once you’ve got your degree, you’ll be able to earn more and choose from a wider range of career options, but don’t break the bank for it. You may find that what you want most of all is to study further.

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