There’s an undeniable fact many people never consider when looking at financing an education. Despite any money saved toward a post-secondary education, financial assistance in one form or another is typically available for everyone. There’s no need for your parents to mortgage the house of for potential students working at menial jobs attempting to stash away savings for years on end while sacrificing living on a daily regimen of mac and cheese. Successful students will find a plethora of grants, scholarships, loans, work-study and employer-sponsored programs that will help potential students pay for all or, at least, defray the cost for a nursing education. The best place to start is to determine eligibility through the Free Application for Federal Student Aid, or FAFSA. The federal government uses supplied applicant information to determine what level of aid for which a prospective student will qualify.
Look for a RN to BSN Scholarship
Typically, a scholarship is granted based on merit as well as financial need. The very root part of the word – scholar – indicates recognition for academic achievement. Additionally, scholarships are awarded for athletic, artistic or music achievement. Although obtaining a scholarship is extremely competitive, recipients never have to pay back the money. Never. Scholarships sources depend upon an applicant’s area of study. Therefore, many different types of professional organizations, religious organizations, community groups, small and large businesses as well as several philanthropic organizations are excellent resources to examine for financing a nursing education. Resources to examine for possible scholarships include:
- The U.S. Department of Health and Human Services
- The National Black Nurses Association
- Minority Nursing Scholarships
- American Association of Colleges of Nursing
RN to BSN Nursing Grants
The greatest benefit a potential student has when using a grant for financing a RN to BSN step forward in a nursing career path is this form of aid does not need to be paid back, thus the word “grant,” since it means “to bestow or confer, especially by a formal act.” The keyword here is “give.” An entity, institution or the government will “give” money to pay education costs where no repayment is required. There exists, literally, thousands of federal grant sources doling out more than $400 billion, yes BILLION, per year in the U.S. It will take a little effort on the part of a prospective recipient to make sure eligibility is correct and applications are submitted properly but all this effort will pay off when a potential student finds a funding source to pay for an education. Information is available through completing what is called the FAFSA(Free Application For Federal Student Aid) process. Other sources include:
Finding Loans to Pay for an RN to BSN Education
When scholarships and grants cannot fill the need to pay for an RN to BSN education, potential students should examine the various loans available today. Think of this method much like an investment such as purchasing a home or a car. Payments spread throughout a specified period of time that can be easily afforded can possibly be the method for advancing a career through gaining more education. These loans typically carry low interest rates since most popular ones are federally guaranteed and structured so paying them back is fairly painless. Plus, in most cases, repayment schedules do not begin until six months after a student graduates. Here are some loan options to examine:
- Stafford Loans are the most popular and common federal financial aid available. There are several different loans available through this program including the FFEL (Federal Family Education Loan) and the Direct Loan Program (William D. Ford Federal Direct Loan). Students receiving Stafford loans have funds dispensed directly to the recipient. Amounts for loans are based upon the applicant’s needs.
- Private Loans are financial aid offering higher limits with no repayment needed until graduation. However, interest does begin to accrue as soon as the loan is issued. These types of loans can be applied for by either students or parents
- Plus Loans acquired through the Direct Loan or FFEL programs are targeted to parents. Students applying for a PLUS loan need to be dependents of their parents for at least half of the undergraduate study time. Parents need to apply for the loan and issue is based upon the personal and financial information supplied by the student’s parents.
Examine Eligibility for RN to BSN Loan Forgiveness Programs
A great method for paying back any nursing school loans or through what is termed a :loan forgiveness program.” These programs are structured to provide students with valuable nursing experience in institutional settings getting paid to work while also receiving reimbursement for nursing school costs. Get additional information about these programs at:
RN to BSN Nursing School Loan Forgiveness Programs
Loan forgiveness programs also exist, and they’re a great way for you to pay back your nursing college loans while you work. These programs are a great form of financial aid, as they allow you valuable nursing experience in a hospital setting while you get paid for your work and get reimbursed for your nursing school education.
For more information, visit these loan forgiveness resources:
- Health and Human services Loan Forgiveness Program
- Financial aid student guide to loan forgiveness
- Federal student loan forgiveness
Potential students need to take the necessary time to learn as much as possible about the various nursing school financial aid programs so you can devote your time and efforts on learning and not worrying about how to pay for an education.