Types of Money for Nursing School
Nursing students need money for nursing school to help pay for tuition, books, and fees as well as living expenses. Getting an education is not cheap. But the more you know about the different ways you can get money for your education, the less stressful paying for nursing school will be, particularly if you use this information to go after the money that is available. All nursing students are eligible for some type of financial assistance which could be merit-based or need-based. Undergraduate, graduate, and post-graduate nursing students can tap into these resources to help defray education costs.
Scholarships for Nursing School
One of the best types of financial assistance you can get is nursing scholarships because you do not have to pay them back. Scholarships are available from all levels of government, nursing schools, foundations and other community groups, employers, and healthcare companies. Each scholarship program has specific eligibility requirements as well as application guidelines, typical award amounts, and deadlines for submission. Following is an example of a scholarship for nursing school.
TYLENOL® Scholarship Program
Nursing students can apply for the TYLENOL® Future Care Scholarship which is offered by the product manufacturer. Scholarships are awarded based on academic scores, leadership potential, community services, and extracurricular activities. Undergraduate and graduate nursing students who have at least one year of study remaining are eligible for this scholarship. Students must attend an accredited nursing program. Scholarships are awarded based on academic scores, work experience, community service, future goals, and personal essay. Award amounts range from $5,000 to $10,000. Applications are typically due by the end of May annually and must be submitted electronically. The Program is administered by International Scholarship and Tuition Services, Inc. (ISTI) who students can call at (866) 851-4275 if they have questions.
Grants for Nursing School
Another “free” source of financial aid is grants. Like scholarships, grants generally do not have to be repaid to the funder. Unlike most scholarships, grants are not restricted to education costs. Nurses and nursing students can apply for grants to pay for research or healthcare programs. In many ways, grants are much more flexible than scholarships. Students can apply for grants from the government, foundations, community organizations, and even their nursing school. The application process for grants often takes more time and thought because a proposal detailing how you plan to use the money is required. Following is an example of a grant for nursing school.
Columbia University-Presbyterian Hospital School of Nursing Alumni Association
Students who have graduated from the Columbia University School of Nursing may be eligible for graduate and postdoctoral financial grants. These funds can be used for advanced education at any university including Columbia University. The Nursing Research Grant program is also available to students and alumni. Grants are made based on academic scores and personal essays. Award amounts vary. Applications are due to the Association by the end of February annually. For applications and guidelines, contact the Association at 7070 Xavier Drive, Suite 314, Yonkers, NY 10704 or by calling (914) 966-3699.
Loans for Nursing School
Scholarships and grants are highly competitive. In fact, most students may only receive one or two during the course of their education. To cover the remainder of their education costs, students rely on loans which are available from many sources. Students typically have to complete a Free Application for Federal Student Aid (FAFSA) when applying or accepted to a nursing school. The school will use the FAFSA to develop a financial aid package that includes federal loans such as the Stafford Loan. Each loan will detail repayment requirements and time when interest begins to accrue. Following are examples of loans for nursing school.
Missouri Professional and Practical Nursing Student Loan Program
Nursing students with documented financial need may be eligible for this loan program which is available to both undergraduate and graduate students. Only full-time students who have lived in Missouri for at least twelve months can apply to this loan program for financial assistance. LPN students can receive up to $2,500 while all other professional nursing students can receive $5,000. To be considered, nursing students must complete the Health Professional Student Loan Universal Application. Applications are available from the Missouri Department of Health and Senior Services which administers all state-funded health professional student loan programs. You can also obtain an application directly from your nursing school.
Smith Educational Memorial Fund
Graduating high school seniors who live in Kosciusko County in Indiana and plan to pursue a nursing degree at an accredited nursing school may be eligible for a loan from the Fund. Loans are made based on academic potential and financial need. Loan amounts vary and are not intended to be a student’s primary source of financial aid. Interest does not accrue on the loan until after the student graduates. Repayment can extend to ten years. Students interested in this opportunity can contact the Fund, c/o PNC Bank, P.O. Box 94651, Cleveland, OH 44101. Completed applications are to be submitted to the Fund at 101 West Washington Street, Suite 600E, Indianapolis, IN 46204. If you have general questions, you can call (317) 267-7466.
Work-Study, Assistantships, and Fellowship Programs for Nursing School
If you still need to work to pay for nursing school, you can check with your school about work-study opportunities for undergraduate students, assistantships for graduate students, and fellowships for doctoral students. In exchange for working at the school or off-campus, all or a portion of your tuition costs will be waived. Assistantships can be particularly rewarding because you will be doing something in your field of study. Research and teaching assistantships are the two most common types of financial assistance opportunities at colleges. Following is an example of a nursing school that offers work-study opportunities to students.
Castleton State College (Vermont)
Students enrolled in the College’s nursing program may be eligible for the Federal Work-Study program which is funded by the college from federal funds and local employers. Students may be approved to work on or off-campus. Students have the opportunity to find their own job that is then approved by the Federal Work-Study program. This allows students to match jobs to their nursing education goals. Nursing students interested in this opportunity can contact the Student Services Center at (802) 468-6070.
Money for nursing school is available if you take the time to look for it. Gather as much information as possible to determine the best way to finance your nursing school education.