How To Pay For Private Nursing School
If you've decided that a private nursing school is the best option for you -- smaller classes
, better access to faculty, top-notch facilities -- than you may be wondering how you're going to pay for it. Here are some ideas:
First of all, you'll need to sit down and figure out your budget. That is, you'll need to tally up all your expenses and see what you can afford to pay yourself and how much money in loans, grants, scholarships, employer assistance, etc. you'll need.
So add up your school's tuition and fees. Estimate the cost of your books and supplies. Will you need a nursing uniform for your clinical experiences? How will you cover you and/or your family's health insurance needs while in school? Do you have other student loans you need to keep paying? What about a mortgage?
Figure out all of your expenses and come up with an estimate. Financial aid counselors call this the "Cost of Attendance," or COA. Then, figure out how much, if any, you will be paying "out of pocket." Subtract that number from your COA and you'll know how much "extra" you will need to attend your MSN-entry program.
You and your school's financial aid officer will work together to create a "financial aid" program. Your program can include loans, grants, tax-credits, tuition reimbursement, wages, charity, scholarships, etc.
Think of financial aid as a compilation of resources comprised of loans, grants, scholarships, savings, tax-credits, tuition-reimbursement, tuition remission, personal savings and any wages you may earn from either a part-time or full-time job.
Check out the American Association of Colleges of Nursing (AACN); the organization's website has links and information about the many scholarships available just for nursing students. You'll also want to see if the MSN entry program you'll be attending has scholarships to which you may apply.
If you're already working in the health care field, check with your employer; many hospitals are eager for new nurses and may be very interested in paying for all or part of your education.
Your financial aid counselor more than likely will steer you toward grants. Two of the best known are the Federal Pell Grant and the Federal Supplemental Education Opportunity Grant (SEOG). Your state also sponsors grants, as well.
You'll more than likely need to take out some loans. There are many available, and your financial aid officer will help you find the best for your situation. Be sure to look into loans that exist just for those pursuing a nursing career.
If you're a veteran, a Native American, a member of the National Guard and/or 60 years or older, you may be able to apply for what is known as a Categorical Tuition Waver. Check with your financial aid counselor.
You'll need to fill out what is known as the FAFSA. It's the Free Application for Federal Student Aid and it's a standard financial aid application form colleges and universities use. This is a wonderful form -- submit it and you'll have applied for federal and state need-based grants and loans, state merit scholarships and even your institutions' grants and scholarships. The FAFSA also helps determine your COA.
by: Jean Henshaw
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