How to Secure Financial Aid for Nursing School

The idea of earning your Bachelor of Science in Nursing (BSN) and qualifying for advanced job opportunities in health care sounds fulfilling, but students often worry about the rising costs of nursing education and how to afford school. Thankfully, there are many financial options to bring your dreams within your grasp.

This post explores financial aid for nursing school, important reasons to apply early for aid, and multiple sources that may help cover your education expenses.

Understand the True Cost of Nursing School

As a nursing student, you'll incur costs for:

• Tuition and fees: Instructional expenses and access to university services
• Books, supplies, and clinical expenses: Textbooks, lab or onsite health care training, medical equipment and scrubs, and technical supplies such as your laptop
• Living and transportation costs: Food, housing, and vehicle expenses; some of these may be lower if you earn your degree online

These costs can add up. Thankfully, financial aid, scholarships, and grants can offset some of your expenses.

Complete the FAFSA Early

To get financial aid for nursing school, start by completing the Free Application for Federal Student Aid (FAFSA). It opens the door to federal, state, and school-based scholarships and grants. You'll want to fill it out as soon as possible, since aid is distributed on a first-come, first-served basis.¹

The U.S. Department of Education (DOE) makes the FAFSA available in the fall before a given school year begins. After it opens, you may submit your application at any time. The DOE stops accepting applications at the end of the school year.²

To complete the FAFSA, you'll need your current federal tax return and details about your assets, such as properties or investments.³

The DOE calculates your Student Aid Index number based on the information you share in your FAFSA. This number helps your university's financial aid office determine how much financial assistance you qualify for.⁴

Federal Financial Aid Options

You can get financial aid for nursing school through several financial assistance programs, including:

• Pell Grants: Up to $7,395 of non-repayable financial assistance for undergraduate students⁵
• Federal Direct Subsidized and Unsubsidized Loans: Repayable loans from the DOE to cover nursing education costs⁶
• Federal Work-Study Programs: Provide on- or off-campus employment to help cover learning expenses⁷

Pell Grants, direct subsidized loans, and federal work-study programs are available to students with significant financial need. The DOE doesn't require you to demonstrate financial need to qualify for an unsubsidized loan.

State and Institutional Aid

State-sponsored grants and scholarships present further means of paying for nursing school. Most states, including Oklahoma, offer a breadth of grants and scholarships for students who meet certain financial or merit-based criteria.

Your college or university may provide financial aid programs especially for enrolled students. For example, Oklahoma City University offers several grants and scholarships for enrolled students. We award more than $34 million in talent and merit scholarships annually.

Scholarships for Nursing Students

Merit- and need-based nursing scholarships are available from other sources, such as professional nursing organizations, nonprofit foundations, and corporations. These scholarships may require you to maintain a set minimum GPA, perform volunteer work, enroll in specific programs, or write an essay.

While applying for scholarships and grants takes time, it's well worth it. Some awards exceed $5,000, which can cover a significant proportion of your costs.

Grants and Forgiveness Programs

The Health Resources and Services Administration (HRSA) offers two programs to help you pay for your nursing education: the Nurse Corps Scholarship and Nurse Corps Loan Repayment.

Both programs require a commitment from you to work at a health care facility with a critical nurse shortage for at least two years. If you receive the scholarship, the HRSA will cover your tuition, fees, and reasonable expenses. The Loan Repayment program covers up to 85% of your nursing education costs.^8,9

Public service loan forgiveness (PSLF) is another avenue that may provide financial relief. You can apply for the program if you work for a federal, state, tribal, or local government agency. Employment with most nonprofit organizations may also qualify. PSLF forgives your remaining direct student loans after you make 120 payments.¹⁰

Some employers offer tuition assistance or reimbursement programs. These may be available while you study or as part of your employee benefits. As your HR department if your employer offers any tuition programs for which you may qualify.

Private Loans and Alternative Funding

If your financial aid package doesn't fully cover your education expenses, private loans may be necessary. They're available through banks, credit unions, and other lending institutions throughout the country.

When choosing a private lender, pay close attention to interest rates and repayment terms. Interest rates are typically higher than those of federal direct loans, and some lenders may have short repayment terms with few (or no) forbearance options.

Tips to Increase Your Financial Aid Chances

Qualifying for financial aid, scholarships, and grants requires some legwork on your part. For the best results, do the following:

1. Submit your FAFSA early: Apply for aid as soon as the application opens. Waiting until the last minute may cause you to miss out on valuable grants and school-based scholarships.
2. Write strong scholarship essays: Before drafting a scholarship application, thoroughly read what it's for and how the selection process works. Write essays that showcase how your experience and aspirations align with the scholarship's purpose. 
3. Maintain academic eligibility: Schools set a minimum GPA to qualify for federal aid. If your grades fall below the school's GPA requirements, you may become ineligible for federal financial aid and loans.¹¹

Your school's financial aid team is available to walk you through the financial aid process and help match you with school-based scholarships and grants. When you meet with them, you may discover financial aid options you weren't aware of.

Turn Financial Support Into a Stronger Nursing Future

Financial aid for nursing schools is available through federal and state programs. You may also qualify for merit or need-based scholarships from your university or outside providers. Make sure to explore all available funding options to maximize your aid package.

Oklahoma City University offers a distinguished online RN to BSN program that's designed for working students. We follow an asynchronous class structure, so you can learn on your schedule. Full-time students generally complete the program within 12 months, while part-time students can finish within 24 months.

Earning your BSN from OCU may qualify you for advanced nursing positions in acute care, medical-surgical, and home health care settings. In addition, it can set you up to earn a Master of Science in Nursing (MSN), which opens additional career opportunities.

Explore our program, course information, and admissions process today. To learn more, schedule an appointment with an admissions outreach advisor or contact us directly.