Financial Aid

Since the amount of aid is limited, many states and colleges set priority deadlines by which you must submit the FAFSA form to be considered for the aid programs they administer. There is also a federal deadline each academic year. Find your state’s deadline and check with your college or career school about its deadlines.

Completing the FAFSA form allows you to be considered for federal student aid. In addition, states and colleges use FAFSA information to award their own grants, scholarships, and loans.

Generally, it is better to file the FAFSA sooner rather than later, especially if you are hoping to qualify for school or state funding, such as grants or scholarships. These sources have fewer funds to pull from, so they tend to run out sooner. However, you may want to time your application so that it coincides with a point at which your assets are lowest, which can result in a lower estimated family contribution, and therefore a more generous aid offer.

Financial aid is the money that helps pay for college or career school, such as nursing. Most of it comes in loans, grants, scholarships, work-study, or a benefit from completing military service. These types of financial aid have one thing in common: they start with filling out the Free Application for Federal Student Aid (FAFSA). That single application will connect you with most of the resources you need to complete your education.

Financial aid in the U.S. comes from a variety of channels. The main sources of financial aid include:

• Federal and state agencies
• Educational institutions, both public and private
• Financial institutions
• Private foundations

If you did not apply, or qualify, to receive financial aid, there are alternative ways to pay for your nursing education.

Private scholarships – Available through private organizations as well as your school, scholarships are ideal since they don’t have to be repaid. You can find scholarships that are based on financial need, academics or tailored to your area of study.

Federal Pell Grant – The Federal Pell Grant is awarded through the Department of Education to students who demonstrate financial need. You’re automatically considered for it when you submit the FAFSA. How much you qualify for is determined by your expected family contribution, enrollment status and your school’s cost of attendance.

Employer tuition reimbursement – Since nurses are in such high demand, many hospitals have started offering tuition reimbursement programs to help offset the cost — especially for current registered nurses looking to go back to school to get their bachelor’s degree.

Loan forgiveness programs – If you do end up taking out loans to cover your nursing degree, there are a variety of student loan forgiveness programs available to nurses working in low-income communities.

Grants and scholarships are most often given out by private foundations or organizations, and usually have specific criteria about who can get them. This type of free money is sometimes based on specific criteria like academic merit, talent, a particular area of study, or if you come from a certain background. For instance, the children of American service members who died in combat are eligible for certain types of Pell Grants.

You can take out both federal and private student loans to pay for nursing school. First max out your federal loan options since they typically come with more competitive interest rates and repayment options. Then turn to private lenders to cover the remaining costs.

Students are eligible for federal aid if they are pursuing double majors or dual-degree programs if they meet Satisfactory Academic Progress requirements. If a student has earned an undergraduate degree and continues or re-enters college to pursue another bachelor’s degree, federal financial aid is limited to loans only.

Students who are enrolled at more than one college or university at the same time may receive aid from only one institution.

The Federal Pell Grant provides need-based grants to low-income undergraduate students to promote access to post-secondary education. For many students, the Pell grant is the cornerstone of their financial aid package. To be considered for this grant, students must fill out the FAFSA. A Federal Pell Grant, unlike a loan, does not have to be repaid, except under certain circumstances. You can receive the Federal Pell Grant for no more than 12 semesters.

Prospective students interested in applying for Federal Title IV Student Financial Aid Programs must fill out the FAFSA. The type of financial aid you qualify for will depend on which school you attend and your family income. With so many options available to nursing students, it is important to get to work researching all your options.