Financing your nursing education typically involves combining funding from various sources, including federal student aid, institutional aid, and third-party scholarships. Taking the time to explore your options and learn how to pay for nursing school is an important step in your journey to becoming a nurse.
If you’re considering changing careers, Concordia University Irvine’s Accelerated Bachelor of Science in Nursing (ABSN) program in California can help you make the transition fast. Open to applicants with a non-nursing bachelor’s degree or at least 65 college credits, the ABSN program allows you to earn a Bachelor of Science in Nursing (BSN) in as few as 15 months.
Before starting the admissions process, review the strategies for how to pay for nursing school. Understand the expenses involved, fill out financial aid applications, and develop a practical budget to follow as a nursing student.
Nursing School is an Investment in Your Future
Although nursing school can be expensive, it’s a worthwhile investment in your future. You’ll develop in-demand clinical skills that you can apply to a wide range of nursing specialties, such as emergency nursing, oncology nursing, pediatric nursing, and more.
Additionally, nurses enjoy a strong earning potential. According to the U.S. Bureau of Labor Statistics (BLS), registered nurses made a median annual salary of $93,600 as of May 2024.
If you decide to pursue career advancement as an advanced practice registered nurse (APRN), you can expect an even higher earning potential. The BLS states that most types of APRNs made a median annual salary of $132,050 as of May 2024, while certified nurse anesthetists made a median annual salary of $223,210.
Paying for Nursing School: Steps to Follow
You’ll need to follow a methodical process to determine how to pay for nursing school. Start by identifying your expected costs.
1. Determine the Cost of Nursing School
You may be considering multiple nursing schools. It’s important to research the tuition rates and other fees for all of your options, but keep in mind that choosing the least expensive school isn’t necessarily the best choice. Instead, you’ll want to attend a school that offers a high-quality nursing education, with plenty of student support, and close enough to commute to for labs and clinical rotations.
In addition to the tuition for your nursing classes, you may also need to complete prerequisites prior to enrollment. Other common nursing school fees can include:
- Lab fees
- Graduation fee
- Student services fee
- Software subscription
- Nursing scrubs
- Background check/drug testing
- Malpractice insurance
- Textbooks
- Licensing costs
Once you know how much you can expect to need for nursing school, create a plan. Remember that you’ll also need to cover your living expenses while in school.
How long does it take to become a nurse? With an ABSN program, you can join the nursing workforce fast.
2. Fill Out the FAFSA
For many students, paying for nursing school starts with filling out the Free Application for Federal Student Aid (FAFSA). Submitting the FAFSA is the only way to apply for federal student aid, requiring you to resubmit each year you’re a student. The application becomes available each year starting on Oct. 1. Once available, submit it as early as possible; however, you must already be accepted as a student prior to submission.
After submitting the FAFSA, you’ll receive a notice from the U.S. Department of Education with any applicable need-based aid. This could include a variety of aid options, including loans and grants. Note that while loans must be repaid, grants do not. Federal student loans offer more favorable terms than private lenders typically do.
3. Weigh Institutional Aid Offers
You may also be offered financial aid from the institution. Concordia University Irvine, for example, offers limited aid to our ABSN students. The Financial Aid department can help you determine if you are eligible.
Federal student aid and institutional aid can go a long way toward paying for nursing school, but you may still have expenses to cover. The next step is to consider third-party aid.
4. Look for Grants and Scholarships
Grants and scholarships may be offered by third parties, such as philanthropic organizations and corporations. There is a dizzying array of scholarship opportunities, including those specifically intended for nursing students.
Start by creating a list or spreadsheet of all the opportunities you find that you’re eligible for. Make a note of the application due date and all required materials. Then, start your applications and submit ahead of their respective due dates, if possible.
Where can you find scholarships to help you with paying for nursing school? There are several scholarship databases, including:
5. Consider Tuition Assistance and Loan Forgiveness
If you’re currently employed in healthcare, your employer may offer tuition assistance for BSN degree programs. For example, your employer may help licensed vocational nurses (LVNs) or certified nursing assistants (CNAs) become RNs. If tuition assistance is available to you, be sure to read the fine print carefully and understand the conditions involved.
6. Apply for Private Student Loans to Bridge the Gap
After determining your eligible student aid, explore how to finance the rest of your nursing education expenses, such as living expenses. Research the terms and interest rates for loan products from various lenders, including credit unions and banks. Be sure that you understand your financial obligations before signing any paperwork.
7. Develop a Practical Budget for Nursing School
Every nursing student’s financial situation is unique, and you may be best served by speaking with a financial professional to receive personalized guidance. In general, however, these tips can help you develop and stick to a practical budget in nursing school:
- Consider finding a roommate to reduce housing costs, if possible.
- Enjoy free sources of entertainment when you need a break from studying. Look for community programs and events, such as those offered by a local library or community center.
- Look for ways to reduce some expenses, such as canceling subscriptions or cooking at home.
- Maintain emergency savings for major, unexpected expenses, such as car repairs or medical bills.
- Talk to your loved ones about your situation. Explain that you need to cut expenses during school, and may not be able to accept certain social invitations.
- Track every single expenditure, no matter how small. Know exactly where your money is going each week.
Beyond figuring out your finances, there are other steps to take when preparing for nursing school.
Get Started Today at Concordia University Irvine
Concordia University Irvine’s ABSN program offers a values-based education, preparing future nurses to provide competent and compassionate patient care. Financial aid may be available to those who qualify. Our dedicated admissions team is available to connect you with the Financial Aid department for personalized guidance.
Concordia University Irvine’s ABSN program is designed for transfer students and career switchers who want to leverage their academic history and experience to earn a BSN fast. Choose from three start dates per year, and between a campus-based program in Irvine, California, and a hybrid program in Rancho Cucamonga, California.
Contact an admissions counselor today to get started.