Douglas Olsen
There are a variety of ways to finance your MSN degree and become an advanced practice nurse. Scholarships are a great option as they don't need to be repaid, as long as you meet the requirements of the program. Many nursing schools and professional organizations offer scholarships specifically for advanced practice nurses. You can also apply for federal grants and loans by completing the Free Application for Federal Student Aid (FAFSA). Online nursing programs are another option, as they often have lower tuition rates and cut out ancillary costs such as commuting or childcare. Private MSN loans are also an option, but they tend to have higher interest rates and less flexibility in repayment than federal loans.
| Characteristics | Values |
|---|---|
| Federal government | Direct subsidized or unsubsidized loans |
| U.S. Department of Education | Pays interest during deferment for students with financial needs |
| U.S. Health Resources and Services Administration (HRSA) | Offers a special nursing scholarship program |
| National Health Services Corps Scholarship Program | Scholarship to cover one full year of tuition for every two years of full-time service after graduation |
| National Health Service Corps Loan Repayment Program | Repayment program for students who take out loans |
| Nursing schools and professional organizations | Scholarships specifically for advanced practice nurses |
| Online nursing programs | Lower tuition rates and no ancillary costs |
| Federal work-study financial aid program | Part-time job through your college or university |
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What You'll Learn
Scholarships for advanced practice nurses
Advanced practice nurses can benefit from a range of scholarships offered by the American Association of Nurse Practitioners (AANP) to support their professional development and enhance patient care. These scholarships are designed to empower nurses to gain advanced learning and become trusted healthcare experts.
To be eligible for an AANP scholarship, applicants must be members of the association and currently enrolled in an accredited graduate school, pursuing an advanced degree. Specifically, applicants should be enrolled in a Master's Degree in Nursing (Nurse Practitioner Track) or a Doctor of Nursing Practice (Post-master's or BSN to DNP). Additionally, they must be licensed registered nurses with at least one semester of classes completed and be scheduled to complete their eligible NP program between fall 2025 and summer 2026.
The AANP scholarships are exclusive to members, and the association provides funding opportunities to advance the NP profession. The scholarships are intended to help talented NPs and healthcare leaders maximize their professional development and make a positive impact in their field.
By joining the AANP, applicants become eligible for these scholarships and gain access to various benefits, including the latest nurse practitioner news through the AANP Mobile App. The AANP is dedicated to supporting the professional growth of future nurse practitioners and fostering excellence in advanced nursing practice.
Through these scholarships, the AANP demonstrates its commitment to empowering advanced practice nurses, ensuring they have the financial support needed to succeed in their educational endeavours and make a meaningful difference in healthcare.
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Federal loans
Federal student loans are provided by Federal Student Aid (FSA), which uses servicers like Edfinancial Services to manage billing, answer queries, and process payments. There are various ways to pay off your federal student loan. Firstly, you can sign up for Auto Pay, which automatically debits payments from your designated bank account each month. This is a convenient way to ensure timely payments without the hassle of mailing cheques or remembering to pay online. Alternatively, you can make one-time or recurring payments by logging into your online student loan account. Payments made through your bank or another online bill pay service must include the correct account number and payment address to avoid delays. You may also choose to pay by cheque or money order, mailing your payment to the address provided on your statement.
If you are unable to make payments, it is important to act quickly to avoid defaulting on your loan. Federal loans typically go into default after 270 days of non-payment. To prevent this, you can request a pause in payments through deferment or forbearance. If you qualify for deferment, you can temporarily stop making payments while maintaining the option to pay off any accumulating interest. If you are in the military or work for a government or nonprofit organisation, you may also qualify for public service loan forgiveness.
Should your loan enter default, you have two options: rehabilitation or consolidation. Rehabilitation involves nine months of reasonable payments to restore your loan to good standing, making you eligible for federal student aid again. This option also removes the default note from your credit report. However, a defaulted loan can only be rehabilitated once. On the other hand, consolidation is a faster process that allows you to enrol in further schooling soon after. However, the default will remain on your credit report. Contact your servicer to discuss these options and determine the best course of action for your situation.
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Private loans
Private student loans differ from federal loans in that they do not offer the same repayment options. Private student loan lenders are not required to provide any relief, but reputable lenders will work with you to avoid default. It may be helpful to show what you can pay by providing evidence such as bank statements and bills, as well as a budget proposal. You can then contact your servicer to ask about options for reducing your payment.
There are several repayment programs that you may be eligible for. The Graduated Repayment Period (GRP) lets you make interest-only payments for 12 months after your separation from school. Forbearance lets you temporarily postpone your payments if you are having trouble. You can also consider enrolling in autopay, which will often reduce your rate by 0.25%.
If you are in the military or work for a government or nonprofit organization, you may be eligible for public service loan forgiveness. You can also consider refinancing into a lower interest rate or applying for a co-signer release. However, be cautious when using a cash-out refinance of your mortgage to pay off your student debt, as your mortgage payments will increase.
If your private student loan has gone into default, you will need to ask your lender or servicer about your options. You may be able to set up a payment plan, but be sure to inform your co-signer if you have one.
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Loan forgiveness plans for nurses
There are several loan forgiveness plans available for nurses, with many nurses eligible to have some or all of their student loans forgiven. Here is a detailed overview of some of the available options:
Public Service Loan Forgiveness (PSLF)
The PSLF program is a federal initiative that offers loan forgiveness to nurses who work full-time (a minimum of 30 hours per week) for a government or qualifying not-for-profit organization. This program requires 120 qualifying payments and is aimed at professionals serving the public, such as nurses and teachers. To qualify for PSLF, you must be on an eligible repayment plan, such as an income-driven repayment (IDR) plan, as the standard 10-year repayment plan will be paid off by the time you make the required 120 payments.
Nurse Corps Loan Repayment Program
The Nurse Corps Loan Repayment Program (LRP) is another federal program that repays up to 85% of unpaid nursing education debt for eligible nurses. This program typically involves a two-year service contract, after which you may be eligible for a third year and an additional 25% of your loans repaid. The Nurse Corps LRP addresses the need for nurses in critical shortage facilities, designated as Health Professional Shortage Areas (HPSAs), which lack adequate primary care or mental health professionals.
Income-Driven Repayment (IDR) Plans
IDR plans are most suitable for nurses with higher debt in comparison to their income. These plans offer lower monthly payments based on income and family size. Under IDR plans, such as Saving on a Valuable Education (SAVE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR), your remaining debt may be forgiven after a certain number of payments over 10, 20, or 25 years.
Travel Nursing
While travel nursing agencies may not offer specific loan forgiveness programs, they often provide various bonuses and stipends that can help boost your income and accelerate debt repayment.
It is important to carefully review the requirements, eligibility criteria, and application processes for each program to determine which option best suits your needs and financial situation.
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Work-study financial aid programs
The Federal Work-Study Program can help students pay for school and gain valuable work experience. It is a form of financial aid that provides students with part-time employment opportunities to help fund their education. To be considered for Federal Work-Study, students must fill out the FAFSA® form and be accepted to their college, career school, or trade school. The financial aid offer, which outlines all financial aid options, will indicate if the student is eligible for Federal Work-Study.
Once awarded and accepted, the student must find a job. Some schools may assist in matching students to jobs, but most require students to find, apply, and interview for positions independently. The number of hours a student is allowed to work is based on their financial need and academic progress. Employers and the school's financial aid office work together to create a schedule that fits around the student's classes.
Undergraduate students are paid by the hour, while graduate and professional students may be paid by the hour or salary, depending on the position. Work-study jobs can have varying pay rates depending on the type of work and the skills required. Students are typically paid at least once a month, but some schools may pay weekly or biweekly, usually through direct deposit.
It is important to note that work-study earnings do not reduce future student aid eligibility. However, to remain eligible, students must maintain their grades and not exceed the total hours in their Federal Work-Study job. Some schools allow students to apply their work-study funds directly to billed expenses such as tuition, fees, and room and board.
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Frequently asked questions
There are several options for paying for an MSN degree. You can take out private loans, although these may have higher interest rates and less flexibility in repayment than federal loans. The federal government also offers direct subsidized or unsubsidized loans, the former of which is available to students with financial needs and includes interest paid by the U.S. Department of Education during deferment. Additionally, the government offers loan forgiveness plans for nurses who meet certain criteria.
Scholarships and grants are forms of financial aid that you don't need to repay. Scholarships are often merit-based, while grants are typically need-based. Many nursing schools and professional organizations offer scholarships specifically for advanced practice nurses. To be eligible for a scholarship, you usually need to meet certain requirements, such as maintaining a minimum grade point average. Grants often require the recipient to maintain specific academic standards to continue receiving financial aid.
The National Health Service Corps Loan Repayment Program is a way for nurses to receive help with loan repayment. During their service years, nurses provide primary care to underprivileged or rural communities in need. In addition to full tuition coverage, scholarship recipients receive annual payments for educational expenses and monthly stipends to help with living costs. To qualify, you must meet certain requirements, which may include providing full-time service after graduation.
Online nursing programs can offer lower tuition rates compared to traditional, on-campus programs, and they eliminate various ancillary costs such as commuting or childcare. Additionally, online bridge BSN-to-MSN programs can fast-track students to earning an advanced degree. More than 3,000 colleges and universities participate in the federal work-study financial aid program, which provides part-time job opportunities for eligible students.
