Navigating Payment Options for Nursing School Tuition

So, you just got in to nursing school? Congrats! Enjoy the well-deserved celebration while it lasts, because a sobering reality awaits you—paying for said school. In the past couple of decades, college tuition rates have risen astronomically, and this includes the cost of attending nursing school, as well. Perhaps you’re ahead of the game and have begun to look into aid packages available at your school. Kudos for your due diligence, if so! But beyond loans that must be paid back, there are several other options to mitigate the expense of nursing school—read on to learn about several options that you may not have known existed.

Tuition reimbursement
The word “reimbursement” has a nice ring to it, doesn’t it? In most cases, tuition reimbursement programs are offered from one of two sources: your school itself or your potential (and/or current) employer. 

In the case of tuition reimbursement from nursing schools, these programs are aimed at students considering the school, and as such, are set up by the schools themselves. Entering into a tuition reimbursement agreement while still in school means that you are committing to work at a partnered institution following graduation. Most often, a year of paid-for school equals a year of work, an even trade, but this of course varies across institutions. 

As part of their “employee perks,” healthcare institutions often have tuition reimbursement programs. These programs are offered as incentives for their current employees to go back to school, and come with certain stipulations. Agreeing to continue your employment there for a specified amount of time beyond school, maintaining a certain GPA level while enrolled in school, and even guaranteeing that you will graduate are all common requirements to be met while enrolled in these programs. Often tuition reimbursement are capped at certain amounts per semester, which in turn affects how quickly a program can be completed if you’re not paying partial tuition also.

Hospitals will sometimes offer some form of loan repayment options for prospective employees too. Recently graduated nurses carrying student loan debt can apply for loan reimbursement at the time of employment. Choosing to take advantage of such a program will commit you to working for said institution for a set amount of time and is usually tied to the amount of money your employer puts towards paying off your nursing loans each month. 

Loan forgiveness

Loan repayment programs, like the ones that offer complete or partial loan forgiveness clauses, are programs offered by the government or other public fund. One well known government program offered is the Nursing Education and Loan Repayment Program. Managed by the Department of Health and Human Services, this program has one main goal—funnel nursing grads into underserved areas. Typical contracts require 3+ years of continuous employment in these areas. Nurses taking advantage of this are rewarded with an almost complete loan reduction (upwards of 85%).

For nurses pursuing graduate studies—like midwifery programs, or nurse practitioner school—the National Health Service Corps provides a loan repayment option. In addition, each state tends to have programs for loan forgiveness unique to their location. Using the search terms “A-Z List of State Nursing School Programs” will result in a state-by-state list of all programs currently available.

Tuition Waiver Aid and Personal Loans for Nursing Students

Nursing shortages in select underserved locations prompted the initiation of tuition waivers at certain institutions. These type of funding packages are generally available for prospective students who are also disadvantaged and otherwise couldn’t afford a nursing school education. Certain terms exist for this type of aid and include tuition limits, and restricted areas of study or specialization. Make sure to check with your school to learn about any available programs like this.

In addition to the federal Nursing Student Loan Program, many personal loan options combine with the tuition assistance option detailed above. The primary goal of nursing student loans is to attract more students. In addition to loan-specific partnership perks, these loans have low interest rates and flexible repayment options. For those students interested in nursing education careers, many loan programs exist to offset the nursing educator shortage.