Paying for NP school can be a significant source of stress for many students. The conventional method of paying out-of-pocket is feasible for some, but not all, students. However, there are multiple other options to consider for payment assistance.
Scholarships
Most universities have a financial aid office responsible for guiding students on scholarship opportunities. Although some can have labor-intensive applications, the reward can be significant.
It is important to check for new scholarship opportunities annually. Typically, there are opportunities ranging from generalized scholarships for nurse practitioners to more specialized scholarships for nurse practitioners focusing in particular areas, like geriatrics, primary care, underserved areas etc.
HRSA Scholarship
The Health Resources and Service Administration (HRSA), offers a significant scholarship to certain eligible nursing students. If the student demonstrates financial need and completes the intensive application, she or he may be eligible for full tuition payment, plus a liberal monthly stipend.
Employer Contribution
Many nurses work and go to school simultaneously. Hospitals sometimes offer tuition reimbursement to their employees in exchange for a time commitment to the hospital.
For instance, a hospital might offer up to $5,250 annually for tuition reimbursement, in exchange for a year of service.
Some things to consider before accepting
- This money is taxed, so the total amount that enters the students’ bank account will be less than what is accepted.
- If the tuition reimbursement is accepted during the final year of grad school and the student is planning on working for the same company post-graduation, then the student will be able to fulfill the time commitment to the company. However, if the student is planning on moving or changing companies post-grad, then tuition reimbursement should not be accepted if it is in exchange for a time commitment.
Student Loans
After filling out a FAFSA form to determine eligibility, many students are able to receive government assistance with tuition. The FAFSA form must be filled out annually and at the completion of their education, students are required to do online financial counseling provided by Federal Student Aid.
Some things to consider prior to applying for government or private student loans are interest rates: will the interest accrue throughout school or will it only accrue post-graduation? Students should also examine the consequences and options if they are unable to pay back their loans.
Teaching/Research Assistant
Many campus-based universities offer options to become teaching or research assistants. These jobs are highly sought after and can provide immense monetary and professional benefits to the students.
Job opportunities like these can be found on the university website, or by reaching out to professors who may be involved in research, simulation teaching, or be in need of a teaching assistant.
Responsibilities of these jobs can vary from working on a research study to grading papers and running a simulation lab.
The jobs are typically part-time, allowing the student plenty of time for studying. The university will often pay the student with a monthly stipend plus tuition reimbursement.
Be sure to note, the student will still be responsible for books and fees associated with their education, but otherwise, her or his education would be covered.
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