If you’ve wondered how to pay for nursing school, financial planning is one of the most important elements. By breaking down the costs and then looking into financing options like loans, grants or scholarships, you can get much closer to achieving your nursing education.
Earning a college degree is an investment in your future. While the cost could be significant, depending on your chosen program, the value you receive will be great. If you are considering a Bachelor of Science in Nursing (BSN), for example, the average return on investment throughout your career would be over 900%, according to the Education Data Initiative. In other words, your degree could pay for itself in a few years.
Set the stage for your studies by having a plan for how you will pay for nursing school before you apply. At Pacific Lutheran University (PLU), we aim to provide our students with as many resources as possible, starting during the admission process. When you apply to our Accelerated Bachelor of Science in Nursing (ABSN) program, you will work one-on-one with an admissions representative to ensure you complete any prerequisite courses and submit the best possible application. Even after enrollment, you can access Academic Success Coaches to provide individualized advising, support, and resources for your continued achievement.
Before using these resources, you'll need a plan for financing your nursing degree.
Understanding the Costs of Nursing School
As with any degree program, nursing school has a cost. The amount depends upon factors including the school you attend, the number of credits required in your chosen program, and additional fees. The cost of nursing school breaks down into the following categories:
- Tuition: The sum of money charged for instruction by the university.
- Program fees: Fees assessed for a particular program like nursing.
- Course fees: Charges to cover costs of course-related expenses like lab supplies.
- Textbooks: Students are responsible for purchasing their textbooks for classes.
- Learning materials: Any other materials besides textbooks you might need for a class, such as a software program.
- Laboratory fees: Required for courses with labs to cover materials and equipment.
- Technology fees: Institution fees to cover the cost of technology services and devices.
- Wellness fees: Institution fees that fund health and wellness programs for students.
- Background check/drug screening: Before interacting with patients, nursing students must complete a background check and drug screening with acceptable results and complete all health requirements.
- Uniforms: Nursing students must wear uniforms specified by the program.
Consider also your housing and transportation costs and childcare needs while you are in class or studying.
Discover some of the main things you should have to be fully prepared for nursing school.
PLU’s ABSN program outlines its tuition, the cost for prerequisite courses, and other fees on its tuition page. An admissions representative can review options with you.
Once you understand what types of fees you might encounter, the next step is to explore how to pay for nursing school.
How to Pay for Nursing School
Paying for nursing school or any college program requires financial planning. Several financial assistance options could be available to you, including:
- Federal or state grants or scholarships for qualified students
- Federal direct loans
- Private loans
- Third-party scholarships
The first step to finding out what federal financial help is available is to fill out the Free Application for Federal Student Aid (FAFSA). This form asks questions about your income and other information to determine your eligibility for federal grants or loans. Some states and schools also use the form to determine eligibility for financial aid. Keep in mind you must apply for aid each year you are in school.
You can estimate your federal student loan repayment options through the government’s online Loan Simulator.
In addition to federal loans, you can secure nursing school money by applying for private loans through a financial institution. Be sure to check the repayment terms and interest rates to determine if you will have the means to repay them.
Some third-party organizations offer scholarships with varying eligibility requirements and deadlines. Be sure to research them thoroughly and adhere to any guidelines. You can start by checking out the American Association of Colleges of Nursing list. Many organizations post scholarship information on the scholarship matching website, thewashboard.org. PLU students have received scholarships from the Washington Opportunity Scholarship and the Independent Colleges of Washington. You can also research opportunities on CollegeScholarships.org. Take care when researching funds on third-party websites, and remain aware of scams.
Planning is key to maintaining financial health while in school so that you can focus on your studies.
How to Afford Nursing School on a Budget
Nursing school, especially an accelerated format, is an intensive experience requiring your time and full attention. Planning ahead and adhering to a budget will help you meet your educational goals. The U.S. Department of Education offers the following tips:
- First, determine the time span for your budget, such as monthly or by semester.
- Use a spreadsheet, app, or PLU’s Lute Budget tool to track your income and expenses. Make a list of your income and estimate your expenses.
- Save for emergencies.
- Balance the budget to make sure your income is greater than your expenses.
You can also use free financial planning tools offered by the Consumer Financial Protection Bureau, which includes a questionnaire to help you estimate how much you’ll owe in student loans if you choose that route.
PLU's ABSN program, like many others, strongly recommends that students not work while in the program. This will require careful planning. It's a good idea to talk with an admissions representative about what you can expect during the program.
Read our guide on how to prepare for nursing school.
Is Nursing School Worth It?
A college education is an investment that can yield great rewards financially and personally.
The nursing profession offers a comfortable salary and significant job security due to a nationwide shortage. The BLS estimates that the number of nursing jobs will increase by 6% by 2033, faster than the national average for all occupations. In Washington, employment is expected to grow 13.4% by 2032, according to Projections Central.
On a personal level, many nurses choose the profession because it gives them a sense of purpose, and they help people improve their health. Workers with a purpose are more engaged and are less likely to leave their jobs, according to McKinsey & Co.
PLU’s ABSN program can help you fulfill that purpose by providing a progressive nursing education that emphasizes evidence-based innovations in health care, advocates for continuing and responsible social change, and fosters improved health outcomes.
Taught by experienced nursing faculty, our ABSN curriculum blends online coursework with hands-on nursing labs and in-person clinical rotations. It is an accredited learning path that prepares you to confidently sit for the NCLEX-RN licensing exam.
Start the Conversation with an Admissions Representative
If you are ready to start your path to a rewarding nursing career, our dedicated admissions representatives will work with you to develop a plan to fulfill requirements and review financial aid options before you apply.
Contact us to start the conversation today.