Online Healthcare Administration Degrees with Financial Aid

Discovering Online Healthcare Administration Degrees with Financial Aid Support

Whether you’re looking for a bachelor’s, master’s, or doctorate in healthcare administration, you’re likely to spend more than $20,000 on your education. Fortunately, there are various ways to lower the cost of your degree, such as choosing an online program, attending part-time, and, most importantly, taking advantage of financial aid.

Aid types include scholarships, loans, grants, and work-study programs. These types of financial assistance can come from the government, academic institutions, or private organizations. However, the amount of financial aid you get and conditions of repayment can vary greatly depending on the school or organization offering aid and your individual financial situation.

Use EduMed’s guide to find online healthcare administration degrees with the best financial aid packages, as well as to learn about the main types of financial aid you’ll need to pay for your degree. Keep reading to find out more about some popular options for students like you.

Answering Your Questions About Healthcare Administration Degrees and Financial Aid

Since pursuing a healthcare administration degree is a big investment, we’re sure you have a few questions—especially about whether or not your degree will be worth it in the long run. To help you in you search, we’ve answered students’ most common questions about healthcare administration degrees and financial aid below.

Can you make good money in healthcare administration?

Yes, you can make good money in healthcare administration as the Bureau of Labor Statistics reports that medical and health services managers make $110,680 per year on average. Even better, many people enter the profession with just a bachelor’s degree, meaning you won’t have to invest in grad school to eventually see a six-figure return on your educational investment.

With that being said, an advanced degree is well worth it: the highest 10 percent earned more than $216,750 per year, and those jobs typically go to candidates with a master’s degree or higher.

How much does a degree in healthcare administration cost?

Costs will depend on a number of factors, including which degree you’re studying for, which school you choose to go to, whether you study in person or online, and how much financial aid you receive. Bachelor’s degree programs typically cost a few hundred dollars per credit, while master’s and doctoral programs can cost over $1,000 per credit. Public colleges and universities in your home state will typically be the most affordable, while private universities cost the most. Online study can save you a considerable amount of money—many schools offer reduced online tuition, and you’ll save plenty of money on housing, food, and commute costs.

Is it worth getting a degree in healthcare administration?

If you want a career managing the business side of healthcare facilities, then getting a degree in healthcare administration could very well be worth it. According to the BLS, the demand for healthcare administrators is expected to grow at 29% in the next 10 years, so now is a great time to get your degree and enter the field.

Of course, only you can consider the cost of getting your degree and whether that’s worth the potential salary you’ll receive after graduation. Financial aid can help lower the overall cost, making your ROI that much stronger.

Do you need a license for healthcare administration?

No. For the most part, you don’t need any licenses or additional certifications to become a healthcare administrator, but some medical and health services managers will need a state-issued license. For example, all nursing home administrators must be licensed, regardless of the state they work in. Some facilities may require health administrators to be licensed as a registered nurse or social worker.

Additionally, you can opt for a professional certification to boost your resume, like those offered by the Fellow of the American College of Healthcare Executives (FACHE), the American Health Information Management Association (AHIMA), or the Project Management Institute (PMI).

Popular Financial Aid Options for Healthcare Administration Students

Financial aid opportunities are often offered in different amounts and have varied eligibility requirements. Most financial aid types will fall into one of three categories: scholarships, grants, or loans. Continue reading to learn more about these three types of financial aid and discover scholarships and grants specifically for healthcare administration students like you.

Federal Student Aid

Federal student aid programs include grants, loans and work study programs. This money is meant to help students with expenses ranging from tuition to housing and supplies. Grants usually don’t need to be repaid, while loans will need to be repaid with interest. Work-study programs are common for MHA students, helping them earn money to pay for their degrees. To apply for federal student aid, fill out the Free Application for Federal Student Aid (FAFSA).

Institutional Aid

Many colleges and universities provide exclusive scholarships to learners based on merit, need, or sometimes both. This aid may be funded by alumni, private donors, or federal student aid funds. Merit-based scholarships are for students who maintain academic excellence, usually with a GPA of 3.0 or higher. Need-based scholarships are set aside for those who demonstrate financial need. You’ll also need to fill out your FAFSA to qualify for these funds.

Payment Plans

Federal and state governments and private organizations both offer student loans. Private loans sometimes have additional screening procedures, though they have higher interest rates than government-subsidized loans. Either way, students are awarded a set amount of money they must pay back with interest after they graduate. Sometimes schools offer flexible payment plans, so you can spread the cost of tuition into multiple monthly payments over the school term rather than paying for tuition up front.

Scholarships & Grants

Scholarships and grants are the most attractive types of financial aid because they don’t have to be paid back. Typically, they’re awarded based on financial need, merit, or a combination of both.

There are various scholarships for medical and health students. While scholarships don’t have additional stipulations, grants often do—like completing an internship or professional development program. Because of these extra stipulations, it’s ideal to apply for grants aligned with your professional goals. Fortunately, there are also many grants specifically for people who want to work in healthcare administration.

Examples:

Albert W. Dent Graduate Student Scholarship

• Amount: $5,000
• The American College of Healthcare Executives awards up to 15 scholarships each year to students enrolled in their final year of full-time study in a healthcare management graduate program.

Tylenol Future Care Grant

• Amount: $5,000 – $10,000
• Each year, Tylenol awards 10 students with $10,000 scholarships and 25 students with $5,000 scholarships. To be eligible, students must be pursuing a degree in healthcare.

Find more scholarships for healthcare administration students.