Online Healthcare Management Degrees with Financial Aid: Find Best Programs
Discover top programs that offer financial aid options, including scholarships and grants, and go through the steps it takes to help pay for your education.
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If you’ve made the decision to pursue a career in healthcare management but are overwhelmed with the choices between programs and the mounting costs of it all, it’s not just you. A recent survey by Blackbullion found that 75% of students are worried about their finances.
Even with this potential worry, financial issues don’t have to be a barrier preventing you from earning a degree. To reduce your financial burden, you can opt for financial-aid-friendly programs, apply for local and national grants and scholarships, and find flexible online programs that enable you to work while you study.
You can also be comforted by the fact that earning a degree in healthcare management also comes with a significant return on investment. According to the BLS, the industry is predicted to grow by 28% in the next decade, much faster than the national average, and the median pay is $110,680. As you evaluate the costs of potential programs, keep these trends in mind.
This guide will help you navigate all of the above so you can tackle your applications with confidence and focus on what matters most: earning a degree in healthcare management. Let’s get started:
Popular Healthcare Management Programs that Accept Financial Aid
The U.S. Department of Education offered a whopping $46 billion in scholarships in 2023. According to the Education Data Initiative, the average first-time undergraduate student earned $14,890 in funding through grants and scholarships.
The key to making your degree affordable is choosing both an accessible program and finding as many scholarships and grants as possible for which you are eligible.
To help you get started, we’ve highlighted a few top healthcare management programs that stand out for their approach to financial aid. Whether that’s discounts for military veterans or adult learners, you’ll find a wide range of options no matter your specific background.
Maryville University
Maryville University offers a bachelor’s degree in healthcare management in a hybrid environment. You’ll complete the degree with a 16-week course that focuses on professional and personal growth.
The school offers an abundance of great scholarships such as the University Scholars Program, which covers the full cost of tuition as well as room and board. Additionally, every full-time student pursuing a first undergraduate degree is automatically considered for merit scholarships that range from $6,000 to $14,000 per academic year.
Last year, the school awarded more than $59 million in scholarships and financial aid. Full-time tuition is $24,766 as of summer 2024, and the Maryville website has more details on their extensive financial aid options to make that tuition cost even lower.
Northeastern University
The 100% online MS in healthcare administration at Northeastern University prepares students for management and leadership roles in healthcare. Collaborating with the Mayo Clinic College of Medicine and Science, this program will cover healthcare policy, management, finance, and quality improvement.
The program is offered at a cost of $24,000. The best news about this program is that nearly half of admitted students receive financial aid — with an average award amount of $10K.
Liberty University
Liberty University offers a B.S. in Business Administration — Healthcare Management and an MBA in Healthcare Management. The programs are both accredited by the Accreditation Council for Business Schools and Programs.
Affordability, accessibility, and academic quality are high priorities for Liberty University, so they have resources available to help you fund your degree. Liberty keeps tuition prices low as a nonprofit university and also awards financial aid to nearly 80% of students. The school also allows you to defer payments if you’re receiving corporate tuition assistance and offers tuition discounts to service members, veterans and their spouses – up to 55% off tuition.
On average, undergraduate courses are $390/credit hour.
Walden University
Walden University’s healthcare management program is another great, affordable option. You’ll develop job-ready skills that align with Association of University Programs in Health Administration requirements.
Through its Believe and Achieve Scholarship, Walden offers one tuition-free course for every three paid courses you successfully complete. In addition, you’ll receive a $2,700 tuition grant. This can reduce your total education costs by more than $18,000.
On average, tuition for this program will cost up to $46,000. You can also opt for the Tempo Learning tract, which allows you to work independently and on your own schedule. You can complete this track in 20 months for $18,000.
Rasmussen University
There are two types of degrees in this field offered by Rasmussen University: a bachelor’s degree in Healthcare Management and a Master of Healthcare Administration. The online degree is designed for flexibility, offering eight start dates a year, fully online courses, and no application fee.
This program is designed to be more affordable with Knowledge Credits. Through these transfer credits, as well as self-directed assessments and military training or professional certification, you can opt out of certain courses and save yourself some money.
If you decide to earn your master’s degree, you can graduate in as little as one additional year, and save between $2,115 and $4,950, depending on your program of study.
How to Finance Your Healthcare Management Education Online
Outside of aid packages specific schools offer, there are also numerous sources of financial aid that you should know about.
Scholarships
Scholarships are typically awarded based on merit or financial need — and they can range from $500 to full tuition, room, and board. You should know that there are several sources to find scholarships you might be eligible for as a healthcare management student. That includes local and state healthcare organizations as well as national initiatives.
Here are some examples:
- The Foster G. McGaw Scholarship from the American College of Healthcare Executives offers scholarships for graduate students pursuing healthcare management degrees.
- The Association of University Programs in Health Administration has several sponsored scholarships for healthcare management students.
- Many universities also offer institutional scholarships specifically for students enrolled in healthcare management programs.
You can also find scholarships directly through the program to which you’re applying. For example, King’s College offers a helpful resource that curates private scholarships for healthcare administration graduate students.
Grants
Grants, like scholarships, do not require repayment and are often need-based.
Here are some examples:
- The Federal Pell Grant is available to undergraduate students who demonstrate significant financial need.
- The Federal Supplemental Educational Opportunity Grant is awarded to undergraduate students with exceptional financial need.
- State grants, such as the Cal Grant in California, provide additional funding opportunities for residents attending in-state institutions.
- Universities will offer grants for certain students, such as Walden University’s $2,700 grant
If you want to discover more, the Mayo Clinic College of Medicine and Science offers a helpful guide to grants for healthcare students.
Loans
Student loans are another common way that students finance their education. Although scholarships and grants are ideal because you don’t have to pay them back, loans are still a helpful way to manage the cost of your education.
Here are a few of your options:
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- Direct PLUS Loans
- Direct Consolidation Loans
- Private Loans
Check out our student loan handbook if you’d like to learn more about refinancing, repaying, and the ins-and-outs of education loans.
As a healthcare management student, you may be eligible for loan forgiveness. For example, National Health Service Corps Loan Repayment Program offers qualified professionals up to $50,000.
How to Secure Top Financial Aid Packages
Since a master’s degree can help you earn a leadership position in the healthcare field, it’s a great idea to be as organized as possible to find financial aid. That way, you’ll be able to keep even more of that income boost.
We’ve gathered this brief checklist that you can use to make sure you’re on track to receive financial aid. From FAFSA applications to tracking deadlines, here’s what you need to know.
Complete the FAFSA Early
The FAFSA is the most crucial component of your financial aid journey. This score will be used to determine your eligibility for grants and scholarships moving forward, so you want to be sure to take it seriously. For your best chance at receiving aid, you should aim to submit your FAFSA as early as possible. Your chances to receive money are lower after the deadline, and the payout amount usually declines.
Thoroughly Review Eligibility Criteria & Requirements
Each scholarship and grant application will have its unique set of eligibility criteria and requirements. We know it can be tedious – but it’s important to get right.
Take the Foster G. McGaw Scholarship for example. In order to apply, you’ll need to be enrolled full-time in a healthcare management graduate program, be entering your final year of full-time study, and not be currently working in a paid position. You want to be sure you’re checking the requirements diligently, so you can invest your time wisely as you track down financial aid.
Check Deadlines and Apply Early
You should get used to tracking a lot of deadlines as you prepare for your program. Financial aid is driven by several deadlines including ones set by universities, state governments, and the federal government.
Colleges will often set priority deadlines that you should aim for to receive the most money possible. At Maryland University, for example, Dec. 1 is both the FAFSA priority date and the merit-based scholarship priority date. Don’t let these dates sneak up on you.
Gather All Necessary Documents
Again, each application will have specific requirements, but there are some common elements that most will want included. Some examples are a resume, prior transcripts, letters of recommendation, test scores, and typically some sort of personal statement or essay. It’s a good idea to prepare these well in advance of any application deadlines.
Receive Feedback on Supplemental Materials
It’s always a good idea to receive feedback on written work like your personal statement. Maybe you know teachers or mentors who would be willing to read through your supplement materials and offer advice. For aspiring healthcare management students, it could be a great idea to go one step further and find someone with healthcare experience to look over your application for you.
Review Award Letters
Congrats — you’ve been selected for some scholarships. What’s next? First, you’ll want to read the fine print in detail. What are the expectations and requirements in order to maintain the award? You’ll probably also be required to accept the funds by a certain date. Make sure to go through these letters carefully to get any critical information you’ll need to know.
Once you’re ready to learn more about healthcare management, check out our guide to online programs and its comparison to healthcare administration.
