Online MSN Programs that Accept (or Offer) Financial Aid

Inside Programs: Online MSNs & Financial Aid

Financial aid doesn’t need to be a black box. The following three schools feature fully accredited online MSN programs with abundant financial aid resources. These profiles offer a solid introduction to distance learning in nursing graduate studies and the different types of funding available to help bring those studies within your financial reach.

As you look inside the programs, you’ll find that most of the financial aid available to an undergraduate student is also offered to online MSN students. This includes opportunities colleges and universities provide (such as in-house scholarships and grants, assistantships and fellowships, work-study, etc.).

The profiles also include financial aid from outside sources such as the federal government (specifically, federal loans and loan reimbursement programs), state governments, nursing and healthcare professional associations, special interest groups, and private individuals.

FAQs About MSN Programs with Financial Aid

Below, you will find answers to four of the most commonly asked questions by prospective MSN students about financial aid for master’s studies in general. Along with the information in the profiles above, these answers will provide you with an understanding of assistance with funding that you can expect to find during your search for a degree program.

Can you get financial aid for a master’s degree?

Absolutely. In fact, most master’s degree students, regardless of major, rely on obtaining financial aid from one or several funding sources to help pay for their education. Available funding types include:

• Scholarships: Major sources of scholarships include governments, public and private organizations, and graduate schools. Awards are often based on academic performance, but many other factors might be considered, such as a specific major or career field, extracurricular achievements, financial need, and the underlying goals of sponsors (like support for students belonging to a minority or underrepresented group).
• Grants: Similar to scholarships, grants are focused more on financial need than academic achievement.
• Assistantships: These are provided by schools in exchange for work in various roles. Awards commonly take the form of tuition waivers and/or living stipends.
• Fellowships: These are typically offered by schools, government agencies, and private organizations in exchange for working on research activities.
• Employer tuition assistance: Employers offer to reimburse their employees’ tuition expenses in exchange for a commitment to work for the employer for a given period.

Will financial aid pay for nursing school?

Yes, at least partially. Most students will need to assemble a package of several financial aid resources to pay for nursing school. The good news is that all financial aid types discussed above are typically available to qualifying nursing students. While you might be able to tap into several “free” funding types (like scholarships and grants), you’ll likely still need to take on some debt in the form of student loans. And, of course, a little out-of-pocket funding is typical for most nursing school students.

How can I pay for a master’s degree in nursing?

You’ll need to put in a little elbow grease and seek out the best available financial aid opportunities. You won’t have to go it alone, though. Your first stop to pursue funding an MSN should be at the Financial Aid office at each school you’re considering. Staff there can fill you in on the details of any in-house opportunities, plus help you find external opportunities. Other places to look include the federal government (see below, under Federal Student Aid) and organizational sources like Johnson & Johnson and the American Association of Colleges of Nursing Foundation. You’ll also want to check out the many scholarship search engines, like Collegeboard.org, Fastweb.com, and Scholarships.com.

Do hospitals pay for you to get a master’s degree in nursing?

If you’re an RN working for a hospital, your employer might be willing to help pay for your MSN degree. The reason is simple. Hospitals, like most other healthcare employers, are struggling with the nation’s continuing shortage of nurses. So, it’s in their best interest to provide incentives to quality nurse employees to continue working for them. Funding types might include scholarships and grants, but tuition reimbursement is the most common form of hospital-sponsored funding. With tuition reimbursement, the employer reimburses MSN students for tuition and, in some cases, other education costs in return for a commitment from the nurse to stay employed at the hospital for a set period. Reimbursement amounts and time commitments vary by employer.

Common Funding Options for MSN Students

When seeking funding to pay for an MSN, you’ll probably focus first on scholarships. But, they will likely not be enough to cover all of your costs. Fortunately, many funding options are available; along with scholarships, they can ease your financial burden both during and after your degree studies. Here’s a look at some of the most common:

Federal Student Aid

One of the biggest resources for college funding assistance is the federal government. Through the Department of Education’s Federal Student Aid program and other government agencies, MSN students might be able to access funding in a variety of forms, including:

• Loans, such as Direct Unsubsidized Loans and Direct PLUS loans.
• Scholarships and grants, such as Pell Grants and HRSA scholarships.
• Work-study jobs
• Loan repayment
• Loan forgiveness, like the Public Service Loan Forgiveness Program.

Eligibility requirements vary by program; some involve work commitments after graduation. You’ll need to submit a FAFSA form to access these resources.

Institutional Aid

Another primary resource for financial aid is your program itself. Nursing schools offer a variety of financial aid opportunities and services to their students. It benefits the school by ensuring that students have a reliable base of funding to pay for their education throughout their studies. Scholarships and grants given exclusively to a school’s MSN students are not uncommon; tuition payment plans are also available (see below). Program assistantships and fellowships are often available to MSN students, but that availability might be limited for online students.

Payment Plans

Tuition payment plans are standard tools in school and student financial aid toolboxes. These plans are essentially loan programs; schools allow students to pay tuition and fees in installments throughout their studies, often through third-party finance providers and processors, or defer payment entirely until completion of a program. These plans are typically interest-free, but students are commonly charged enrollment fees, late fees, and returned payment fees.

Scholarships & Grants

Scholarships and grants are the first and best forms of financial aid to pursue because they’re essentially free funds, meaning they are not paid back. However, eligibility requirements might be specific, and awards (particularly for scholarships) are often highly competitive. Sponsors of scholarships and grants include public agencies, private foundations, professional associations, nonprofit organizations, and colleges and universities.

Examples:

Johns Hopkins School of Nursing Merit Scholarship

• Amount: $5,000-$25,000
• These merit-based awards are available to all accepted MSN students at Johns Hopkins who demonstrate leadership potential, strong academic achievement, and community service. A separate application is not needed for consideration.

Mississippi Nurses Foundation Car Tag Stipend Program

• Amount: $5,000
• These annual stipends are given to qualifying nursing students in Mississippi. Application requirements include a completed student information form, verification of enrollment in the nursing program, an official transcript of college credit, three letters of reference, and a 500-word essay.

Oncology Nursing Foundation Master’s Scholarship

• Amount: $5,000
• These one-time awards are available for registered nurses currently enrolled in a master’s program relevant to the oncology field. Applicants must be in good academic standing and provide a letter of reference from a current work supervisor or academic advisor.

TYLENOL Future Care Scholarship

• Amount: $5,000-$10,000
• These one-time awards are for full-time graduate students pursuing a degree to actively treat patients. The selection criteria for MSN students include a college GPA, nursing school academic records, volunteer service and community involvement, and the application essay.

Vanderbilt University School of Nursing MSN scholarship

• Amount: $3,000-$15,000
• These awards are partial scholarships for tuition only, made to all Vanderbilt full-time MSN students unless their tuition is paid in full through other scholarship sources. Students must maintain a minimum 3.0 GPA to continue receiving scholarships.