New Jersey Nursing Scholarships, Financial Aid and Loans
One of the most common concerns nursing students face is how to pay for their college education. The least expensive programs are those offered by hospitals, community, and state colleges. Private universities and colleges are more expensive and the rising credit costs may discourage many people. Regardless of which path you choose to become a nurse, you need to come up with the finances to pay for school. You may want to become a Licensed Practical Nurse (LPN) or a Registered Nurse (RN) and here you will find helpful pointers and understand your options when it comes to paying for a nursing degree.
Financial aid programs are available for nursing students to help cover the cost of classes and associated expenses such as books, transportation, uniforms, and housing. Some examples of financial aid include loans, scholarships, grants, and work-study programs. Financial aid may come from Federal Government financial aid programs, state programs, or it may be offered by private companies, professional organizations, and universities. The best type of financial aid comes in the form of grants and scholarships. As a student nurse you don't need to pay back the money received in the form of grants or scholarships. The next best alternative is a work-study program followed by obtaining a loan.
A work-study program requires the student nurse to work in return for the money received in financial aid, while a loan must be paid back after the completion of your nursing education. Many nursing students combine two or more forms of financial aid in order to pay for their education. Our advice is to apply to as many financial aid programs as you can and then select the combination which works best for you.
Educating yourself about available financial aid options is the first step towards getting help with college financing. As a nursing student you should complete the Federal Student Aid (FAFSA) application for financial aid. The U.S. Government determines if one is eligible based on financial need and several other factors. The FAFSA application is also useful for receiving state and private financial aid when the student does not qualify for federal aid. The best person to help you with this application and any questions you may have about Federal Student Aid is your college counselor.
Nursing grants and scholarships are awarded to nursing students who not only need financial assistance but have maintained good grades and demonstrated commitment and dedication to the nursing career. To qualify for a nursing grant or a nursing scholarship one needs to fill out an application and write an essay on a given topic. Each grant and scholarship states the amount of money that will be awarded to the winner and the deadline required for submission of your application. Writing outstanding essays, maintaining a GPA above 2.5, and diligently applying to many grant and scholarship opportunities will increase your chance of being successful. Nursing students are encouraged to apply for scholarships from a variety of sources, including government, post-secondary institutions, private industry and service organizations.
There are many Licensed Practical Nurses (LPN) as well as Registered Nurses (RN) that were able to complete their education by obtaining a student loan. The student loan can be offered by the Federal Government, or by public lenders. Nursing students interested in federal loans need to file the Free Application for Federal Student Aid (FAFSA) form. The four types of federal loans include the Federal Stafford Loan, PLUS loan, Graduate PLUS loan, and Consolidation loan.
Some of these federal loans allow you to defer repayment until graduation from nursing school, or after the completion of your nursing education. The interest rate for federal student loans is usually low and some loans can be partially or entirely forgiven for those who agree to work in areas that are in great need of nurses.
Private loans are based on creditworthiness and can be used for paying college expenses. As a nursing student you will most likely need a creditworthy co-signer in order to obtain a private loan. Make sure you understand the terms and conditions applicable to a specific private loan. To select the best private loan for you, make sure you compare factors such as the interest rate, APR, length or repayment, and fees. The advantage offered by many private loans is to postpone repayment until after you graduate from nursing school. Some Federal programs such as the PLUS and Grad PLUS require payment of principal and interest before graduation.
A great book filled with tips and strategies used by students to obtain financial aid and scholarships is Get Free Cash for College: Secrets to Winning Scholarships. This is a fully updated guide for parents and high school, college, and graduate students which examines each step of the scholarship process and provides advice about finding the right scholarships, writing applications and essays, and asking the college for a financial aid reassessment. The book also offers a comprehensive scholarship directory containing thousands of awards.
One of the best financial aid programs is the nursing scholarship program offered by the Health Resources and Services Administration. In exchange for at least two years of service at a health care facility with a critical shortage of nurses, the NURSE Corps Scholarship Program pays tuition, required fees, other reasonable costs including required books, clinical supplies, laboratory expenses, and a monthly stipend ($1,344 for the 2017-2018 academic year). You can sign up for email notification when the 2017 application becomes available.
Helpful Nursing Advice and Resources
Financial Aid for Nursing Students | Online Nursing Schools and Programs | What You Should Know About the Boards of Nursing | Paying for Nursing School | Why Become a Nurse? | How to Study and Review for the NCLEX Examination | Online Master Degree Programs in Nursing | NICU Nursing Jobs | Why you Should Consider Working as a Travel Nurse | New Graduate Nurses Working in the ICU | Medical Surgical Nursing | Night Shift Nurses | Tips for Helping Nurses Get Enough Sleep | Foreign Educated Registered Nurses | What Makes a Workplace Better than Another for Nurses? | What to Do When a Patient Requires Extra Confidentiality? | About the Influence of Ethics on Nurse Retention | NCLEX Practice Tests
