In this article, we look at ways you can sensibly finance an education that will help you get a job in healthcare. Read on for a comprehensive guide that covers everything from grants and scholarships to being smart about how you manage your loans.
Scholarship and Grant Opportunities
The surest and most traditional way to reduce the cost of your education is to seek as many scholarships and grants as you can get your hands on. If you have a really solid academic transcript, you will most likely qualify for some type of scholarship money— even if it is just in the form of a few hundred dollars here or there.
Students with really remarkable credentials can save thousands of dollars throughout their education. Keep in mind that while an $800 scholarship won’t look like much coming out of an education that could cost $100K when it’s all said and done, that’s still a nice chunk of change that you’ll get to keep in your bank account. It all adds up.
Grant opportunities are slightly different. They aren’t necessarily merit-based and may be a little less competitive. This is particularly true when you can find opportunities that are specific to your situation. Minority-based college grants are less competitive because the number of eligible applicants is much smaller.
When it comes to grant opportunities, it’s always best to start looking local and branch out from there. Do a little digging to find out if there are charities, churches, or other even businesses offering money to locals. From there, branch out to the state, and national level.
It’s also a good idea to check with the college you hope to enroll in. They may have grant or scholarship money set aside specifically for certain types of applicants (i.e first generation, immigrant, minority, low-income, etc.).
Be creative and look everywhere. The more opportunities you find, the more you’ll save not just on the sticker price of your education, but also on interest payments many years into the future.
Be Smart with How You Finance
Most people can’t afford to pay cash for their education. However, the type of loan you take out can have a big impact on your future payments. Government loans are structured around your current finances. The terms can be challenging, but they are typically much better than those you will encounter with a private loan agency.
Pay attention to interest rates— both current and in regard to the terms concerning their potential for fluctuation. Government loans feature fixed interest rates, which means you will always have the same payment.
The repayment schedule also has built-in protections, allowing you to make reduced payments if your income is below a certain threshold. While these features aren’t as nice as say— not having loans at all—they can make your overall experience more affordable and accessible.
Be Mindful of Time
Generally speaking, the quicker you complete your education, the more affordable it is. To understand this proposition better, you must first understand how costs are broken down. Most college students pay tuition— that’s the dollar figure for each hour they spend in the classroom—and room and board.
The first cost is pretty much fixed. It takes 120 credit hours to become a nurse and— barring any scholarships or grant money— you will be financially responsible for every single one of them.
Room and board costs can be reduced by taking a slightly brisker pace with your education. The average college student takes six years to acquire their undergraduate degree. Following this pace, you can save tens of thousands of dollars just by sticking to the more traditionally recommended four-year completion schedule.
It’s easier to graduate on time when you limit yourself to one major, pass all of your classes the first time, and don’t make any academic detours (i.e. experiment with different courseloads).
If you want to graduate even quicker, there are options. Accelerated nursing programs can sometimes allow you to get your degree in as little as 18 months. This is a great option for people who not only want to start working as soon as possible but also want to avoid dealing with four years of college expenses.
Choose Your College Wisely
While most schools are expensive, some are significantly pricier than others. Most financial experts recommend that you should avoid borrowing more than $50K total, though your future expected salary can influence that number somewhat. For example, doctors may wind up borrowing six figures to pay for their education. However, their future earnings will make repaying that loan feasible.
Nurses make good money but they also live pretty squarely in the middle class. Conclusion? Don’t borrow lavishly. Find a degree that you can repay in ten years or less.
Some people will even decide to start at a community college where they can knock out gen-eds, and often even take entry-level nursing school classes at a significantly reduced rate. Another benefit of community college is that you may be able to continue living at home, which will help you save a significant amount of money on room and board.
Contact Your Employer
If you are going back to school as someone who is employed, you may have opportunities to get some or all of your education paid for by your current employer. There are many businesses— including Amazon, Chipotle, and Target—that will pay for at least some of your education.
There are stipulations. At Chipotle you have to work at least fifteen hours a week and have been with the company for four months or longer. You also have to choose from a list of Universities they have partnered with.
Still, any free money is helpful. Take advantage of as many opportunities as you can.
Already Have an Undergraduate Degree?
If you already have an undergraduate degree you can save lots of money by enrolling in a nursing program that only focuses on courses that qualify you for a BSN. This allows you to complete your studies much quicker than people working on their gen-eds while sparing you thousands of dollars in tuition and room and board fees.
Are Budget Degrees Real?
While there isn’t exactly an off-brand option for getting a nursing degree, there are steps you can take that will make the investment sensible and easier to manage. Don’t borrow more than you can afford to pay, claim as much free money as you possibly can, and work at an achievable but focused pace.
While college isn’t easy to pay for, there are paths out there for everyone. Find the route that makes the most financial sense for you and stick to it.
