How to Make NP School More Affordable
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The cost of attending college continues to rise, and nurses contemplate whether continuing their education to become an NP is worth it. Graduate school can be double or triple the price of undergraduate studies. Nurses question whether it is a good return on their investment and if they can even afford it. Fortunately, advancing a nursing career to become an NP is beneficial, and there are many ways to make higher education more affordable.
Nurses can apply for scholarships, enroll in student loan forgiveness programs, and have tuition covered by their employer or the military. They should choose a cost-effective program and borrow responsibly. They should also consider working while in school and saving on ordinary living expenses.
Scholarships
Nurses looking to go to graduate school should apply for scholarships specifically for nurses or NP students.
Many organizations, such as the American Association of Nurse Practitioners (AANP) and the American Nurses Association (ANA) offer funding for college. They have dozens of different scholarships and grants that can be applied for. State nursing associations also offer annual scholarships. So, nurses should look into their local nursing association to see what scholarships and grants they offer beforehand.
Additionally, student honor societies such as Sigma Theta Tau and Golden Key International offer scholarships. These scholarships are awarded to current students and alumni. Nurses should join national honor societies as undergraduates and refer back to them for grant opportunities for graduate school.
Many colleges and universities offer internal scholarships. After nurses apply for admission, they may be offered a scholarship upon acceptance. Sometimes, there is a separate application process for college-offered scholarships. These scholarships can help cover tuition and/or provide living stipends. Nurses must network with college administrators and financial aid offices to see opportunities.
Employer Tuition Reimbursement
Many healthcare employers and large hospital systems offer tuition reimbursement programs. Nurses should check if their current or future employer provides this benefit. This company-sponsored benefit covers some or all of the costs associated with an employee’s college classes. Typically, this requires the nurse to sign an agreement that commits them to working for the same employer for several years upon graduation. This is a double benefit since the nurse will have a guaranteed job after program completion.
Nurses will have to pay for their tuition upfront and then request reimbursement from their company after they complete the course with a passing grade. Tuition reimbursement programs cover tuition fees, textbooks, and other supplies needed. Employers can set restrictions on their programs. For example, they may require the employee to remain full-time while studying or require a minimum number of years of work to be eligible. Nurses should meet with human resources or their supervisor to discuss their eligibility.
Student Loan Forgiveness
Several loan forgiveness programs pay back student loans for NPs upon meeting certain qualifications. Below are the most commonly used options.
The National Health Service Corps (NHSC) offers scholarships and loan repayment assistance for NP graduates who work in underserved areas such as federally qualified health centers. The NHSC is dedicated to increasing access to care, so this is an incentive they offer to providers to work in high-need communities. Full-time primary care NPs are eligible for up to $75,000 in loan repayment awards for a two-year service commitment. Loan repayment is exempt from state or federal taxes.
Public Service Loan Forgiveness (PSLF) has become popular in recent years, as more and more healthcare professionals have utilized this program successfully to have their student loans forgiven. PSLF is provided to NPs who work for a qualifying non-profit or government organization and make 120 qualifying payments to their student loans to have the remaining balance forgiven. Non-profit organizations include certain hospitals and community health centers. Through the PSLF program, there is no limit on the amount of public student loans that can be forgiven. Many providers have had multiple six-figure student loans forgiven this way.
Choose a Cost-Effective Program
Nurses should select a cost-effective NP program. Public universities often have lower tuition rates than private schools. Nurses should keep this in mind when applying to NP schools. They should also consider online NP programs, which may have reduced fees and allow them to work while studying.
Some universities offer accelerated one-year NP programs instead of two- to three-year ones. This can help decrease the overall cost of graduate school and allow nurses to work as an NP sooner. Some schools offer part-time programs which will enable nurses to continue working full-time. Nurses should apply to multiple NP programs and select the most affordable option.
Work While in School
Nurses do not have to give up their income while in school. Many NP programs have part-time curriculums that allow students to work as an RN full-time while studying. This helps offset tuition costs and regular living expenses. Full-time students can work per diem, which tends to offer higher pay.
Working per diem is a nice option for NP students, as nurses can choose their own schedules and availability. They can pick up a few per diem shifts each month to help cover their living cost and even help pay for tuition. Nowadays, nurses can find jobs working remotely, which may offer more flexibility as a student—working while in NP school can prevent nurses from taking out too much in student loans.
Explore Military Benefits
Nurses who have served in the military or have a family member who has can check for eligibility for GI bill benefits or military tuition assistance programs. The GI Bill is a federal program that provides aid to veterans and their families. It can help pay for graduate school, training programs, books, and living costs. The GI Bill provides paid tuition and fees, as well as housing and book stipends. In addition, the military offers 100 percent tuition assistance for graduate programs to service members.
Borrow Responsibly
Students who need to take out student loans should prioritize federal loans with lower interest rates. Federal loans also tend to have more flexible repayment options than private loans. NP students should only borrow what they need and avoid taking out excess loans for superfluous spending. They should try to make student loan payments even while in school. This will help them save much money on interest in the long run. After graduation, student NPs can consider refinancing their student loans for a lower interest rate if they do not plan to participate in one of the above loan forgiveness programs.
Save on Living Expenses
Nurses should focus on saving on living expenses when they return to school. Student NPs should minimize costs by living with family or in shared housing with roommates. This allows them to save substantially on living costs. They can also apply to be a Resident Advisor on campus, providing them with free housing. Resident advisors are in charge of specific dorm halls and help students with academic and social life.
NP students should cook at home instead of eating out frequently. They can prioritize their education and work instead of spending lavishly on entertainment and shopping. They can buy used textbooks instead of new ones to reduce costs. They should also use public transportation to save costs on car payments and gas.

Sophia Khawly, MSN
WriterSophia Khawly is a traveling nurse practitioner from Miami, Florida. She has been a nurse for 14 years and has worked in nine different states. She likes to travel in her spare time and has visited over 40 countries.
Being a traveling nurse practitioner allows her to combine her love of learning, travel, and serving others. Learn more about Sophia at www.travelingNP.com.