If you work as a registered nurse and are wanting to earn your Bachelor of Science in Nursing (BSN) online, you may be wondering how you are going to pay for your degree. Though nurses often make good money, many have a hard time finding extra money in their budgets to cover the costs of a BSN degree. Once you have your BSN, though, you’ll find that your salary will increase. Fortunately, nurses can usually use a few different types of financial aid to pay for their online schooling.
One of the first places you should look for help paying for school is in the human resources department of your employer. Many hospitals and other health care facilities offer tuition reimbursement. The way this works is pretty simple. You let your employer know before you go back to college and fill out some paperwork. The employer holds you responsible for paying your tuition, fees and other costs. At the end of the semester, you submit a transcript or grade report to the employer, which will then reimburse you for the costs you paid out of pocket. Some employers require that you maintain a certain grade point average to qualify for tuition reimbursement.
Loans offer college students the chance to pay upfront for their classes if they agree to pay off those costs later. The amount you can borrow will depend on your year in school and your overall status. According to a division of the U.S. Department of Education, there are both federal student loans and private student loans available. Federal loans are subsidized, which means that you do not incur any interest on your loans until you graduate. Private student loans are a type of alternative student loan that usually require that you have a good credit score.
“How do I fund my online RN-BSN degree?” is something that many nurses ask because they want to go back to school but cannot afford the cost of a BSN program. With a government grant, you essentially get free cash that you can use for any of your expenses. Grants are like scholarships in that you do not need to repay any of the money you receive. Some grants are available for nurses who agree, after graduation, to work in a certain region that has a high need for nurses.
The more loans you take out for school, the longer it will take for you to pay off those loans later. Loan repayment programs will pay off those loans for you. These programs often come from employers who have a high need for qualified nurses. A hospital might accept recent nursing school graduates and agree to pay off their loans once they work there for a set period of time. There are also government programs open to nurses. These programs will pay off a portion of the amount you owe on your loans based on how long you work in a specific area.
RN to BSN programs take all the credits you earned in nursing school and put those credits toward a BSN degree. To fund your online RN-BSN degree you can sign up for an employer reimbursement, take out loans and grants or enroll in a loan repayment program.