Online MSN Programs that Accept (or Offer) Financial Aid

Inside Programs: Online MSNs & Financial Aid

Financial aid for higher education shouldn’t be a black box. That’s why we created this guide that shares profiles of accredited online MSN programs with abundant financial aid resources.

As you explore the programs, pay close attention to the different types of financial aid:

• University scholarships
• Federal loans and grants
• State tuition assistance programs
• Loan reimbursement programs
• Funding from outside sources

FAQs About MSN Programs with Financial Aid

Financing is a top concern for most students before applying to a master’s program in nursing. How do you maximize your options, and where’s the best place to start?

The questions below come from real prospective MSN students, and we share the answers to help you reach your career goals.

Can you get financial aid for a master’s in nursing?

Absolutely. In fact, most master’s degree students, regardless of major, rely on obtaining financial aid from one or several funding sources.

Available funding types include:

• Scholarships – Sources include governments, public and private organizations, and graduate schools. Awards are often based on academic performance, but other factors might be considered, such as:
  • Specific major or career field
  • Extracurricular achievements
  • Financial need
  • Underlying goals of sponsors (like support for students belonging to a minority or underrepresented group).
• Grants – Similar to scholarships, grants focus more on financial need than academic achievement.
• Assistantships – Schools provide them 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 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 financial aid package of resources to pay for nursing school.

The good news is that all financial aid types discussed above are typically available to qualifying nursing students. In addition to “free” funding types (like scholarships and grants), you may still need to take out 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?

Your first step to pursue funding an MSN should be contacting the financial aid office at each school you’re considering. They can explain in-house opportunities and help you find external resources.

Be sure to check with the federal government (see below under Federal Student Aid) and organizational sources like Johnson & Johnson and the American Association of Colleges of Nursing Foundation. And don’t forget scholarship search engines, like Collegeboard.org, Fastweb.com, and Scholarships.com.

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

It’s a good possibility, depending on the hospital. Like many other healthcare employers, hospitals struggle with the continuing shortage of nurses and so provide incentives to keep quality employees.

Funding options may include scholarships and grants, but tuition reimbursement is the most common form of hospital-sponsored funding. The employer partially or fully reimburses MSN students for tuition in return for an employment commitment from the nurse to continue working there for a set period of time.

Common Funding Options for MSN Students

Scholarships may come to mind first, but they most likely won’t cover all your costs. Fortunately, other funding options are available, and we break each one down below.

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 the following types of funding:

• 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, and some involve work commitments after graduation. You’ll need to submit a FAFSA form to access these resources.

Institutional Aid

Nursing schools offer a variety of financial aid opportunities and services, ensuring that students have a reliable base of funding. These may include the following:

• Scholarships and grants specifically for MSN students
• Tuition payment plans
• Program assistantships and fellowships

Payment Plans

Tuition payment plans allow students to pay tuition and fees in interest-free installments during their studies, often through third-party finance providers and processors, or defer payment entirely until completion of a program. Students must also pay 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
• 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 students pursuing a graduate 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.