Paying for your master's degree in nursing

By: Gayle Morris

Edited by: Rebecca Munday

Published: January 10, 2025

A master of science in nursing (MSN) can boost your earning potential, advance your career prospects, and strengthen your clinical and leadership skills. Yet, paying for an MSN program can be difficult and may require lots of planning and multiple funding sources. Consider the following options to help pay for your MSN degree.

How much does a master's in nursing degree cost?

The cost of an MSN program varies greatly and is influenced by several factors, including whether the program is in-person or online, in-state or out-of-state, and the institution's prestige.

Public institutions often offer lower tuition rates than private colleges, and online programs may provide you with flexible schedules and lower fees, including those for technology and lab costs.

The most important thing to consider is how much debt you may accrue by pursuing a graduate degree.

According to the American Association of Colleges of Nursing, in 2016, the average student loan debt that graduate nursing students borrow typically ranged from $40,000 to $55,000.

Ways students pay for an MSN

There are several ways to pay for your advanced education. Using multiple methods can reduce your costs and help lower your student loan debt.

Scholarships

Scholarships are financial awards that help you cover educational costs. Unlike loans, you do not need to repay scholarships. Schools and organizations award scholarships based on merit, need, or specific achievements or characteristics, such as leadership or race/ethnicity.

Nurses can find scholarship opportunities through:

• Professional organizations like the American Association of Colleges of Nursing
• Healthcare institutions
• Nursing schools
• Educational foundations

Some organizations may also offer generic college scholarships that you can apply to nursing school.

Grants

Grants are a form of financial aid that does not need to be repaid, making them a valuable asset for nursing students.

Schools and organizations often award grants to students who demonstrate financial need as determined by the Free Application for Federal Student Aid (FAFSA). Eligibility can depend on:

• Academic performance
• Enrollment status
• Specific demographic information

Nurses can find grant opportunities through professional organizations, nursing schools, and the federal and state governments. For example, the Pell Grant is a common federal grant. Many states offer grants specifically for healthcare students to help meet the needs of the nursing shortage.

Loans

Loans are a form of financial aid that must be repaid, usually with interest. Loans present a significant financial commitment for nursing students. Students can take out federal or private loans.

Federal loans typically offer lower interest rates and more flexible repayment options. Your eligibility depends on financial need, credit history, and enrollment status.

You must complete the FAFSA to apply for federal loans. You can find loan opportunities through private lenders and some state governments. You must understand the loan terms and repayment options to adequately manage your finances.

Work-study programs

Work-study programs provide part-time jobs for students with financial need. These programs allow students to earn money to help cover educational expenses while attending school. Your school or the federal government typically funds these programs.

Work-study jobs usually relate to your course of study and provide valuable experience. Nurses can explore work-study opportunities with the school's financial aid office or consider similar positions in hospitals, clinics, or other healthcare settings.

The FAFSA, your financial need, and the availability of positions will determine your eligibility.

Employee tuition assistance or reimbursement

Some employers, such as hospitals or large healthcare systems, may offer tuition assistance or reimbursement as a benefit to help employees cover the cost of education. These programs can fully or partially cover tuition and fees.

Eligibility often depends on the:

• Employee's tenure
• Program's relevance to the course of their job
• Employer's specific policies

Be sure to check the requirements you must meet to qualify for employee tuition assistance or reimbursement, which can include one or more years of employment within the organization.

U.S. Health Services Corps

The U.S. Health Services Corps (NHSC) offers financial aid to healthcare professionals in exchange for service in underserved areas.

Nurses can receive loan repayment assistance or scholarships when they commit to work in health professional shortage areas (HPSAs) for a specified period, usually two to four years.

Your eligibility depends on your profession, the program, and committing to serving high-need communities.

On the NHSC website, nurses can find opportunities for scholarships and loan repayment programs as well as explore qualifying HPSA locations.

Working while earning your degree

Working while earning your degree allows you to finance your education through part-time or full-time employment. Working while you learn:

• Reduces your reliance on loans
• Can lower your student debt
• Provides valuable experience in the field.

Many nursing programs offer flexible schedules to accommodate working students. Nurses can explore positions in hospitals, clinics, or other healthcare settings that offer flexible hours Additionally, some employers may provide tuition assistance, making this a dual benefit for working nurses.

How can students lower the cost of an MSN?

In addition to finding ways to pay for your MSN degree, you can lower the program's cost by making some strategic choices.

• Opting for an RN-to-MSN bridge program or an accelerated program can reduce the time and tuition needed to advance your education.
• RN to MSN bridge programs allow you to bypass earning a separate bachelor's degree.
• Public universities usually offer lower tuition rates compared to private schools. In-state tuition often costs less than out-of-state tuition.
• Consider an online MSN or RN-to-MSN program. These programs usually offer reduced tuition and fees and eliminate the cost associated with commuting or relocating. Online programs also provide flexibility, which allows you to work while studying.