Financial Aid Programs
Financial aid programs are available for nursing students to help cover the cost of classes and associated expenses such as books, transportation, uniforms, and housing. Some examples of financial aid include loans, scholarships, grants, and work-study programs. Financial aid may come from Federal Government financial aid programs, state programs, or it may be offered by private companies, professional organizations, and universities.
The best type of financial aid comes in the form of grants and scholarships. As a student nurse you do not need to pay back the money received in the form of grants or scholarships. The next best alternative is a work-study program followed by obtaining a loan. A work-study program requires the student nurse to work in return for the money received as financial aid, while a loan must be paid back after the completion of your nursing education. Many LPN students combine two or more forms of financial aid in order to pay for their education. You should apply to as many financial aid programs as you can and then select the combination which works best for you. Educating yourself about available financial aid options is the first step towards getting help with college financing.
As a nursing student you should complete the Federal Student Aid (FAFSA) application for financial aid. The U.S. Government determines if one is eligible based on financial need and several other factors. The FAFSA application is also useful for receiving state and private financial aid when the student does not qualify for federal aid. The best person to help you with this application and any questions you may have about Federal Student Aid is your training program counselor.
Nursing grants and scholarships are awarded to nursing students who not only need financial assistance but have maintained good grades and demonstrated commitment and dedication to the nursing career. To qualify for a nursing grant or a nursing scholarship one needs to fill out an application and write an essay on a given topic. Each grant and scholarship states the amount of money that will be awarded to the winner and the deadline required for submission of your application. Writing outstanding essays, maintaining a good GPA and diligently applying to many grant and scholarship opportunities will increase your chance of being successful.
Nursing students are encouraged to apply for scholarships from a variety of sources, including government, post-secondary institutions, private industry and service organizations. There are many Licensed Practical Nurses (LPN) as well as Registered Nurses (RN) that were able to complete their education by obtaining a student loan. The student loan can be offered by the Federal Government, or by public lenders. Nursing students interested in federal loans need to file the Free Application for Federal Student Aid (FAFSA) form.
The four types of federal loans include the Federal Stafford Loan, PLUS loan, Graduate PLUS loan, and Consolidation loan. Some of these federal loans allow you to defer repayment until graduation from nursing school or later. The interest rate for federal student loans is usually low and some loans can be partially or entirely forgiven for those who agree to work in areas that are in great need of nurses. Some Federal programs such as the PLUS and Grad PLUS require payment of principal and interest before graduation.
Private loans are based on creditworthiness and can be used for paying college expenses. As a nursing student you will most likely need a credit worthy co-signer in order to obtain a private loan. Make sure you understand the terms and conditions applicable to a specific private loan. To select the best private loan, make sure you compare factors such as the interest rate, APR, length or repayment, and fees. The advantage offered by many private loans is to postpone repayment until after you graduate from nursing school.
You should start your scholarship search early to ensure that you have ample time to complete applications before their deadlines. Some states offer public funding through nursing scholarships to students interested in working in underserved areas upon graduation. Try to find out if hospitals in your area or your state board of health offer scholarships. Prospective LPN students should visit schools which they consider attending and inquire about the assistance the school can be expected to provide.
Scholarships are awarded by schools, government agencies, foundations, civic clubs, as well as other non-profit organizations. LPN scholarships funding amounts, deadlines, and eligibility requirements such as minimum grade point average, residency, and field of interest vary. It is a good idea to consult with advisors from the schools you would like to attend because many scholarships are awarded directly through the nursing departments or by nursing faculty recommendations. When applying for a scholarship make sure you follow the guidelines of the application, check your spelling and grammar, make your application stand out and obtain good letters of recommendation. Do not apply for scholarships for which you are not qualified.