Determining how to pay for nursing school demands a multipronged approach. You should use a variety of strategies for paying tuition, program fees and living expenses. Strategies include federal loans and grants, private loans and third-party scholarships, as well as scholarships offered by the nursing school.
Nursing can be a lucrative and rewarding career field to switch to if you’re currently dissatisfied with your current employment and earning potential. The high salaries alone can make the cost of nursing school worth it, but the first step is figuring out how to pay for nursing school.
The affordability of nursing school is certainly a valid concern. After all, you’ve already paid for college once, so the cost of a bachelor’s degree in nursing probably seems intimidating. With the right planning, however, it just might be one of the wisest investments you’ll make.
At Northeastern University’s Accelerated Bachelor of Science in Nursing (ABSN) program, the professionals in our Office of Financial Aid will work closely with you to help identify financial aid for nursing school options.
It’s just one more way we support our nursing students. As a top-ranked school, Northeastern offers an innovative curriculum and experiential learning opportunities to make sure our students step outside of the classroom to further develop their knowledge and skills in the real world.
While you’re sorting through your options for paying for nursing school, you’ll want to consider federal and state aid options, including both grants and loans. You should also begin applying for scholarships for nursing students and look at private loan options.
Wondering if accelerated nursing school is worth it? Discover eight reasons why it’s a good investment in your future.
Understanding Financial Aid for Nursing School
Before attending nursing school, you’ll need to put together a plan for paying for it. In Northeastern’s ABSN program, your admissions counselor will explain the tuition and fees to you.
While tuition and fees are subject to change, as of March 2025, the ABSN program requires a minimum of 67 credit hours to graduate, with a tuition rate per credit hour of $1,307. If you are a transfer student, you can expect to complete 71 credit hours.
You may have to take prerequisite courses, which present additional fees. You’ll also need to pay miscellaneous program fees, such as tests, assessments, supplies and insurance fees.
What are the prerequisites for nursing? Explore the answers to common questions.
While the cost may seem high, nursing school is worth it for you if you have a passion for the healthcare field. Furthermore, you can figure out how to pay for nursing school using a variety of sources, from scholarships to grants to loans.
Scholarships for Second-Degree Nursing Students and Transfer Students
There are plenty of scholarships for nursing students to apply to. Some are offered by schools, such as Northeastern’s own scholarship opportunities. Here, we provide a $15,000 scholarship to all students admitted to our Burlington and Fall River locations and a $26,000 scholarship for all students admitted to our Charlotte location. Some Charlotte students may additionally qualify for an extra $10,000.
Along with school-provided scholarships, you can defray the cost of nursing school by applying to private scholarships. It’s best to apply to all scholarships that you’re eligible for to increase your chances of landing one or more. Don’t overlook the smaller awards, as these have less competition.
Scholarship Search
You can begin your search for scholarships using resources such as:
- American Association of Colleges of Nursing
- FastWeb
- Nurse Corps Scholarship Program
- Going Merry
- BigFuture by College Board
Grants for Nursing School
Like scholarships, grants do not need to be repaid. Some grants may be available from your state government or from private foundations, while others are offered by the federal government.
When you fill out the Free Application for Federal Student Aid (FAFSA), you’ll learn if you’re eligible for Federal Pell Grants or Federal Supplemental Educational Opportunity Grants (FSEOG).
Federal Direct Loans
You can apply for financial aid by submitting the FAFSA form, regardless of your income bracket. Compared to student loans available from private lenders like banks or credit unions, federal loans offer better rates and more favorable terms.
| Options | Recipients | Terms |
|---|---|---|
| Federal Direct Subsidized | Eligible undergraduates who demonstrate financial need. | Interest starts to accrue after a student graduates from or leaves school. |
| Federal Direct Unsubsidized | Eligible undergraduates regardless of financial need. | Interest starts to accrue after the first loan disbursement occurs. |
| Parent PLUS | Eligible parents of dependent undergraduate students. | Borrowing parent must have a good credit history and apply for the loan every year. |
To be eligible for federal student financial aid, you must:
- Be accepted into a degree program
- Be a U.S. citizen or eligible noncitizen
- Have a valid Social Security number
- Make satisfactory academic progress, among other requirements
The FAFSA
You must complete a FAFSA form every school year within federal, state and university deadlines. The form becomes available on October 1st each year. It’s best to complete it as quickly as possible each year, but you can only submit it once accepted into a school.
All Northeastern ABSN locations accept both second-degree and transfer students. If you are a second-degree student, here are some details you’ll need to know when filling out the FAFSA:
- School code: 002199
- Grade level: Fifth year/other undergraduate
- Degree type: Second bachelor’s degree
- Graduate/professional program: No
Below is the information you’ll need when filling out the FAFSA as a transfer student:
- School code: 002199
- Grade level: Third year (if credits 60-89 credits transferred), or fourth year (if 90+ credits transferred)
- Degree type: First bachelor’s degree
- Graduate/professional program: No
Private Loans
Federal student aid may not cover the total cost of a nursing program. Research private lenders, such as banks or credit unions, and borrow from an institution with low interest rates and good terms.
With private loans, you can choose a fixed interest rate, which stays the same, or a variable interest rate, which fluctuates. It’s also a good idea to see what type of borrower protection a lender offers, such as flexible repayment plans or payment deferrals.
Furthermore, because private loans are credit-based, it’s important to know your credit score. If you have poor credit, you’re likely to pay a higher interest rate than you would with a federal loan. You may even need a co-signer on your loan.
Once you’ve decided on a private lender, contact our Office of Financial Aid to make sure you understand loan periods and how they relate to the semester and yearly limits on private loan certifications. The office can also assist in calculating the loan amount needed to finance your nursing degree.
Loan Limits
Before applying for a private loan, you should complete a FAFSA to see if you have any remaining federal student loan eligibility. It’s a good idea to exhaust your federal student loan limits before applying for a private loan. Also, make sure you are accepted into nursing school before borrowing money.
Creative Strategies to Reduce Costs
There are a variety of tricks you can try to reduce your expenses as a nursing student. Consider the following:
- Explore budget-friendly housing. If you have family or close friends near an ABSN location, consider moving in with them to complete nursing school, if possible. Alternatively, live with a roommate.
- Use public transportation.
- Use free study resources online.
- Shop for used textbooks online.
Additionally, be sure to develop a budget and stick to it.
Ready to Earn Your Nursing Degree?
If you have a non-nursing bachelor’s degree or at least 62 non-nursing college credits and are interested in learning more about Northeastern University’s 16-month ABSN program, contact our admissions team today.
