Becoming a nurse practitioner is a smart choice—better pay, more leadership opportunities, and complex cases. It makes sense that nurse practitioner is the #1 job of 2024. If becoming an NP is on your list, the most common concern we hear is related to cost.
How will you afford the advanced degree? How do most nurses pay for an MSN?
Navigating the path to becoming an advanced practice nurse is not just about academic and professional accomplishments; it's also a financial journey. We’ll supply an overview of the cost of a Master of Science in Nursing (MSN) degree and the undeniable value it brings to your career. We’ll also go through realistic, actionable steps to offset the cost of an NP program.
Let’s level-set. Several things contribute to the overall cost of any graduate program. This process can get complicated when you’re trying to compare multiple MSN programs. Here are the basic components contributing to the cost of an MSN:
Tuition costs for MSN programs can vary greatly between public and private institutions. On average, students might expect to spend anywhere from $18,000 to $57,000 for their degree, though these figures can greatly fluctuate based on various factors. Remember, your choice of school plays a crucial role in determining your financial commitment, including the format of the program. More on that later.
Books, supplies, and equipment can also tally up, potentially adding thousands to your expenses over the course of your degree. Not to mention, there are often additional fees associated with nursing programs, such as lab fees or technology costs, that can be a surprise on the final bill.
You need to account for housing, transportation, and personal expenses. If you have to relocate, you may incur additional expenses. It’s important to budget for these ongoing expenses as you would outside of a graduate program.
For some, the decision to pursue an MSN might mean leaving full-time employment, translating to a significant loss of income. Opting for an online program can mitigate this loss, allowing for a more flexible schedule that accommodates continued employment. Pursuing an online format may be a smart choice to help afford your MSN.
Navigating the financial aspect of an MSN program may seem daunting, but understanding the different financial options can make the process more manageable. Our goal is to help you make informed choices that align with your personal and professional circumstances.
Federal loans are generally the most utilized option to help pay for graduate school due to their lower interest rates and flexible repayment terms. Flexibility includes income-driven repayment plans and deferment options during times of financial hardship. To apply for federal student loans, you must complete the FAFSA early each application year; deadlines vary by state and institution.
Private loans can bridge the gap when federal loans and scholarships do not fully cover tuition costs. However, as these loans typically come with higher interest rates and less favorable repayment conditions, so compare offers from multiple lenders. Review the terms carefully regarding repayment plans, forbearance options, and how often interest is compounded. Use a loan calculator to help estimate future payments.
Identifying and applying for scholarships and grants can substantially lower your out-of-pocket cost for an MSN. Professional nursing associations and nonprofit organizations often offer scholarships based on merit, need, or other specific criteria, such as research interests or community service involvement.
Use resources like Scholarships.com or the American Association of Colleges of Nursing website for a comprehensive list of scholarships and grants geared toward graduate nursing students. Applying for several could increase your chances, though each application may require specific essays or letters of recommendation, so plan accordingly.
Be sure to check for any scholarships offered by the program itself during your application process. These are often available but very competitive, so apply early.
Many healthcare providers recognize the value of advanced education and offer tuition reimbursement as part of their benefits package. Many schools also have partnerships with employers to provide tuition discounts. Be sure to check partnerships at both your employer and your school of interest!
Employer reimbursement programs will usually have a few stipulations, like contract extensions or payouts, so be sure to clarify those beforehand.
For those willing to work in high-need areas, loan forgiveness programs like the Public Service Loan Forgiveness (PSLF) program could be beneficial. Typically, these programs require you to work for a certain number of years in public service or underserved areas. It's critical to understand the terms of these programs, as failing to meet obligations can result in disqualification from forgiveness benefits. There are a number of healthcare facilities that often qualify for PSLF.
An MSN has immense value in nursing, but it can come at a high cost. Figuring out how to pay for your MSN is a significant step to becoming a nurse practitioner. Research and thoughtful planning can lead to smart financial decisions. Having a stable financial footing allows you to focus on what truly matters—making an impact in nursing.
Neumann University has been training nurses for nearly 60 years, and we’ve been providing the same education online for almost 20! We know the balancing act you navigate as a full-time nurse seeking to level up your credentials. Our online MSN caters to nurses who can’t afford to leave work to pursue a new degree.
We offer a competitive price and flexible scheduling options that allow you to fit your studies around your shifts, not the other way around.
Our comprehensive curriculum is designed with the input of experienced nursing professionals, ensuring you gain relevant, real-world skills that are immediately applicable in your current role.
At Neumann, you can choose one of three MSN programs:
Our admissions team can help navigate the financial aid process as you apply and enroll at Neumann. Are you ready to take the next step in your nursing career? We have two options for you to choose from: