Online PhD in Nursing Financial Aid Options
Continued education in the field of nursing is a wonderful way to expand your career possibilities but it may also be an expense for the student. When pursuing an online PhD in the field of nursing, there are a variety of financial aid opportunities that can be used to help offset the out of pocket costs you will incur including options such as scholarships, grants, loans and work study. Before pursing any of these options, you should begin by filling out the FAFSA. This document is required to determine your financial aid eligibility and it will provide information about possible grants and loans that you can receive.
The first option is a grant which is a form of financial aid that you do not have to repay. There are a variety of grants available for individuals pursing an online PhD in nursing. Grants are available through government programs, nursing schools, professional organizations and other areas. The American Association of Colleges of Nursing can be a wonderful research to consult when looking for loans. Eligibility for grants is generally based on your income and need.
Nursing scholarships are another great option for financial aid which can help reduce the expense of getting an online PhD in nursing. Scholarships are similar to grants in that they do not need to be repaid. Most scholarships are based on your academic standing and your work experience but some are based on need. Many organizations offer scholarships including nursing schools and associations, community groups and a variety of other sources. Do some research and locate all of the scholarships that you may be eligible to receive and take time to apply to each of them. Scholarships are considered "free money" and students should make every effort to earn them.
Loans will provide you with money that will need to be paid back with interest at a later date. Loans are one of the most common ways to pay for an online PhD in nursing. They are available from the federal government and also from private lenders. Generally speaking, federal loans are the most favorable because they offer the lowest interest rates. You may be able to postpone paying back students loans immediately after your graduation but interest will usually accrue. Work study programs can help offset the costs of your nursing education. Students can qualify for these programs based on their income level and other similar criteria. Work study programs provide the students with an on-campus job that allows them to generate an income while taking courses.