Saturday, May 17, 2014
Step 4: Paying for Nursing School
We haven't heard back from the school yet with all of the registration details but we do know an approximate amount that we will be required to pay.
At my school, it costs approximately $10,000 to graduate with a degree in Nursing. I'm not a teenager or a twenty-something...I'm a thirty-something. Well, I am one of the lucky ones, I think. We have a little bit of money in savings to put toward tuition and fees, and my husband works full time so that I can devote myself full time to nursing school.
That being said, we still have a budget. It's not always easy to support a family on one income, much less, send a family member to college.
So what are the options?
Well, first, look into scholarships! Never underestimate the power of the scholarship application. Many times students don't apply because they don't think they will qualify, leaving very few applicants for scholarships. APPLY! You never know; you might get one! Two of the hospitals in our area give out scholarships to nursing students. It may not pay for the entire tuition, but every little bit helps!
Also, grants are a possibility. Grants are a great resource because that is like free money! You don't have to pay back free money. A little bit, or a lot...take it and run with it!
And finally, look into student loans. This might be a possibility for me. I called our local credit union where we have the majority of our accounts. They have a student loan program that can give me a $10,000 loan for 6.4% interest and would only require monthly interest payments until I graduate. Then I would be required to repay as if it were a personal loan. Some loans defer all repayment until after graduation, which gives you some time to graduate and get a job.
Personally, my husband has no problem with us getting a loan to pay for school. I, on the other hand, would love to be able to pay as much of it in cash as possible. No one wants to graduate and then be burdened for years with loan repayment. My plan is to save every penny, above and beyond our family budget, in my tuition account. I have a few hundred dollars in it already but hope to have a few more by the time school starts. I am also cleaning out the house and selling items on Varage Sale, because like I said, every penny counts.
Let's see how much money I can raise by July!
However you do it, get the money...get the education...become a nurse!!!