12 Best Ways to Pay for Your Nurse Practitioner Program

Pursuing an advanced nursing degree like a Master’s or Doctor of Nursing Practice (DNP) to become a nurse practitioner (NP) is a big investment. With factors like expensive tuition, living expenses to cover, and having to forgo a full-time salary, figuring out how to paying for nurse practitioner school can seem daunting.

However, there are many routes aspiring nurse practitioners can take to finance their NP education. This comprehensive guide covers 12 of the top ways to pay for your nurse practitioner program without accumulating a mountain of debt. Read on to learn all about NP school scholarships, federal financial aid, loan forgiveness programs, creative ways to earn money during school, and more.

Deciding if Becoming a Nurse Practitioner is Worth the Investment

The first step for any prospective NP student is determining if the career path aligns with your goals and if the investment in graduate nursing education makes financial sense. Here are a few key points to consider:

• Strong NP Job Outlook and Salary Potential
  • Nurse practitioners are among the fastest growing occupations in healthcare. The Bureau of Labor Statistics predicts NP jobs will increase 31% from 2020 to 2030, over 4 times the average rate for all professions.
  • The median annual salary for NPs as of 2021 was $120,680 per year or $58.03 hourly. Specializations like psychiatric mental health nurse practitioners or acute care nurse practitioners tend to be on the higher end.
• Program Costs Vary Widely
  • While enriching, NP programs are not cheap and can run anywhere from $20,000 to $100,000+ depending on factors like:
    • Public vs private school
    • Online vs on-campus
    • Accelerated, direct entry or part-time options
    • University rankings and reputation
  • Get detailed estimates for each NP program that interests you to understand total costs.
• Hands-On Clinical Training Requirements
  • Most NP programs, including affordable online NP programs, require students to complete 500-1,000 supervised clinical hours.
  • These are typically unpaid and may require commuting or relocating which adds to costs.

If after evaluating these factors you decide becoming an NP aligns with your professional objectives, know that there are paths to paying for school at any budget. Read on to learn about financial aid options, creative ways current students earn money, reputable nursing scholarships and more so you can fund your degree.

Exploring Federal and State Financial Aid Options

One of the first things any aspiring nurse practitioner student should do is complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for the following programs:

• Federal Direct Stafford Loans
  • Government-issued student loans with set interest rates and flexible repayment terms.
  • Offer both subsidized and unsubsidized loans with totals up to $138,500 for graduate study.
• Nursing Scholarships
  • Competitively awarded aid that does not need repayment
  • Scholarships can be offered by the NP program, nursing organizations like the American Association of Nurse Practitioners (AANP) or other groups.
• Nurse Corps Scholarship Program
  • Sponsored by the Health Resources and Services Administration (HRSA), provides full tuition payments plus monthly stipends in return for serving at a critical shortage facility after graduation.
• Graduate PLUS Loans
  • Credit-based federal loans with higher borrowing limits to cover any gap between cost of attendance and other aid awarded.
• Nurse Faculty Loan Program
  • Offers cancelable loans for students pursuing doctoral degrees to teach at accredited nursing schools.
• State Nursing Scholarships and Loan Repayment Programs
  • Many states offer financial incentives for NP students who agree to work in underserved or rural areas after graduation.

Additional options like grants, work-study, military programs, and Free Application for Federal Student Aid (FAFSA) completions may reveal eligibility for other key federal and state financial aid opportunities to pay for nurse practitioner school.

Getting Creative with Crowdfunding for Nurse Practitioner Students

Crowdfunding campaigns via sites like GoFundMe have become an increasingly popular way for nursing students to garner financial support. They allow you to share your NP school funding needs with a wide audience and offer convenient online tools to easily collect donations.

Some keys to running a successful nurse practitioner crowdfunding campaign include:

• Share Your Story – Let visitors get to know you on a personal level and explain your motivations for becoming an NP.
• Set a Reasonable Funding Goal – Have a clear budget in mind with supporting details on how the money would be used.
• Offer Donor Reward Tiers – Small token gifts for different donation levels can incentivize giving.
• Promote Across All Your Networks – Market actively on social channels and ask professional mentors, friends, family etc. to share and contribute to your campaign.

While not guaranteed, crowdfunding can be an innovative way to supplement the high costs of nurse practitioner tuition, fees, and other school expenses when done thoughtfully.

Finding Paid Nurse Practitioner Fellowships and Residencies

Though still somewhat rare, major healthcare organizations like hospital systems, medical clinics, and even the VA have begun offering nurse practitioner fellowship or residency programs. These post-graduate training opportunities provide mentoring and support as you transition into practice.

Benefits of paid NP fellowships or residencies include:

• Full or Partial Salary – Programs understand work is required and compensate appropriately.
• Accelerated Learning – Gain clinical knowledge under experienced provider mentorship.
• Future Job Prospects – Many extend offers for permanent placement on completion.

Finding the small but growing number of salaried post-graduate NP transition-to-practice programs and securing a seat can provide financial support as you embark on your new career.

Additional Ways Current Students Pay for NP School

Beyond traditional financial aid routes and getting creative with crowdfunding campaigns, many nurse practitioner students also rely on personal sacrifice and hustle during their programs. Here are two common ways working nurses upskill while self-funding tuition:

• Becoming a Travel Nurse Practitioner – Some programs allow arrangement of clinical hours at healthcare sites away from your home city. Stringing together long-distance site placements with travel nurse contracts covering housing and transportation can earn much needed money.
• Moonlighting as a Registered Nurse – Many accomplished nurses continue working regular or per diem RN shifts while enrolled in NP school to cover living costs and minimize loans taken out. Just be mindful of burnout!

Applying for Nurse Practitioner Scholarships

There are numerous scholarships available at both national and local levels to help fund nurse practitioner education. These competitively awarded scholarships do not need to be repaid and can make a significant dent in costs.

Tips for finding and securing NP scholarships include:

• Start researching early – New scholarships are always being added and deadlines vary.
• Tap your network – Ask alma maters, employers, and professional memberships about available aid opportunities.
• Highlight experiences – Tailor applications and essays to emphasize your assets like leadership, research, community service etc.
• Polish your submissions – Follow instructions carefully and don’t underestimate small details.
• Persist annually – Reapply each academic year for all relevant scholarships.

While not guaranteed due to often high competition, consistently applying to as many reputable nursing scholarships as possible can help supplement Federal Graduate PLUS loans, personal loans, or out-of-pocket costs to attend nurse practitioner school.

Taking Advantage of Nurse Practitioner Loan Forgiveness Programs

Given the costs involved, many graduating NPs enter the workforce with significant student debt even after patching together scholarships and working during school.

Seeking out federal and state nurse practitioner loan repayment or forgiveness offerings can provide financial relief. Programs like:

• NHSC Loan Repayment Program – Awards providers serving at NHSC sites in Health Professional Shortage Areas (HPSAs) up to $50,000 towards student loans.
• NURSE Corps Loan Repayment Program – Repays up to 85% of nursing student loans over 3 years for RNs and NPs working at eligible facilities with staffing shortages or serving vulnerable populations.
• State Loan Repayment Programs (SLRPs) – Offered in over 40 states, SLRPs provide repayment assistance to clinicians working in areas where particular workforce shortages exist in exchange for multi-year commitments.
• Military Programs – Branches like the Army Public Health Center (APHC) repay up to $120,000 in loans for nurse practitioners who serve as active duty officers.
• Employer Assistance – Many large health systems and public health departments entice NP talent by offering some form of student loan repayment benefits.

Leveraging these incentive programs in underserved regions can help absolve NP school debts far faster than minimum income-based repayments. Be sure to research offerings in states or facilities where you hope to practice.

Final Tips for Paying for Your NP Graduate Degree

Here are a few final best practices for aspiring nurse practitioners seeking to fund their MSN or DNP programs:

• Start saving early – Set aside even small sums over time to minimize reliance on loans
• Become an RN first – Gain experience and pursue tuition reimbursement programs to stockpile for NP school
• Consider accelerated and online options – Can be cheaper and allow working
• Attend in-state public schools – Reduces tuition compared to private or out-of-state programs
• Enroll only in accredited NP programs – Ensures program quality and financial aid eligibility
• Apply early and annually for all possible aid – Don’t lose out by missing deadlines

FAQ for Paying for Nurse Practitioner School

Here are 5 frequently asked questions about paying for nurse practitioner school using the provided keywords:

1. How much does it cost to attend an accredited nurse practitioner program?

Nurse practitioner programs range widely in cost from $20,000 for affordable online RN-to-MSN programs to over $100,000 for prestigious on-campus institutions. The average nurse practitioner student spends around $50,000-60,000 for tuition, fees and living expenses while completing their MSN or DNP program. Cost per credit averages around $700-1,000 depending on factors like public or private school, in-state or out-of-state tuition, accelerated vs traditional program timeline etc.

2. What financial assistance options are available to help pay for nurse practitioner school?

There are many financial aid options that nurse practitioner students utilize to pay for school, including: federal direct loans, nursing scholarships, Graduate PLUS loans, the Nurse Corps scholarship program, nurse faculty loan programs, tuition reimbursement through an employer, loan forgiveness programs, and more. Prospective students should complete the FAFSA, apply early and annually for all possible federal/state aid, competitive nursing scholarships, and explore federal loan forgiveness incentives.

3. How long does it take to complete an MSN or DNP to become a nurse practitioner?

Most MSN degrees to become an NP take 2-3 years to complete as a full-time student. Accelerated MSN-NP hybrid online/on-campus programs may allow completion in as little as 12-24 months. DNP nurse practitioner concentrations usually require roughly 3 years post-bachelor’s or 2 years post-master’s with options to complete nurse practitioner tracks like family (FNP), adult-gerontology (AGNP) or pediatric specialties.

4. What can I do to pay for costs while enrolled in a nurse practitioner program?

Many nurse practitioner students continue working as practice registered nurses or RN educators while completing NP school to help finance their education. Others take advantage of paid resident fellowship programs after graduation, or work as travel nurse practitioners to earn money during clinical practicum rotations. Setting up crowdfunding campaigns, moonlighting as an RN, or getting tuition assistance from an employer in exchange for them paying for school are other options.

5. Is becoming a nurse practitioner worth the investment and cost?

Yes – nurse practitioners enter a growing, lucrative field with an over 30% job growth rate projected in the next decade per the Bureau of Labor Statistics. The median salary for NPs as of 2021 exceeds $120,000 annually with higher wages possible in specialties like acute care. While programs require an investment for tuition, an NP degree offers strong ROI with the potential for non-clinical leadership roles and salary growth over the course of your career.

Best Nurse Practitioner Programs Near Me

We identified the top nurse practitioner programs for you through rigorous research. These premier schools have a record of graduating career-ready nurses who positively impact lives. Starting with the program best fit for you puts purposeful, meaningful work within reach. Let us guide your first steps towards a future of healing hope.

Best Nurse Practitioner (NP) Methodology