Cost is naturally a very important consideration in the choice of a nursing course. Very broadly speaking, online nursing courses compare favorably with their traditional counterparts; however there is a huge variation between the prices of individual courses and programs.
Course prices are normally expressed in terms of credit hours, and a two-year course consists of somewhere between 60 and 90 credits. The price per credit for a nursing program offered through a public (as opposed to a private) institution is of the order of $110 to $170, although the range can be from less than $100 to more than $300. On top of this are registration and enrolment fees specific to the institution. Very much in favor of online nursing classes is the fact that out-of-state fees are not usually charged. Likewise, although lab fees will be payable for the practical education which all students of nursing must undergo, and a certain sum will need to be expended on text books, there is no extra outlay for living expenses including housing and parking.
College courses online for nursing can often utilize the same kinds of financial aid as traditional courses. There are many loans, loan forgiveness programs, work-study programs, scholarships and grants available to student nurses, and the website of each nursing school generally gives information on the various possibilities.
There are over a thousand federal grant programs in the US, and a nursing grant can knock hundreds or even thousands of dollars off the price of a course. As a first step, students should fill out the Free Application for Federal Student Aid (FAFSA) which is usually a prerequisite for eligibility to receive financial aid. Schools often automatically consider for a grant any student who has completed the FAFSA.
Scholarships are awarded for academic, athletic or artistic excellence and are usually highly competitive. There may also be restrictive conditions applied to them and they could be removed if a certain grade point average is not maintained.
Another possibility is to take out a loan. The federal government regulates the amount of interest that can be charged on federally guaranteed student loans so interest is lower than on regular loans. Repayment does not begin until six months after graduation, allowing the student to ‘find their feet’, plus there are deferment and forbearance options offering interest-free time.
The Nursing Student Loan Forgiveness Program (NSLFP), funded by government agencies, exists to help nurses repay their student loans while at the same time supplying areas of the country that are in desperate need of nurses. The loan debt is repaid, or forgiven, in exchange for nursing services in the area of need, one year of service usually offsetting the cost of at least one year of study.
Work-study programs also utilize the student’s labor in order to finance their studies but with 2 major differences: the work is done alongside studying, and will probably not be in nursing. The student can choose employment that is as relevant as possible to their studies, however, and they are paid at least the federal minimum wage. A student should indicate on the FAFSA form whether they wish to be considered for a work-study program.