Students sometimes make the mistake of thinking that they can’t afford college. These days, a private university can cost $30,000 or more each year and a public college might cost $10,000 for a single year. As an accelerated BSN program moves faster than a traditional one, some students assume that this disqualifies them for any type of aid. But, if you’re interested in a BSN program, you’ll find that financial aid for an accelerated BSN is available. Completing the FAFSA (Free Application for Federal Student Aid) is the first step to finding out what type of and how much aid you qualify for.
Federal Student Loans
The most common type of financial aid is a federal student loan. The benefit to using these loans is that the repayment terms don’t start until you are out of school for at least six months. When you fill out the FAFSA, it will give you a detailed list that tells you how many subsidized and unsubsidized loans are available. Unsubsidized loans are available to anyone enrolled in college, but subsidized loans are only available to those who show a financial need. You can only borrow a specific amount of money each year, and the federal government has a cap on the total amount you can borrow throughout your education.
Private Student Loans
Federal students loans come with a number of requirements. These loans often aren’t available to those enrolled part time in a nursing program or those convicted of certain crimes. Private student loans or alternative student loans let you borrow money from a financial institution dedicated to offering loans to students. Depending on your credit score, you may need to use a cosigner. The interest rates on these loans are often higher than the rates applied to federal student loans.
School and Private Scholarships
The less money that you borrow for your BSN program, the less money you have to repay later. Many schools that offer BSN programs offer scholarships specifically for those enrolled in nursing or medical programs. You may even find scholarships available for those enrolled specifically in accelerated programs. The amount of money varies from a few hundred dollars to a few thousand dollars, and some scholarships let you reapply each year to get more funds. A large number of public colleges give new students a small scholarship as part of their financial aid package.
Federal Work Study Programs
According to Federal Student Aid, which is a part of the United States Department of Education, all students qualify for work study programs, including full-time and part-time students. This type of financial aid for an accelerated BSN is good for those who don’t currently have a job and those who have free time and flexible availability. Work study programs are available both on campus and off, and some of the jobs come with a salary well above minimum wage. Your school will work hard to find a part-time job for you that lets you gain some experience in the medical or nursing field.
Student loans from the federal government and private student loans let those in need pay for their nursing classes, but you’ll also find aid in the form of work study programs and scholarships. Filing the FAFSA is the best way to find out what type of financial aid for an accelerated BSN is available to you.
Related Resource: Does and Accelerated BSN Program Allow Time to Have a Full-Time Job?