The United States faces a considerable nursing shortage that could adversely impact essential care delivery. Several factors have contributed to the shortfall, including an aging population, burnout, and access to nursing degree programs.
The nursing deficit constitutes a significant challenge to the healthcare industry. The problem is particularly acute in the advanced practice registered nurse (APRN) field, where the BLS projects job openings for nearly 32,000 new APRNs annually through 2033. If you’re a registered nurse considering earning a Master of Science in Nursing (MSN) to advance your career, now is a good time to start.
Adding an MSN to your resume can substantially boost your annual income. The U.S. Bureau of Labor Statistics (BLS) reports that registered nurses earn over $86,000 annually; nurses in fields that require an MSN, such as reproductive health and anesthesia, earn a median yearly income of $129,480.
Of course, earning an MSN requires investing time, effort, and money. Houston Christian University’s online MSN degree programs make it easier for working professionals to pay for and complete their degrees. The program’s asynchronous learning format enables students to complete requirements from virtually anywhere. Moderate tuition and fees mean students don’t have to break the bank to earn their nursing master’s. Financial aid and employer tuition benefits can make the degree even more affordable. Continue reading to learn more.
Know Your Financial Aid Options
Financial aid comes in many forms, including grants, scholarships, and federal loans. Students should complete and submit a FAFSA form to determine whether they qualify for financial aid.
This form gives the federal government and colleges information that helps them determine students’ eligibility for financial assistance. The United States Department of Education office of Federal Student Aid uses the FAFSA to calculate your Student Aid Index (SAI), which impacts your eligibility for student loans and other forms of need-based aid. Students who have served in the military should also explore their GI Bill benefits.
Houston Christian University’s Linda Dunham School of Nursing offers departmental scholarships based on academic merit, financial need, and other criteria. Visit the Nursing Scholarships page to learn more. Prospective students should email completed scholarship applications to dsonscholarships@hc.edu for prompt consideration.
Students shouldn’t limit their scholarship and grant opportunities to those within HCU’s School of Nursing. Many organizations offer external financial aid options to explore, including:
- Black Nurses Association
- Good Samaritan Foundation
- Hispanic Nurses Association
- Oncology Nursing Society
Submitting an accurate FAFSA form as early as possible can improve your chances of securing aid.
Differences Between Scholarships, Grants, and Loans
Conditions placed on scholarship, grant, and loan recipients may vary. However, certain features usually define these options. In general, you can expect that:
- Grants are awarded based on financial need instead of academic achievement; they do not require repayment if the student meets specified conditions, such as completing a degree program.
- Scholarships are offered for academic achievement; they do not require repayment.
- Loans are granted according to financial need and require repayment, although some employers and government programs may cover the expense.
Explore Employer Sponsorship Options
Current and registered nurses (RNs) may qualify for employee benefits to defray or cover the cost of additional nursing credentials, including RN-to-MSN and MSN programs. Employee tuition assistance programs are popular with employers and employees because each derives benefits from them. Online, asynchronous programs, like the one at HCU, often appeal to employers because nurses can continue working while completing courses part-time.
Employer-sponsored funding usually involves stipulations. For example, the employee might be required to remain with the employer for a fixed period after graduation. If the nurse accepts a position with another organization before fulfilling the commitment, they might have to repay the financial assistance received. Before accepting employer-sponsored aid, ensure you fully understand your rights and responsibilities.
Decode MSN Tuition: Connect With an Enrollment Advisor
Prospective online MSN students at HCU can benefit from many funding opportunities. You can learn more about your options when you contact an HCU enrollment advisor. They can help you understand the application and admission process and guide you toward informative resources about your financial options, which include scholarships, grants, employer tuition assistance, and loans. Call or email today to start your journey toward a more impactful nursing career.