How to Pay for Your MSN Degree: Scholarships, Grants & Loan Forgiveness
- Understanding MSN Program Costs
- Nursing-Specific Scholarships for MSN Students
- Federal and State Grants for Nursing Graduate Students
- Loan Forgiveness Programs for MSN Graduates
- Employer Tuition Assistance Programs
- Military Nursing Education Benefits
- Strategic Tips for Funding Your MSN Degree
- Exploring Financing Options Can Help You Save
- Latest Articles & Guides

Deciding to enroll in a Master of Science in Nursing (MSN) degree represents a significant investment in your healthcare career, opening doors to advanced practice roles, leadership positions, and increased earning potential. However, the cost of graduate nursing education—ranging from $35,000 to $70,000 or more—can be daunting. The good news? Multiple funding options exist to make your MSN degree more affordable. This comprehensive guide explores scholarships, grants, loan forgiveness programs, and other financial strategies specifically designed for nursing graduate students.
Understanding MSN Program Costs
Before diving into funding options, it’s important to understand what you’re paying for. MSN program costs typically include:
- Tuition (per credit hour or flat program fee)
- Technology and lab fees
- Clinical placement fees
- Books and supplies
- Professional liability insurance
- Certification exam preparation materials
Most MSN students spend between $650-$1,500 per credit hour, with programs typically requiring 36-60 credits depending on specialization and prior education.
Nursing-Specific Scholarships for MSN Students
National Nursing Organizations
Professional nursing organizations offer some of the most substantial scholarship opportunities for MSN students:
- American Association of Colleges of Nursing (AACN) awards multiple scholarships ranging from $2,500 to $10,000 annually
- American Nurses Association (ANA) provides foundation scholarships specifically for continuing education
- National League for Nursing (NLN) offers scholarships up to $8,000 for master’s students
- Sigma Theta Tau International (nursing honor society) provides numerous grants and scholarships
Specialty-Focused Scholarships
Your chosen MSN specialization may unlock additional funding sources:
- Nurse practitioner students can apply for the American Association of Nurse Practitioners (AANP) scholarships
- Future nurse educators may qualify for the Nurse Faculty Loan Program (NFLP), which forgives up to 85% of loan amounts for graduates who become nursing faculty
- Psychiatric mental health nursing students can explore the American Psychiatric Nurses Association (APNA) scholarships
- Leadership-focused MSN students, such as those enrolled in a Clinical Nurse Leader program, should consider the American Organization for Nursing Leadership (AONL) foundation grants
Federal and State Grants for Nursing Graduate Students
Unlike loans, grants provide funding that doesn’t require repayment, making them extremely valuable for MSN students.
Federal Nursing Grants
- HRSA Nurse Corps Scholarship Program covers tuition, fees, and provides a monthly stipend in exchange for working in critical shortage facilities after graduation
- Advanced Nursing Education Workforce (ANEW) Program supports students in primary care nurse practitioner and nurse-midwifery programs
- Federal Pell Grants, while primarily for undergraduates, may be available to RN-to-MSN students during undergraduate coursework
State-Based Nursing Grants
Many states offer grants and forgivable loans specifically for nursing graduate students:
- The California State Loan Repayment Program provides up to $50,000 for nurse practitioners willing to work in underserved areas. Explore MSN Programs in California.
- Illinois Nurse Educator Scholarships support MSN students pursuing nurse educator roles. Explore MSN programs in Illinois.
- Texas Professional Nursing Scholarship Programoffers funds for graduate nursing education. Explore MSN Programs in Texas.
Contact your state nursing association or department of higher education to identify state-specific opportunities.
Loan Forgiveness Programs for MSN Graduates
Taking out loans for your MSN degree can be a strategic investment when combined with loan forgiveness programs.
Public Service Loan Forgiveness (PSLF)
The Public Service Loan Forgiveness program forgives remaining federal loan balances after 120 qualifying payments (10 years) while working full-time for eligible public service employers, including:
- Government organizations
- Non-profit 501(c)(3) hospitals
- Public health departments
- Community health centers
Nurse Corps Loan Repayment Program
The Nurse Corps Loan Repayment Program pays up to 85% of qualified nursing education loans in exchange for a two-year commitment at a critical shortage facility:
- 60% of loan balance for two years of service
- Additional 25% for a third year (optional)
State-Based Loan Repayment
Many states offer loan repayment assistance for advanced practice nurses who commit to working in designated shortage areas, typically offering $10,000-$50,000 in loan repayment for 2-4 year service commitments.
Employer Tuition Assistance Programs
Hospital and Health System Benefits
Many healthcare employers offer tuition benefits for MSN students:
- Direct tuition reimbursement (typically $2,500-$10,000 annually)
- Reduced work schedules with maintained benefits
- Loan repayment assistance
- Work-study arrangements
Service Commitment Programs
Some hospitals offer substantial tuition coverage in exchange for employment commitments:
- Full tuition coverage for 2-3 year work commitments following graduation
- Partial tuition coverage with reduced service obligations
- Specialty-specific incentives for high-need roles
Employer Type | Average Annual Tuition Benefit | Common Requirements | Application Timing |
Academic Medical Centers | $5,000-$10,000 | 1-year employment before eligibility; continued employment | January/August |
Non-profit Hospitals | $3,000-$7,500 | Part-time minimum hours; GPA requirements | Quarterly |
For-profit Health Systems | $2,500-$5,000 | Manager approval; service commitment | Rolling |
Government Facilities (VA) | Up to $15,000 | Current employment; specialized track | Annual |
Community Health Centers | $2,000-$4,000 + loan repayment | Service in underserved area | Bi-annual |
Military Nursing Education Benefits
For those with military connections, substantial educational benefits may be available:
- Army Nurse Corps: The Health Professions Loan Repayment Program offers up to $120,000 for loan repayment
- Navy Nurse Corps: The Health Services Collegiate Program provides monthly stipends during school
- Air Force: The Health Professions Scholarship Program covers full tuition and provides a monthly stipend
- Veterans Benefits: The GI Bill and other VA education benefits can apply toward MSN programs
Strategic Tips for Funding Your MSN Degree
- Start early: Many scholarship applications are due 9-12 months before program start dates
- Cast a wide net: Apply for multiple funding sources simultaneously
- Leverage your current employer: Negotiate for increased tuition benefits or flexible scheduling
- Consider part-time study: This enables you to maintain income while pursuing your degree
- Explore tax benefits: The Lifetime Learning Credit provides tax credits for graduate education expenses
- Choose programs strategically: Online and in-state programs often reduce overall costs
Exploring Financing Options Can Help You Save
Financing your MSN degree requires planning and persistence, but the professional and financial rewards make it worthwhile. By combining scholarships, grants, employer benefits, and strategic loan repayment programs, you can significantly reduce the financial burden of advancing your nursing education. Start researching options early, maintain a calendar of application deadlines, and don’t hesitate to reach out to financial aid advisors at your target schools for guidance specific to your situation.
Remember that your MSN degree is not just an expense—it’s an investment in your future with substantial return potential through increased earning power and expanded career opportunities.
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