Financing Your Healthcare Graduate Degree
Looking to advance your healthcare education — but aren't sure how you'll cover the costs? Whether you want to pursue your Master of Science in Nursing (MSN), a Health Science Doctorate (DHSC), or any healthcare program in between, the good news is that paying for grad school doesn't have to feel impossible. With employer tuition reimbursement in healthcare, scholarships, and other graduate student financial aid, your graduate degree is more attainable than you may think.
At Bay Path University (BPU), our knowledgeable admissions and financial aid teams are eager to provide the personalized support every student needs to continue their educational journeys.
So, what can you expect from the process of financing graduate healthcare degree programs as you plan your return to school?
Understanding the Investment
First, it's important to appropriately frame the costs of an advanced healthcare education. Although any graduate-level healthcare degree program will cost money to complete, this is ultimately an investment in your future and your career.
Graduate degrees in healthcare often lead to higher earning potential, new job opportunities, and rewarding benefits that go beyond salary alone (more on this later).
Tuition and Program Costs
One central factor to consider regarding a healthcare graduate program is the tuition, fees, and other costs associated. Graduate tuition is charged on a per-credit basis.
To calculate your total tuition costs, then, you'll need to multiply the cost per credit hour by the total number of credit hours required in your program. Be sure to also factor in additional fees, including registration and technology fees, where applicable.
Opportunity Cost
Another consideration when deciding whether to return to college is opportunity cost. In graduate school, opportunity cost refers to the value of the alternative that you may miss out on while pursuing an advanced education. This could include sacrificing your free time or having to work fewer hours while you're in school.
Salary Outcomes and ROI
With the above in mind, investing in a graduate-level education can yield some significant benefits well into your future. In the healthcare field specifically, these outcomes may significantly outweigh the initial investment and opportunity cost of healthcare graduate tuition.
Graduate Degrees Often Lead to Higher Earning Potential
Per 2024 data from the United States Bureau of Labor Statistics (BLS) regarding “earnings and unemployment rates by educational attainment,” master’s degree holders bring in approximately $300 more in weekly median earnings than those with bachelor’s degrees alone. However, this depends greatly on the specific field. According to a research study by the Foundation for Research on Equal Opportunity, "Most master's programs in [...] nursing boast ROI above $500,000," and "almost half of medical degrees have an ROI above $1 million."
Thus, while you need to invest some money up-front to complete an advanced degree in healthcare, you may also find that your degree pays for itself numerous times over in higher earnings potential down the road.
Roles to Consider
What kinds of roles might you be able to pursue with an advanced healthcare degree? Ultimately, this will depend on the specific type of degree you earn. For someone with an MSN, for example, common roles may include:
- Family nurse practitioner (FNP)
- Nurse manager
- Nurse educator
- Clinical research nurse
Meanwhile, those who go on to earn a doctoral degree in healthcare (like a DNP) might proceed to pursue roles such as:
- Health policy advocate
- Professor of nursing or healthcare
- Chief nursing officer
- Executive nurse leader
Beyond Salary
Along with the potential for higher earnings and new job opportunities, healthcare workers who complete a graduate-level education may enjoy other benefits that include:
- A greater sense of job stability
- More autonomy and independence in their work
- New opportunities for professional development
- The ability to pursue specializations or unique interests
Scholarships and Grants
Even given these potential benefits, there's no getting around the fact that earning a graduate-level degree in healthcare can be costly. Fortunately, there are plenty of ways to take some of the sting out of paying for school — starting with healthcare graduate scholarships and grants.
Institutional Scholarships
Many schools offer scholarships directly to students who apply to their programs. These institutional scholarships may be need-based or merit-based and can help offset the costs of completing a program. In some instances, these scholarships are renewable for each year you attend (provided that you meet certain grade requirements) — so these are always worth looking into when you apply to graduate school.
Professional and Industry Scholarships
Aside from scholarships offered directly through your school, you might explore third-party scholarship options as well. Because scholarship money doesn't need to be paid back, this can be a go-to way to make paying for school more manageable.
A variety of reputable resources can help you find both need- and merit-based scholarships for school, including FastWeb and the CollegeBoard BigFuture search. You can even filter scholarships based on deadline, eligibility requirements, and award amount.
Federal and State Aid
When it comes to graduate student financial aid, the hands-down best way to determine your eligibility for federal and state aid is to complete and submit your Free Application for Federal Student Aid (FAFSA) each academic year. Based on the information you provide in this free application, you can automatically be considered for a wide range of federal and state grants, work-study opportunities, and even student loans to help you pay your way through school. Graduate students are not eligible for federal work study opportunities but there are limited Graduate Assistantships opportunities at Bay Path University.
*Disclaimer: Federal grants are limited for graduate students compared to undergraduates.
Employer Tuition Reimbursement
Another option to explore when figuring out how to pay for healthcare grad school is the possibility of employer tuition reimbursement. For organizations that offer this, employees can receive reimbursement for their tuition and other school-related expenses — with some employers covering up to 100% of educational costs.
Healthcare Employers Increasingly Offer Education Benefits
Today, more employers are offering education benefits in the form of tuition reimbursement as a way to encourage workers to upskill and advance within their current roles. In fact, according to a survey by the Society for Human Resource Management (SHRM), about 45% of employers offered some kind of tuition assistance program in 2023 alone.
How to Approach Your Employer
The best way to determine whether your employer offers any kind of tuition assistance or reimbursement is to speak directly with your human resources (HR) team and/or refer to your employee handbook. If any type of tuition assistance is available, you'll want to find out exactly how much may be covered and what kind of limits are in place per semester or academic year. In many cases, you also need to provide proof that you passed your classes with a certain grade or grade point average (GPA) in order to be eligible for assistance.
Other Workplace Support
Even if your workplace doesn't provide direct financial assistance in your return to school, many are supportive of healthcare workers looking to advance their education. This might mean offering more flexible scheduling to accommodate a full college course load or even the potential to temporarily reduce your hours while you focus on school. Take the time to speak with your supervisors and see what kind of additional support may be available to you during this time.
Federal Loan Forgiveness and Incentive Programs
Did you know that healthcare workers may also be eligible for student loan forgiveness through special programs? Though this isn't an exhaustive list of all potential forgiveness and incentive programs, it can serve as an excellent starting point:
Public Service Loan Forgiveness (PSLF)
The Public Service Loan Forgiveness program forgives remaining student debt for healthcare workers in all government or nonprofit roles after 120 qualifying monthly payments while working full-time for a qualifying employer. While this usually takes 10 years, it doesn’t have to be 10 consecutive years.
HRSA and National Health Service Corps (NHSC) Programs
The NHSC offers loan repayment assistance and scholarship options for students in exchange for a service commitment in underserved areas. Qualified healthcare providers can receive up to $75,000 in tax-free loan repayment for an initial two-year term of full-time service. In addition, the National Health Service Corps (NHSC) Health Resources & Services Administration offers loan repayment and scholarship options for students pursuing an advanced healthcare education. This includes a loan repayment of up to $75,000 for those who qualify.
State-Based Loan Repayment Programs
Likewise, individual states may offer their own loan repayment programs and forgiveness options for healthcare workers, so be sure to check in the specific state where you live and work. Typically, these are offered through the state's department of health and/or human services.
Budgeting Strategically While Enrolled
No matter what kinds of financial aid options for which you may qualify, a bit of careful planning and budgeting goes a long way when it comes to paying for healthcare graduate school.
Map Total Cost Estimate Upfront
Start by knowing how much you can expect to spend on the program of your choice based on your school's total costs of tuition per credit hour, along with any additional fees and related expenses.
Build Semester-by-Semester Payment Plan
Some schools offer zero-interest payment plans, too, which allow you to break up your semester's payments into smaller and more manageable monthly sums. If offered by your school, this can be an optimal way to pay as you go while minimizing any borrowing.
Minimize Unnecessary Borrowing
Speaking of borrowing: While student loans can be helpful in covering the costs of school, they should generally be considered only as a last resort. Work to exhaust your options for tuition assistance, grants, scholarships, and other types of financial aid that do not need to be paid back before you explore loans. If you do need to take out loans, be mindful of interest rates and repayment terms.
Continue Working When/How Possible
If possible, continuing to work while you attend graduate school is a great way to keep your skills sharp while bringing in a reliable income that can offset some of your education expenses. Today, flexible online classes make it possible for many healthcare professionals to keep working while they pursue a graduate-level degree — so make sure to explore your options and speak to your employer about how they can support you during this time.
Questions to Ask Before Enrolling in a Healthcare Grad Degree Program
As you weigh options for healthcare graduate degree programs, here are a few last-minute questions worth pondering before you decide to fill out an application or formally enroll:
- What is the total estimated cost of completion? This should include not just tuition but also any applicable fees.
- What percentage of students receive aid? This can help you determine your own chances of being awarded some kind of scholarship, grant, or other aid that offsets your cost of attendance.
- Does my employer offer tuition support? If so, will it be prepaid, or will you be reimbursed after the fact? Likewise, what kinds of eligibility requirements are in place?
- What are typical salary outcomes in my target role? How does this compare to my out-of-pocket costs of attendance?
- Are there service-based repayment opportunities? Loan forgiveness and other assistance options may be available.
Exploring Graduate Healthcare Programs at BPU
The thought of paying for a graduate healthcare education may seem daunting initially, but with plenty of options for financial aid, tuition reimbursement, and even loan forgiveness, advancing your education can be completely feasible. At the same time, it's important to remember that your graduate degree is also a worthwhile investment in your future as a healthcare professional.
At Bay Path University, we strive to make paying for a higher education as stress-free and seamless as possible. In addition to numerous financial aid options available, we have a dedicated financial aid team ready to assist and answer any questions you have as you figure out your plan for paying for school.
Additionally, we offer numerous graduate-level healthcare degree options from which to choose, including:
Get in touch to request more information about any of these programs or get started with your application for admission!
