Advance your nursing career without racking up student loan debt by attending one of 2024’s most affordable online MSN programs.
Author: Kristina Brune
Expertise: Student SuccessGraduate Ed.Online LearningEditor: Jordan Cosselman
- Funding Options
Funding Your Online MSN Degree: 5 Ways to Save
Read more - FAQs
FAQs about Affordable MSN Programs
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Most Affordable Online Master’s in Nursing (MSN) Programs
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If you want to become a nurse anesthetist, midwife, or practitioner, you’ll need to earn your Master of Science in Nursing (MSN). On top of training you to provide top-notch patient care, people holding an MSN degree earn roughly $126,000 a year, making it a lucrative career choice. And with a 38% projected growth rate through 2032, MSN holders will have no trouble finding employment after graduation.
The downside to pursuing an MSN is the the cost of the degree itself. Fortunately, there are hundreds of online MSN programs available to help you avoid debt and continue to work while in school. But with so many programs to choose from, how do you select the right one?
To help you get started, we’ve researched the most affordable online MSN programs offered today, along with information on funding your degree. Keep reading to begin your MSN program search and have all of your questions answered.
Funding Your Online MSN Degree: 5 Ways to Save
No matter which online MSN program you choose, cost is a significant factor. Fortunately, there are many ways to make getting your MSN more affordable, and we discuss five of the most common ways below.
Scholarships, grants, and fellowships created for MSN students.
There are many grants, scholarships, and fellowships available for students pursuing their MSNs. Awards are based on factors like financial need, academics, special interests, race, gender, and ethnicity. You can find scholarships and grants through sources like the American Association of Colleges of Nursing and our scholarships and resources guide.
Work-Study or Assistantships
Word-Study or Graduate Assistantships allow you to get hands-on experience while also pursuing your degree. Work-study provides part-time work through your school, either on or off campus. Assistantship commitments vary significantly from one opportunity to another.
Employer Tuition Reimbursement Programs
Many employers recognize the value of employees pursuing advanced degrees. They know they’ll bring more value and knowledge to the organization and its patients. Offering tuition reimbursement is also a way for companies to attract top talent. Check with your supervisor or HR department to find out if this is an option through your employer. Many companies offer up to $5,250 per year, the maximum allowed by the IRS that is free of taxes. Healthcare employers like Duke University Health System and Memorial Sloan-Kettering Cancer Center offer tuition reimbursement programs.
Payment Plans
Many schools allow students to pay their tuition fees via a payment plan. Mt. Carmel College of Nursing, for example, lets students pay costs monthly for up to a year with no finance charges or interest. The University of Cincinnati Online is another school that offers payment plan options based on a student’s needs.
Paid Internships
Some students find paid internships where they learn on the job by putting their skills and education to work. Internships are offered in hospitals, educational settings, clinics, and in a variety of specialty areas. You can even find some paid internship opportunities on career websites like Indeed.
FAQs about Affordable MSN Programs
What impacts the affordability of an online MSN Program?
Many factors impact the affordability of an online MSN program, including whether a school is private or public or if the program is online or in person. Other factors such as available scholarships, work-study programs, and transfer credits also directly affect how much the program will cost you. Carefully consider each of these factors to calculate the affordability of a program.
What is the ROI of an online MSN program?
Obtaining an MSN advances your career and increases earnings. According to the Bureau of Labor and Statistics, the median annual income for medical and health service managers was $104,280 with the lowest ten percent of workers making less than $59,980 and the highest ten percent earning upwards of $195,630. Knowing what you might make with an MSN as compared to the cost of your degree can help you determine your ROI.
How can I ensure that an affordable MSN program is high-quality?
To ensure a program is high-quality, choose one that is accredited by the U.S. Department of Education through agencies like the Accreditation Commission for Education in Nursing (ACEN), the Commission on Collegiate Nursing Education (CCNE), or the Accreditation Commission for Midwifery Education (ACME). Also look at a school’s ranking, the faculty’s experience, networking opportunities, available clinical experience, graduate performance on national certification exams, and job placement numbers.
Is an online MSN more affordable than an in-person MSN?
Some schools provide a cheaper tuition rate for online students than for in-person ones. Affordability goes beyond this, though, extending into time saved from travel and from having to take time off to attend classes.
Can job experience count towards an MSN and help cut costs?
Some schools offer credit toward their programs based on previous work experience, which allows students to skip some courses, graduate faster, and ultimately pay less for their degrees. Every program is different, though, and some programs require that applicants take examinations to evaluate the number of credits and assess competency in different subjects before allowing job experience to count toward their degrees.
How can I know if an affordable MSN program is right for me?
Begin by listing your must-haves for an online MSN program. You might include items like cost, program length, whether it’s fully or partially online, the specialties offered, admissions requirements, faculty, etc. Compare this list to what potential schools offer. Only by doing adequate research up front can you be sure that any affordable MSN program is right for you.
Most Affordable Online Master’s in Nursing (MSN) Programs
When choosing an online MSN program, there are several important factors to consider in addition to affordability. You also want to investigate potential specialties, school and program accreditation, faculty qualifications, clinical placements, and learning format.
Our rankings of the most affordable online MSN programs profiled below are based on a combination of affordability and other data from the Integrated Postsecondary Education Data System (IPEDS). Click on the “About the ranking” button below for more details.