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Financing the Accelerated Nursing Program

Thinking about applying to an Accelerated Nursing program to earn your bachelor's or master's degree and unsure about how to cover the cost? Pursuing your second degree in nursing can feel overwhelming and exciting at the same time. But with the right planning and support, you can be confident in your decision to make a worthwhile investment in your education.

We've put together a quick guide on how to finance your second bachelor’s degree so you can graduate from one of the most respected nursing schools in the country and successfully launch your nursing career.

Federal Loans Private Loans Scholarships

How to Apply for Financial Aid (FAFSA)

Given the various low-interest loan options available through the U.S. Department of Education, you should apply for financial aid by submitting a Free Application for Federal Student Aid (FAFSA.) Submitting a FAFSA is the only way to know what type of loan you’re qualified to receive.


You must complete a FAFSA every school year within federal, state, and university deadlines. When filling out your FAFSA, here are some details you’ll need to know:

  • School Code: 002894
  • Grade Level: Fifth year/other undergraduate
  • Degree Type: Second bachelor’s degree
  • Graduate/Professional Program: No

When to Submit the FAFSA

Many students would like to know exactly how much they will receive in federal loans before applying to the program. You are welcome to complete the FAFSA at any time during the application process and should schedule an appointment with our Financial Aid Counselor to see what you will receive in loans or to review your FAFSA information. Our Financial Aid Counselor will review your borrowing history on the National Student Loan Database System and will be able to tell you how much you will receive while in the program.

When you complete your FAFSA you will receive a confirmation page that indicates what you might receive in federal aid. Because this amount can vary depending on the information you include on the FAFSA, we recommend reviewing your file with a financial aid counselor to ensure accuracy.

Once you are accepted to the program, if you have submitted your FAFSA, our Financial Aid Office will send you a financial aid package.

Submitting a FAFSA Form for the Appropriate Academic Year

You must submit a FAFSA form for each school year in which you want to be considered for federal student aid. It is important to pay attention to the academic year dates when applying for federal loans. For financial aid purposes, an academic year starts in the fall semester and extends through the summer of the following year. Depending on when you will be enrolling in your program, multiple applications may be required.

You will need to complete the correct FAFSA before your first semester starts. A new FAFSA is available each year on October 1.

For example, if you start a program in the summer term, you will need to complete two FAFSAs, as your enrollment will cross two academic years. You’ll need to complete one FAFSA for the summer term, the end of one academic year, and one FAFSA for the fall term, the beginning of a new academic year. Please see applicable terms below to better understand which FAFSA(s) to complete.

Applying for the 2023-24 FAFSA

Apply from Oct. 1, 2022 through June 30, 2024. Students enrolled in the following terms:

  • Fall 2023
  • Spring 2024
  • Summer 2024

Options Recipients Terms

Federal Direct Subsidized

Eligible undergraduates who demonstrate financial need.

Interest starts to accrue after a student graduates from or leaves school.

Federal Direct Unsubsidized

Eligible undergraduates regardless of financial need.

Interest starts to accrue after the first loan disbursement occurs.

Parent PLUS

Eligible parents of dependent undergraduate students.

Student must have already applied for their annual federal Direct Student Loans and be considered a dependent.

You can find more information about interest rates, borrowing limits, and requirements on the Financial Aid Office website.

About Private or Alternative Loans

It’s important to note, that federal loans will likely not cover the total cost of attending our Accelerated Nursing programs. Financial aid for second bachelor’s degree students is somewhat more limited than those pursuing a first bachelor’s degree. Many students who have borrowed Direct Loans toward their first bachelor's degree may have limited borrowing remaining for their second bachelor's degree. We encourage you to review your federal Direct Loan borrowing history with a Financial Aid Counselor.

Therefore, it’s a good idea to research private lenders, such as banks or credit unions, and try to borrow from an institution with low interest rates and good terms. ELMSelect is a good resource to help compare loan rates and terms for private loans. View additional information regarding private student loan lenders by searching "undergraduate programs" or "accelerated nursing program" on the ELMSelect website.

Once you’ve decided on a private lender, contact our Financial Aid Counselor to make sure you understand loan periods and how they relate to the semester and yearly limits on private loan certifications. Our counselor can also assist you in calculating the loan amount you’ll need to finance your nursing degree.

About Scholarships

The School of Nursing awards scholarships to Accelerated Nursing students who demonstrate outstanding academic achievement and/or leadership potential. All applicants are automatically considered.

Applicants to the 12-Month Accelerated Bachelor's program may choose to apply to the UR Nursing Scholars program to be considered for 100% tuition coverage, career mentorship and support, and guaranteed employment with a three-year work commitment at a UR Medicine hospital. Eligible students who are admitted to the UR Nursing Scholars program will be notified in their decision letter to the 12-Month Accelerated Bachelor's program.  

Accelerated Nursing students may explore external scholarship opportunities on a local, state, or national level. Each scholarship follows different criteria, usually reflecting the values and/or purposes of the donor or founder of the award. We list scholarship opportunities and nursing/health-care related scholarship search engines on the External Scholarships, Funding Opportunities webpage.

Frequently Asked Questions

In addition to external scholarships, the School of Nursing awards scholarships to students who demonstrate outstanding academic achievement or leadership potential. These scholarships are awarded upon acceptance to the program and you will be notified in your acceptance letter.

Private loans can’t cross academic years – for instance, Accelerated Nursing Program students who start in the Fall are enrolled in the Fall, Spring and Summer semesters. They can borrow one large private loan to cover all three semesters of the program. However, the students that start in Spring will have to borrow two private loans – one can cover Spring and Summer, and one can cover Fall.

Learn more about military benefits or international student loans. You may also reference other Types of Aid.

The University of Rochester has partnered with Financial Avenue to offer online financial literacy courses. Explore these courses and create a free Financial Avenue account.

International students who are interested in applying to the 12-Month Accelerated Bachelor’s in Nursing program should identify personal or external funding options while simultaneously pursuing admission to the program, as the process often takes longer than expected. Students must provide official bank documents or a letter of financial sponsorship that shows support for at least the first full year of tuition and living expenses. Read more about proof of financial support on the International Services Office website.

Please note: Federal loan aid is not available to international applicants. International students will also need a co-signer who is a U.S. citizen in order to be eligible to receive a private loan. All applicants to the program are automatically considered for merit-based scholarships, which are awarded by the School of Nursing to admitted students who demonstrate outstanding academic achievement or leadership potential. International applicants are not eligible for the UR Nursing Scholars program.

Meet with a Financial Aid Counselor

The Financial Aid Office can help you identify the best options for financing your accelerated nursing education and inform you about how much you can receive in federal loans. Schedule an appointment with a Financial Aid Counselor at any time throughout the process or visit the Financial Aid website.

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