Financing the Accelerated Nursing Program
Your guide to financing the University of Rochester Accelerated Programs for second-degree nursing students
Are you thinking about applying to our Accelerated Nursing Programs 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.
- Why Rochester Nursing's Accelerated Program
- Federal Loans
- Private Loans
- Common Questions about Financing Your Education
- Contact Us
An accelerated nursing education that’s worth it
Becoming a nurse means you will be joining the most trusted profession in the U.S. — a profession whose compassion and dedication is integral to a patient’s health care journey.
Today, becoming an RN is just the first step to a world of opportunities. You will be joining a workforce that continues to be in demand and a vital force in the shift toward high quality patient-centered care. Here, you will learn to become a nurse who asks better questions, thinks critically, and makes the right decisions to ensure that every patient receives the best possible care regardless of who they are or where they may be.
Nursing at the University of Rochester means:
- gaining clinical experience at the University of Rochester Medical Center, featuring a four-time designated ANCC Magnet hospital.
- learning from faculty who are transforming health care as researchers and clinicians, most who still practice as nurses in leadership roles across the region.
- sharpening your critical thinking and clinical judgment skills at a school that is redefining and transforming nursing education.
- graduating in 12 months with a highly-regarded University of Rochester degree, and pursuing top nursing opportunities across the U.S. or continuing on to pursue graduate education in one of our nationally-ranked master's or doctoral programs.
Discover why your path to nursing should lead you here: Discover Your Road to Nursing.
About Federal Loans
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 2021-22 FAFSA
- Apply from Oct. 1, 2020 through June 30, 2022
- Students enrolled in the following terms:
- Fall 2021
- Spring 2022
- Summer 2022
- Applying for the 2022-23 FAFSA
- Apply from Oct. 1, 2021 through June 30, 2023
- Students enrolled in the following terms:
- Fall 2022
- Spring 2023
- Summer 2023
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.
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.
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.
The School of Nursing also awards scholarships to Accelerated Nursing students who demonstrate outstanding academic achievement and/or leadership potential as well as several Dean’s Diversity Scholarships. All applicants are automatically considered.
Common Questions about Financial Aid
When do I find out if I will receive any School of Nursing scholarships?
In addition to external scholarships, the School of Nursing awards scholarships to students who demonstrate outstanding academic achievement or leadership potential, in addition to diversity scholarships. These scholarships are awarded upon acceptance to the program and you will be notified in your acceptance letter.
What if my expenses outside of tuition and fees are more than what is estimated by the University of Rochester?
The University of Rochester Financial Aid Office provides official estimates for education-related costs outside of tuition and fees for immigration or loan purposes. You can view those estimates on our Tuition & Fees webpage. If you expect your living expenses to be greater than the amounts listed on our Tuition & Fees webpage, please contact our financial aid counselor. These can be reviewed on a case by case basis.
How do I apply for private loans?
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.
Besides federal loans, private loans, or scholarships, what other financing options do I have?
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.
Ready to Learn More?
Schedule a Financial Aid Appointment
Our 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.
Schedule an Appointment (Zoom/Call): https://enrollment.rochester.edu/financial-aid/contact-us/