Financing Your Graduate
Nursing Degree

The 2025 One Big Beautiful Bill Act restructured federal student lending significantly. Grad PLUS loans — which previously allowed graduate students to borrow up to the full cost of attendance — will no longer be offered to new borrowers after July 1, 2026.

As federal loans no longer cover the full cost of attendance, Yale has worked to identify new options. YSN students have several strong alternatives to choose from — here's a breakdown of the key programs graduate nursing students can use to finance their education.

How Private Student Loans Compare

The best way to handle the Grad PLUS elimination isn't just replacing it with private debt — it's reducing the amount you need to borrow in the first place. Here are impactful non-loan funding resources that can significantly offset the cost of your degree.

Scholarships & Grants

Many nursing schools offer merit- and need-based scholarship packages. At Yale School of Nursing, over 80% of students receive scholarship funding — and no separate application is required. Beyond institutional aid, several external directories can help you find additional opportunities.

Federal Service Programs

If you're interested in serving vulnerable communities, several federal programs offer substantial scholarship and loan repayment that can dramatically reduce the cost of your degree.

• National Health Service Corps (NHSC): Scholarships covering tuition, fees, and a living stipend — plus loan repayment options — for nurses who serve in Health Professional Shortage Areas.
• Nurse Corps Scholarship & Loan Repayment: HRSA-administered programs specifically for nursing students and working nurses in critical shortage facilities.
• Public Service Loan Forgiveness (PSLF): After 120 qualifying payments while working for a nonprofit or government employer, remaining federal loan balances are forgiven.

Veterans Benefits

Eligible veterans and active service members can explore programs such as the Post-9/11 GI Bill, Vocational Rehabilitation benefits, and the Yellow Ribbon Program. Yale School of Nursing participates in the Yellow Ribbon Program and is committed to making a YSN education accessible to veterans and military-connected students. The YSN Financial Aid office assists veteran students in navigating their benefit certification.

Planning ahead pays off. The earlier you build a funding strategy, the more options you'll have. Creating a clear plan before enrollment — one that accounts for federal loans, scholarships, service programs, and private lending — helps you avoid last-minute decisions and puts you in control of your finances.

1. File the FAFSA early

   This unlocks Federal Direct Unsubsidized Loans ($20,500/year), potential subsidized Nursing Student Loans, and need-based institutional aid for U.S. citizens or permanent residents. File as soon as the application opens. Yale's Federal School Code is 001426.

2. Maximize scholarships before borrowing

   Look for schools (like YSN) with strong scholarship programs. Research available levels of institutional support and submit required materials by any priority deadlines. YSN does not require any separate application for scholarship consideration.

3. Explore service-based funding options

   NHSC Scholarships, Nurse Corps, and PSLF can save borrowers tens of thousands of dollars — sometimes your entire education — in exchange for a commitment to serve where nurses are needed most.

4. Compare private lenders carefully

   For any remaining funding gap, compare multiple private lenders. Look for products with lower or no origination fees, competitive rates, and in-school deferment. Use autopay discounts where available. Visit ELM Select for details on loans available to YSN students.

5. Talk to the financial aid office for personalized guidance

   Your financial aid team can help you model total costs, identify overlooked funding sources, and build a personalized plan. Financial Aid Specialist Nicole Marquis is available to guide you through your options. Make an appointment with Nicole.

In a landscape of tightening federal lending, the school you choose matters more than ever. Yale School of Nursing has invested significantly in scholarship funding and financial support infrastructure to ensure cost never becomes a barrier to outstanding students.

Ready to plan your nursing education at Yale? These resources will help get you started.