Pursuing a career in healthcare is exciting. It offers meaningful work, personal fulfillment, and financial stability. But for many, the path forward feels overwhelming—especially when it involves going back to school. The thought of paying for a graduate degree can be intimidating and may leave you wondering if it’s worth the investment.
The reality is that a graduate healthcare degree doesn’t just prepare you for a fulfilling career. It can also provide a strong return on investment (ROI). With the right program and financial strategies, you can manage the cost of education while setting yourself up for a stable, high-paying role in a growing industry.
But what makes a graduate healthcare degree a smart investment?
Does an Advanced Healthcare Degree Have a Positive ROI?
Even though earning a graduate healthcare degree is a significant financial commitment, data shows that an advanced healthcare degree often leads to benefits such as higher earning potential and opportunities for career growth.
For instance, healthcare professionals with graduate degrees earn a median salary of $92,600, according to our analysis of job postings data. This is because an advanced education can equip you with specialized expertise and leadership skills that drive career growth and strengthen your confidence in the field. “You need to look at this level of education as more of an investment in themselves,” says Peter Baron, the Associate Director of Graduate Aid at Northeastern. “That kind of thinking can help you when you’re asking yourself, ‘Am I willing to go into initial debt for this?’”
A degree program’s ROI doesn’t just depend on earning potential though; it’s also about minimizing the initial financial burdens. That’s why many graduate programs are designed with flexibility in mind that allow you to continue working while going back to school. In addition, institutions like Bouvé College of Health Sciences prioritize helping graduates quickly transition into healthcare roles after completing their programs, which is especially valuable in a field projected to grow almost 13 percent over the next ten years.
If you’re considering graduate school, you likely understand the benefits but still feel overwhelmed about how to pay for it. The good news is there are many strategies on how to pay for graduate school.
7 Strategies for Funding Your Healthcare Graduate Degree
1. Apply for Healthcare-Specific Scholarships and Grants
Scholarships and grants are among the most accessible ways to reduce the cost of a graduate healthcare degree. Unlike loans, these funding options don’t need to be repaid, making them a valuable financial strategy.
For example, many scholarship programs are tailored for healthcare students, offering support based on academic merit, financial need, or a commitment to helping others. Some prominent examples include:
- National Health Service Corps Scholarship Program
- Tylenol Future Care Scholarship
- Johnson & Johnson Nursing Scholarship Program
Grants, which are typically offered by government agencies or healthcare organizations, can provide additional financial support. Consider applying for:
“Many scholarships and grants from the university are automatically considered at the time of application or require minimal additional effort,” Baron notes. “So students should inquire about and take advantage of these opportunities.” In addition, Baron recommends researching not only outside scholarship opportunities but localized programs as well since state and regional grants can be especially helpful if you’re planning to practice in a specific area. That’s why starting your search early and staying organized by tracking deadlines and requirements can maximize your chances of securing this kind of funding.
2. Take Advantage of Loan Forgiveness Programs
For many healthcare professionals, loan forgiveness programs offer a pathway to reduce or eliminate student debt. These programs are designed to reward individuals who commit to working in underserved or public service roles, making them an excellent option for those pursuing impactful careers in healthcare.
Two examples include:
- National Health Service Corps Loan Repayment Program: Provides up to $50,000 in loan repayment assistance for qualifying healthcare professionals who commit to two years of service in a Health Professional Shortage Area.
- Public Service Loan Forgiveness: Offers federal loan forgiveness to individuals employed full-time by government organizations or eligible non-profits who make 120 qualifying monthly payments under an income-driven repayment plan.
These programs not only reduce the financial burden of graduate education but also support essential healthcare services in communities that need them most. “That’s why loan forgiveness options are particularly valuable for students planning to enter fields where service commitments align with their professional goals,” Baron adds. “While these programs aren’t guaranteed, they can be a game-changer for those who qualify.”
Before committing to a loan forgiveness program, you need to make sure you understand the requirements, such as service obligations and eligibility criteria. These programs typically require participants to remain in qualifying roles for several years, so it’s also essential to align your career goals with the program’s expectations.
3. Leverage Employer Tuition Reimbursement
Employer tuition reimbursement is a valuable resource that many healthcare professionals overlook. Hospitals, healthcare systems, and other healthcare employers often offer tuition assistance as part of their benefits packages to encourage employee development. These programs can cover a portion of tuition costs for advanced degrees in areas like nursing, informatics, and public health.
To take advantage of this opportunity, start by checking your employee handbook or benefits portal for tuition assistance policies. If the details aren’t clear, reach out to your HR or benefits office for guidance. “Start the conversation with HR as early as possible to fully understand the terms and process,” Baron notes. “Employer tuition reimbursement often requires upfront payment by the student, so careful planning is critical.”
When talking with HR or your manager, consider these tips:
- Emphasize how your education will benefit the organization
- Request exceptions or flexibility for programs if needed
- Clarify tax implications and reimbursement timing
4. Explore Federal and Private Loans with Healthcare Benefits
Federal and private student loans are critical options for financing graduate school. These loans can cover educational costs like tuition, fees, and related expenses.
Federal loans, such as Direct Unsubsidized Loans and Grad PLUS Loans, are funded by the federal government and come with features like income-driven repayment plans, deferment options, and potential eligibility for loan forgiveness programs.
Private loans, on the other hand, are offered by banks, credit unions, and other financial institutions. They often require a credit check and may require a cosigner for approval. While private loans typically lack the repayment flexibility and forgiveness options of federal loans, they can be a helpful supplement when federal funding doesn’t fully cover your expenses.
“Federal loans are generally the most common choice for eligible graduate students because of their flexibility,” Baron says. “But for those who need additional funding or have specific financial needs, private loans with tailored benefits can be a helpful supplement.”
Private loans may also provide healthcare-specific benefits, such as:
- Deferment or grace periods during clinical rotations
- Flexible repayment schedules for healthcare professionals
- Competitive interest rates for qualified borrowers
5. Enroll in Work-Study Programs
Work-study programs can be a valuable way to offset the cost of your healthcare degree while gaining practical experience in the field. These federally funded programs allow you to earn income through part-time jobs, which often align with your academic and career goals.
“Work-study funds are best used for indirect educational expenses like housing, supplies, and transportation,” Baron adds. “It’s a great way for students to cover living costs without taking on additional loans.”
For healthcare students, work-study positions can provide a unique opportunity to gain hands-on experience through roles like:
- Administrative positions in university health departments
- Research assistantships in clinical labs
- Positions in community health initiatives or hospital outreach programs
These roles not only help reduce financial strain but also allow students to build their professional networks and enhance their resumes. By participating in these roles, students gain relevant skills and insights that can strengthen their applications for post-graduation positions in the healthcare field and make them more competitive in the job market.
Work-study opportunities are often limited, so it’s essential to apply early and coordinate with your school’s financial aid office.
6. Research Fellowship and Assistantship Opportunities
Fellowships and assistantships are excellent options to fund your graduate education. These opportunities not only provide financial support through stipends and tuition waivers but also offer valuable professional experience in academic or research settings.
Healthcare-specific fellowships are often available through graduate programs and related research institutions. These programs can provide funding for students pursuing advanced studies in areas like public health, nursing, or biomedical sciences. Teaching assistantships, on the other hand, allow students to support faculty in academic courses while gaining teaching and leadership experience.
Examples of opportunities include:
- Graduate research assistantships
- Teaching assistantships
- Institutional fellowships
Fellowships and assistantships often come with competitive application processes, so it’s important to research opportunities early and tailor your application to showcase relevant skills and experience. However, the benefits often outweigh this initial burden. “Fellowships and assistantships provide dual benefits,” Baron says. “They help students manage costs while building professional skills that enhance their future careers.”
7. Budget for Healthcare Education Costs
Creating a comprehensive budget is a critical step in managing the cost of earning your healthcare degree. With the unique expenses associated with healthcare programs—such as clinical fees, lab equipment, and certification costs—planning ahead can help you avoid financial surprises and focus on your studies.
Start by estimating the total cost of attendance. Beyond tuition, include expenses like books, supplies, housing, and transportation, as well as program-specific costs like clinical rotations or lab fees. Many schools provide a breakdown of these costs, which can serve as a helpful starting point.
Once you understand the costs, develop a financial plan that balances available funding sources like scholarships, grants, employer reimbursement, and loans to cover your expenses. When choosing funding options, prioritize those with the least long-term financial impact, such as scholarships and grants, before turning to loans.
It’s also essential to consider indirect expenses. “Students should plan ahead not only for tuition but for their monthly budgets during and after the program,” Baron says. “Knowing how much you need to cover living expenses is just as important as funding tuition.”
Start Your Career in Healthcare
Earning a graduate degree in healthcare may seem daunting, but with the right resources and planning, it’s more achievable than you might think. By leveraging various financial strategies, you can significantly reduce the financial burden.
Bouvé College of Health Sciences understands the unique challenges of financing your education while balancing personal and professional responsibilities. That’s why the programs are designed with flexibility in mind, making it easier for working professionals to earn their degrees and transition into rewarding, high-demand healthcare roles.
Now is the time to invest in yourself and your future. By exploring the available funding opportunities and planning your next steps, you can take a significant step toward a fulfilling career in healthcare. Discover how Bouvé can help you achieve your goals and make your impact on the healthcare industry.
