Financial Crisis Impacting Future Nurses

By Joy Seymour, EDD, MSN, RN, PHN

After 12+ years of teaching nursing students, I’ve held too many tissues and heard too many heartbreaking stories. I can remember clearly when Sarah* sat in my office, tears streaming down her face. She’d aced her course exams but faced financial insecurity, which left her unable to meet her basic needs, and commuting to college was problematic due to a lack of funds. Sarah was faced with the dreaded decision of dropping out of college, not because she couldn’t handle the material—she’d proven she could. Not because she lacked passion—she lived and breathed nursing. She was leaving because she couldn’t afford to stay. Fortunately for Sarah, she was provided with resources that helped her remain in college and eventually graduate.

Sarah isn’t alone. The financial burden on nursing students has reached crisis levels, and it’s costing us talented, compassionate future nurses at a time when we desperately need them.

The Real Cost of Becoming a Nurse

Let’s talk numbers that keep students up at night:

• Tuition: $12,000- over $60,000 for a BSN program per year
• Books and supplies: $1,000-$3,000 per year
• Scrubs and equipment: $500-$1,000
• Licensure fees: $75-$375
• NCLEX fee: $200
• NCLEX prep: $100-$1,000
• Clinical expenses: Transportation, parking, background checks: $3,000-over $8,000 per year
• Living expenses: Rent, food, utilities during 2-4 years of limited work ability: $15,000-$30,000 per year

But the real cost goes beyond dollars. It’s the 20-40 hours of unpaid clinical rotations each week during scheduled clinical rotations that keep students from working. It’s the emotional toll of choosing between buying groceries and buying the required textbook. It’s watching classmates with financial support succeed while equally talented students fail—not academically, but financially.

The Devastating Impact

Academic Performance

When students work 30+ hours while attending full-time nursing school, something gives. Usually, it’s:

• Study time (leading to lower grades)
• Sleep (affecting memory and clinical performance)
• Mental health (increasing anxiety and depression)
• Physical health (compromising immune systems)

I’ve watched brilliant students fail exams not because they didn’t understand the material, but because they fell asleep studying after a night shift.

Attrition Rates

Financial stress is a leading cause of attrition in nursing school. The students we lose aren’t always academically weak—they’re financially exhausted. Each student who leaves represents:

• Lost potential for patient care
• Wasted educational resources
• Decreased diversity in nursing (financial barriers disproportionately affect minority students)
• Personal dreams shattered

Mental Health Crisis

The combination of academic rigor and financial stress creates a perfect storm:

• 70% of nursing students report significant anxiety
• Depression rates exceed the general college population
• Stress-related physical symptoms are common
• Some students skip meals to save money, affecting cognitive function

Long-term Consequences

Students who do graduate often carry:

• $40,000-$100,000 in student loans
• Credit card debt from covering basic expenses
• Delayed life milestones (home ownership, starting families)
• Burnout before they even begin their careers

Real Solutions That Work

After years of witnessing this crisis, I’ve seen what actually helps:

1. Emergency Financial Aid Programs

• Small grants ($500-$1,000) for unexpected expenses
• No lengthy applications—help when students need it most
• Covers car repairs, medical bills, and family emergencies

2. Work-Study Programs in Healthcare Settings

• Paid positions that provide relevant experience
• Flexible scheduling around classes and clinicals
• Often leads to job offers upon graduation

3. Textbook and Supply Libraries

• Lending programs for expensive textbooks
• Shared equipment (stethoscopes, blood pressure cuffs)
• Previous students donate materials

4. Food Security Initiatives

• Campus food pantries specifically for health science students
• Meal voucher programs
• Partnerships with local restaurants for discounted meals

5. Clinical Site Partnerships

• Hospitals provide stipends for students who commit to working there
• Paid externships during summer breaks
• Transportation assistance for clinical rotations

6. Holistic Support Programs

• Financial literacy workshops
• Mental health counseling addressing financial anxiety
• Peer mentorship programs pairing struggling students with those who’ve overcome similar challenges

7. Creative Scheduling Options

• Part-time program tracks that allow continued employment
• Evening/weekend clinical options
• Accelerated summer sessions to reduce overall time in school

What Individual Educators Can Do

As nursing educators, we have the power to help:

1. Be Aware and Approachable
   • Recognize signs of financial stress
   • Create safe spaces for students to share struggles
   • Connect students with resources before a crisis hits
2. Advocate Fiercely
   • Push for institutional emergency funds
   • Write letters supporting students’ scholarship applications
   • Speak up in faculty meetings about financial barriers
3. Reduce Hidden Costs
   • Use open-source textbooks when possible
   • Allow previous editions of textbooks
   • Share information about free resources
4. Flexible Compassion
   • Understand when work schedules conflict with optional activities
   • Record lectures for students who miss due to work
   • Provide make-up opportunities that don’t require additional fees

A Call to Action

We’re facing a nursing shortage while simultaneously losing qualified, passionate students to financial insecurity. This isn’t just their problem—it’s our crisis.

Healthcare institutions that will benefit from these future nurses must step up. Alumni who’ve succeeded must remember their struggles and give back. Educational institutions must recognize that academic support without financial support is incomplete.

Most importantly, we must stop pretending that passion for nursing should outweigh the need to eat, pay rent, and survive. Our students aren’t asking for handouts—they’re asking for the chance to become the nurses our communities desperately need.

Sarah remained in college because of the resources available there. How many Sarahs are we losing who don’t get that second chance?

The question isn’t whether we can afford to help our nursing students financially. The question is: Can we afford not to?

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*Name changed for privacy

Dr. Joy Seymour is a nurse educator with over 12+ years of experience teaching all core nursing courses. She is passionate about student success and advocates for comprehensive support systems in nursing education.

Resources for Students in Financial Crisis:

• National Student Nurses’ Association Emergency Fund
• Nurses Educational Funds Scholarships
• Local hospital auxiliary scholarship programs
• State nursing association emergency grants
• School-specific emergency aid offices

Remember: Asking for help isn’t giving up—it’s refusing to give up.