When thinking about obtaining your Master’s of Science in Nursing online, it is important to weigh the cost vs. benefit analysis. How much is the Master’s program going to cost, and how much will your salary increase because of your degree? The difference between what you are making now and what your potential earnings will be can give you an idea of how many years it will take to reap the benefits of your online Master’s degree – once you pay for your education. But, what if your employer would help you pay for some of your education, if not for all of it? That makes the picture look even better financially!
Are You Happy With Your Current Employer?
The good news is that many hospitals and healthcare agencies will help in defraying the costs of obtaining an online MSN. If you enjoy your current job, and are happy working for your current employer – then you should look into your company’s tuition reimbursement policy. By having a workforce that is highly educated, it can be a win-win situation for employer and employee. If your company is offering tuition reimbursement, be sure to get educated on how the program works before you begin your online MSN. Each company will have a different program, but they all are similar.
What Does Tuition Reimbursement Look Like?
Tuition reimbursement is when you pay for your education, and your company will reimburse you. This is where you need to be educated on your employer’s plan before you get started. First thing to find out is: how much will they pay? This can range from 50-100% in most cases, but it is important to know how much of the cost you will be responsible for. Secondly, most employers will want a commitment from you to continue working at their company for a certain amount of time after you complete your degree. They do not want to invest in you only to have you turn around and put that investment somewhere else. Third, find out if your company has a minimum GPA requirement for reimbursement. Some companies require their employees to submit grades or transcripts and require you to keep a certain GPA. For example, they will only reimburse your tuition if you maintain a 2.5 GPA or higher. Read all the fine print!
Research Your Options
After you have talked to your employer and are familiar with all their details and requirements, it is time to search for institutions that offer an MSN program. If you do not live in the vicinity of a college campus, online MSN programs offer convenience for both you and your employer. Most employers will give you a flexible schedule as you are obtaining your degree, and many even prefer an online MSN program because of the convenience for both of you. Pursuing an online MSN offers you the flexibility to maintain your current work schedule, or an abbreviated work schedule while taking the classes needed to earn your Master’s degree. In the end, by working together with your employer, the goal is for both of you to reap the benefits of higher education.