Hospital administration is one of the most challenging career fields in the healthcare world. Although you may not be doing surgeries or researching important medical advances, you job often is to make life or death decisions. In order to best prepare for a top position in hospital administration, you should get not just a bachelor’s degree, but also a master’s degree in this field.

Many students never go back to school, and are thus stuck working in lower-level hospital administrative positions, because they are afraid that they cannot afford the education. While it is true that education can be exceedingly expensive, there are both scholarships and grants available to students in the hospital administration field. These funds can help you pay for school, and combined with students loans and other sources of financial aid, you could go to school for little to no out-of-pocket cost.

Scholarships are typically funds that are available to bachelor’s degree students, but there are equable monies available for master’s degree students under the “fellowships” heading. Fellowships may also require you to become a research or teaching assistant, but many are exactly the same as scholarships – money available to students based on merit. If you have special talents or skills, show promise in your field, write a winning essay, or otherwise meet scholarship criteria, you could be award vast amounts to go toward your education. Scholarships are available through your college, in most cases, and private organizations also offer money to students. Some that specifically are available to those working toward degrees in hospital administration include the following:

• Albert Dent Graduate Student Scholarship
• Bachrach Family Scholarship for Excellence in Health Care Administration
• Cathy L. Brock Memorial Scholarship
• Diversified Investment Advisors Leaders in Healthcare Scholarship
• Elliott C. Roberts Scholarship
• Health Research and Educational Trust of New Jersey Scholarships
• Larry Mullins Endowed Scholarship for Health Care Administration
• Stuart Wesbury, Jr. Postgraduate Fellowship

Grants are like scholarships in that they do not have to be repaid when you’re done with schooling. However, instead of based on merit, they are based on financial need. Many grants go toward specific research projects that you may pursue while getting your degree. Others are available to pay for your tuition directly. Again, your college can be a great source for grants, and the government may also have grants available in your field. Private organizations sometimes offer grants, through they are less common than scholarships. Grant availability changes from year to year, but some outside organizations that may be offering grants include the American College of Healthcare Executives, the American Hospital Association, and the Health Care Administrators Association.

Even if your tuition costs aren’t completely covered by scholarships and loans, keep in mind that you likely qualify for student loans that you don’t have to start repaying until after you graduate, and your employer may also have programs available to help you pay for advanced schooling while you continue to work.