The purpose of the Nurse Faculty Loan Program (NFLP), which began in Fall 2009, is to increase the number of qualified nursing faculty by providing loans to part-time and full-time students enrolled in the Educator Track of the Master of Science program. After graduation, 85 percent of the total NFLP loan is forgiven over a consecutive four-year period while loan recipients serve as full-time nurse faculty at a school of nursing (i.e., baccalaureate or higher degree, associate degree or diploma schools of nursing).
To be eligible to receive an NFLP loan, a borrower must:
- Be a citizen or national of the U.S., or a lawful permanent resident of the U.S. and its territories.
- Have no judgment liens entered against him/her based on the default on a federal debt.
- Be enrolled as a student in good standing in an advanced nurse education program at the school.
- Maintain "good academic standing" according to the school while enrolled in the advanced nurse education program
- Be a part-time or full-time student in the educator track of the master's program.
- Students must maintain enrollment for a minimum of two consecutive terms/semesters (either full time or part time) during an academic year (i.e., Fall/Spring, Spring/Fall, Spring/Summer, Summer1/Summer2 or Summer/Fall) while receiving the NFLP loan support. Students enrolled in the last year of the program are not required to enroll for two terms/semesters if program requirements are met.
- The NFLP is not a need-based program, therefore financial records are not required to determine eligibility
MAKING NFLP LOANS TO STUDENTS
- The school will make NFLP loans to eligible students for the cost of tuition, fees, books, lab expenses and other reasonable education expenses.
- The school will offer full support or the amount requested by the student to cover the full or partial tuition/fees on a first-come-first-serve basis for an academic year until funds are expended.
- An NFLP loan may not exceed $35,000 per student for any academic year and not to exceed five years of support to a student.
- Subject to availability of funds and the recipient maintaining good academic standing, the loan will be made anually for the period required to complete the course of study.
- The borrower must sign a promissory not prior to disbursement of loan funds. The school must give the borrower a copy of each note.
- The borrower must complete the specified education component(s) to graduate from the advanced nursing degree program of study.
- In addition to NFLP support, students may recieve support from other Federal programs provided that the funds are not used to cover the same costs.
- The school must conduct and document an entrance interview for each academic year during which the student receives an NFLP loan.
The school will cancel an amount up to 85 percent of the principal and interest of an NFLP loan over a consecutive four-year period as follows:
- Upon completion by the borrower of each of the first, second, and third year of full-time employment as a faculty member in a school of nursing, the school will cancel 20 percent of the principal of and interest on the NFLP loan, as determined on the first day of employment, and
- Upon completeion by eht borrower of the fourth year of full-time employment as a faculty member in a school of nursing, the school will cancel 25% of the principle of an interest on the NFLP loan, as determined on the first day of employment.
- The NFLP loan is repayable over a ten-year period beginning nine months after the borrower completes the advanced nurse education program, ceases to be enrolled as a student in the advanced nurse education program, or ceases to be employed as full-time nurse faculty.
- The NFLP loan will bear interest on the unpaid balance at the rate of 3% per annum beginning three months after the borrower graduates from the advanced nurse education program.
- The NFLP loan will bear interest at the prevailing market rate if the borrower fails to complete the advanced nurse education program or fails to serve as a nurse faculty member for the consecutive four-year period.