Nurse Faculty Loan Program (NFLP)
The Nurse Faculty Loan Program is a federal program designed to increase the number of nursing students who pursue careers as full-time faculty teaching in schools of nursing. The program is funded by the Health
Resources and Services Administration (HRSA), Bureau of Health Professions, and allows nursing schools to make loans to their students enrolled full or part time in advanced degree nursing programs.
Following graduation and upon full-time employment in a school of nursing within nine months of graduation, the borrower can cancel up to 20% per year for a maximum of 85% of the total NFLP loan (years 1, 2, 3,: 20%; year 4: 25 %). The NFLP loan bears interest on the unpaid balance at the rate of 3 percent per annum beginning 3 months after the borrower graduates from the program. Borrowers employed as fulltime nurse faculty at an accredited school of nursing for a consecutive four year period will bear interest at a rate of 3 percent for the four year period and the remaining six years of the repayment period. Those who fail to become faculty members within six months of graduation must repay the loan at the prevailing market rate.
Recipients can receive awards for the academic year up to approximately $35,500 to support costs of tuition, fees and other reasonable education expenses (books). Awards may be renewable for a maximum of five years but is contingent upon ongoing funding and therefore subject to change. Funding is made on a first – come first served basis for an academic year until funds are expended. College of Nursing graduate students in the Nurse Educator concentration are eligible to apply if they are committed to a faculty role, in good academic standing, are U. S. citizens or permanent residents, and not in default on any prior student loans.
If you are granted a Nursing Faculty Loan you must:
- Maintain a GPA of 3.0 or higher
- Maintain full or part time status in the MSN program
- Completed FASFA form
- Sign a promissory note with the Office of Student Financial Services
- Complete the educator courses prior to graduation
- Follow these application procedures for each year continued funding is desired. Funding is contingent upon ongoing federal funding. Graduate students interested in applying for the loan please contact the Financial Aid Office at firstname.lastname@example.org