Nurse Faculty Loan Program: A Financial Aid for Your Nursing Program

Explore Nurse Faculty Loan Program(NFLP), and know about the eligibility to apply, how to apply, features and benefits of Nurse Faculty Loan Program.

Updated by Kanishkar P on 23rd January 2020

college-ave

Students who don’t have enough monetary support to complete their studies from a nursing school, need not worry much!

There are ways to deal with the expenses of your Nursing school program. The federal government has come up with a beneficiary program 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 or in the Doctor of Nursing Practice program including the academic educator concentration. Full-time or part-time graduate students who plan careers as nurse faculty are eligible to apply for the Nurse Faculty Loan and may be eligible for up to 5 years of financial support under certain conditions.

Table of Contents


Nurse Faculty Loan Program(NFLP)

The Nurse Faculty Loan Program (NFLP) is introduced to prepare and train qualified nurse educators to fill faculty vacancies and to maximize the number of trained nurses entering the workforce. The NFLP will provide funding to accredited schools of nursing to offer loans to students who will work to become nurse faculty.


Eligibility for the Nurse Faculty Loan Program

The following are the eligibility criteria to avail of the benefits of the Nurse Faculty Loan Program.

  • Accredited schools of nursing are eligible to apply for the loans under NFLP. The School of nursing affiliated with this application should be accredited by a national agency approved by the Secretary of education at the time of application and should stay accredited during the whole duration of the award.

  • Eligible applicants must be a citizen of the U.S or a lawful permanent resident of the U.S. and its territories.

  • As advanced nursing degree programs are best suited to produce nurse faculty, students must be enrolled in advanced education nursing degree programs to avail of the loan under NFLP. 

  • Schools of nursing that are applying for NFLP loans must submit the official documentation of accreditation.

  • For the nursing schools that submit renewal applications, the default rate of the applying institution will be considered to make decisions on awarding NFLP loans.

  • Institutions that have a default rate greater than 5% and have applied for the loan under NFLP will be deemed ineligible for future funding or can be fined with additional penalties. Such institutes may be terminated from getting benefitted by the Nurse Faculty Loan Program.

Note: Students can’t individually apply for NFLP loans. And also, foreign entities don’t qualify to apply for this loan. 


How to apply for the Nurse Faculty Loan Program?

The students of nursing school don’t have to apply individually for the NFLP loans. The Nursing Schools that are eligible, submit applications for the NFLP loans along with the necessary accreditation documents every year to avail of the NFLP loans. While applying the student of the school of nursing must assure that they stay committed to taking up a full-time faculty role upon graduation. And all the applicants have to complete an essay demonstrating their commitment to the nurse faculty role.

And the borrower has to sign a promissory note before the disbursement of loan funds. (The school should give a copy of each note to  the borrower).


Features of the Nurse Faculty Loan Program

  • NFLP  loan covers the cost of tuition, books, fees, lab expenses, and other reasonable educational expenses.

  • Awards may be renewable for a maximum of five years but this is contingent upon ongoing federal funding and hence it might be subjected to changes.

  • $35,500 is the maximum loan amount that a student can get from the NFLP Loan for any academic period.

  • The students who borrow loans under NFLP must complete the specified education component(s) for the advanced nursing degree program before graduating from the program.

  • Depending on the availability of funds and the good academic standing of the recipient, the loan will be made annually for the period required to complete the course of study.

  • The NFLP loan is repayment term is 10 years, which begins nine months after the borrower completes the advanced nurse education program.

  • The NFLP loan will bear interest on the unpaid balance at the rate of 3% per annum, the interest starts to accrue from three months after the borrower graduates from the advanced nurse education program. 

  • The NFLP loan will bear interest at the current market rate if the borrower does not complete the advanced nurse education program or if the borrower fails to serve as a nurse faculty member for a complete consecutive four-year period.


Benefits of  Nurse Faculty Loan Program

The school may cancel an amount up to 85% of the principal and interest of an NFLP loan over a consecutive four-year period as follows: 

  • The school will cancel 20% of the principal and interest on the NFLP loan if the borrower completes each of the first, second, and third year of full-time employment as a faculty member in a nursing school.

  • By completing 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 interest on the NFLP loan, as specified on the first day of employment.


Concluding thoughts

Nurse Faculty Loan Program is the best move done by the federal government to help the students of the Nursing schools. This loan can actually deal with the tuition fee, book fees, lab expenses and some associated expenses of a Nursing school student. But remember that this loan does not cover your living expenses, transport costs, and other expenses. There are chances where the maximum portion of the loan is forgiven for committed service as a nurse faculty for certain years after completing the studies. The Nurse Faculty Loan Program is well and good if you have enrolled in a school which is eligible for this loan. If not you have other choices such as HRSA Nursing Student loansfederal student loans and private student loans. These can provide you monetary support, not only to cover your educational needs but also for your living expenses. You can explore more to find the best student loans that you can get with more benefits and better offers.