Nurse Faculty Loan Program
Students in advanced nursing programs eligible for up to 85% loan forgiveness
Students accepted into the Edson College MS Nursing (Nursing Education), DNP, PhD or the concurrent DNP/PhD programs are eligible to apply for the Nurse Faculty Loan Program to help complete their degree. After successfully completing their advanced nursing degree program, graduates who commit to work full-time for 4 consecutive years in a nurse faculty or clinical preceptor position, starting within a year after graduation, can receive up to 85% forgiveness of their loan.
The NFLP is a loan forgiveness program designed to increase the number of nursing students who pursue careers as full-time faculty teaching in accredited schools of nursing. NFLP is administered by the Health Resources and Services Administration, an agency of the U.S. Department of Health and Human Services. Award of NFLP funding does not guarantee a faculty or preceptor position post-graduation.
Edson College students enrolled in an advanced nursing degree program may apply if they are committed to assuming a full-time faculty role upon graduation. All applicants will complete a brief essay demonstrating their commitment to the nurse faculty role. NFLP loans will be awarded to eligible students for the cost of tuition, fees, books, lab expenses, and other reasonable education expenses. Students may request NFLP loan funds each year until graduation, for a maximum of 5 years. Priority is given to full-time students and students who do not have funding from other sources. NFLP funds are limited; students will be funded in accord with the NFLP amount awarded to the college.
Common Questions about the Nurse Faculty Loan Program
What is the Nurse Faculty Loan Program?
The Nurse Faculty Loan Program is a loan forgiveness program that prepares and trains qualified nurse educators to fill faculty vacancies and increase the number of nurses entering the workforce. Students awarded NFLP funding may cancel up to 85% of their loan in return for serving four consecutive years full-time as faculty in any accredited school of nursing or as a preceptor in an academic partnership.
How is 85% of the loan canceled?
Upon completion of years 1, 2, and 3 as a full-time nursing faculty, NFLP borrowers will have 20% of their loan canceled after each year. After the fourth year 25% of the loan will be canceled. NFLP borrowers must work for four consecutive years as full-time nursing faculty or preceptor in an academic partnership to receive the 85% cancellation.
What happens to the other 15% that isn’t canceled?
The remaining 15% of the loan that is not canceled is paid back by the NFLP borrower over a 10-year period which begins 9 months after the course of study ends at an interest rate of 3%. However, NFLP borrowers may, at their option and without penalty, prepay all or any part of the loan at any time.
How long after graduation do I have to obtain employment as a full-time nurse faculty member or preceptor?
NFLP borrowers must obtain full-time employment as a nurse faculty member or preceptor within 12 months of graduation.
In addition to the NFLP application are there any other documents that need to be completed?
NFLP borrowers have to complete the Free Application for Federal Student Aid each academic year and also sign a Promissory Note which specifies the terms and conditions of the NFLP loan, binds the borrower to their repayment obligation and states the provisions for loan cancellation and collection for each semester they receive NFLP funds.
What is the maximum amount of NFLP funding that can be received and for how long can a student be funded?
The maximum amount of NFLP funding at ASU is $35,500 per academic year. A student can receive annual loan support for up to 5 years. However, there is limited funding so students are not guaranteed NFLP funding in any specific amount or for any number of years. Students must submit a request for NFLP funds and a signed Promissory Note for each semester they wish to receive loan support.
If I receive NFLP funding for one year am I guaranteed to receive it the following year?
There is no guarantee that a student will receive NFLP funds the following year. Funding is contingent on the grant being renewed annually. However, Edson College will attempt to provide NFLP loan support to continuing students if the funding is available.
Do I need to be a registered nurse to apply for NFLP funding?
Yes, a student is required to be a registered nurse to apply.
Which graduate programs are eligible for funding?
Students accepted into the Edson College MS Nursing (Nursing Education), DNP, PhD or the concurrent DNP/PhD programs are eligible to apply for NFLP loans to help complete their degrees.
What are the eligibility requirements?
Be a US citizen or national of the US, or a lawful permanent resident of the US and its territories.
Be enrolled full-time or part-time in an eligible graduate program at the time the NFLP loan is established and must complete the education component(s) to prepare qualified nurse faculty.
Maintain good academic standing as defined by the graduate program.
Have no judgment liens entered against him/her based on the default on a federal debt.
Maintain full time or part-time enrollment status for a minimum of 2 terms/semesters during an academic year while receiving the NFLP loan.
What is the application deadline and timeline for review?
For more information please contact the Program Director, Dr. Pauline Komnenich at 602-496-0861; email@example.com or the Program Assistant, Kristen Grubbs at 602-496-2233; firstname.lastname@example.org to schedule an appointment.