The purpose of the Nurse Faculty Loan Program (NFLP) is to increase the number of qualified nursing faculty by providing loans to students enrolled in the post-licensure Master of Science in Nursing or in the Doctor of Nursing Practice programs. After graduation, 85% of the total NFLP loan is forgiven over a consecutive four-year period while loan recipients work in a nursing faculty role in a full-time capacity. The definition of a full-time faculty has been expanded by HRSA to include the following:
- Employment as a full-time nurse faculty at an accredited school of nursing (i.e., baccalaureate or higher degree, associate degree or diploma schools of nursing)
- Employment as a part-time faculty member at an accredited school of nursing in combination with another part-time faculty member role
- Combination of positions such as a full-time or part-time role in a health care setting where the role has some component of providing education to students and/or nurses AND teaching as an adjunct at a school of nursing at least once a year. The educational component in a health care setting can include serving as a clinical preceptor or teaching other nurses during orientation, in-services, simulations, continuing education courses, etc. The role does not need to include “educator” in the title. The health facility will need to sign off on the Certification of Employment form or the loan recipient will need to show proof of the educator role with documents such as the job description when submitting the annual loan cancellation paperwork.
- Full-time APRN preceptor designated as (joint) faculty (within an academic-practice partnership framework).
ELIGIBLE BORROWERS
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 Mount.
- Maintain "good academic standing" according to the Mount while enrolled in the advanced nurse education program.
- Be a part-time or full-time student in the MSN or DNP program.
- Students must maintain enrollment for a minimum of two consecutive terms/semesters (either full-time or part-time) during an academic year 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, but a FAFSA must be completed each year that funds are requested in order to document citizenship and lack of any liens or default on a federal student debt.
MAKING NFLP LOANS TO STUDENTS
- The Mount will make NFLP loans to eligible students for the cost of tuition, fees, books, lab expenses and other reasonable education expenses (excluding stipend support, i.e., living expenses, transportation cost, room/board, and personal expenses).
- The Mount will offer full support or the amount requested by the student to cover the full or partial
tuition and fees on a first-come-first-serve basis for an academic year until funds are expended. - An NFLP loan may not exceed $35,500 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 annually for the period required to complete the course of study. - The borrower must sign a promissory note prior to disbursement of loan funds in any term that NFLP funds are to be received.
- In addition to NFLP support, students may receive support from other Federal programs provided that the funds are not used to cover the same costs.
- The Mount must conduct and document an entrance interview for each academic year during which the
student receives an NFLP loan.
CANCELLATION
Up to 85% of the principal and interest of an NFLP loan can be cancelled 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, 20% of the principal and interest on the NFLP loan will be cancelled, as determined on the first day of employment, and
- Upon completion by the borrower of the fourth year of full-time employment as a faculty member in a school of nursing, 25% of the principle and interest on the NFLP loan will be cancelled, as determined on the first day of employment.
REPAYMENT
- 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.
INTEREST
- 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. (Each quarter, a prevailing interest rate is determined by HHS. As of September, 2018 the prevailing rate is 10.25%.)
APPLICATION PROCESS
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Contact the Office of Student Administrative Services
The Office of Student Administrative Services provides financial aid support to students at the Mount. If you have questions about applying for and receiving financial aid, contact us today.
Phone: (513) 244-4418
Email: financial.aid@msj.edu
5701 Delhi Road
Cincinnati, OH 45233-1670