Nurse Faculty Loan Program

Recipients of the NFLP can receive financial awards for the academic year to offset a portion of the cost of tuition, books and fees.

Awards may be renewable for a maximum of five years, but this is contingent upon ongoing program funding and therefore subject to change.

Students admitted to the SBU College of Health Professions who are registered full-time or part-time in the MSN Nursing Education track are eligible to apply. They must also meet the following criteria:

1. Be a U.S. citizen or U.S. national, or a lawful permanent resident of the U.S. and its territories
2. Be enrolled full-time or part-time in an eligible program at the time the NFLP is established, and must complete the education component(s) to prepare qualified nurse faculty prior to graduation
3. Be in good academic standing in an advanced nurse education program at the school
4. Have no judgment liens entered against them based on the default of a federal debt 28 U.S.C. 3201(e)

Borrowers should maintain full-time or part-time enrollment status for a minimum of two terms/semesters during an academic year while receiving the NFLP.

If you are granted a Nurse Faculty Loan, you must:

• Maintain a GPA of 3.0 or higher
• Maintain at least part-time (3-6 credits/semester) student status
• Maintain enrollment for a minimum of two consecutive terms in the academic year
• Complete the MSN program within five years of initial funding
• Sign a promissory note and a Statement of Rights and Responsibilities
• Complete all program requirements of the MSN Nursing Education program
• Follow application procedures for each year continued funding is desired (as required by HHS); continued NFLP availability is contingent upon continued program funding

The graduate must obtain full-time employment status within one year after graduation in one of the following categories:

• Full-time faculty member in an accredited school of nursing
• Part-time faculty (adjunct) member at an accredited school of nursing in combination with another part-time (adjunct) faculty position or part-time clinical educator/preceptor position at an accredited health facility affiliated with an accredited school of nursing, which together equate to full-time employment

Example scenarios:

• 1 Full-time Faculty position (tenure or non-tenure track) = 1 Full-time employment status
• 1 Part-time faculty position (adjunct faculty/clinical instructor/part-time faculty) + 1 Part-time faculty position = 1 Full-time employment status
• 1 Part-time faculty position + 1 Clinical educator position (clinical educator, clinical preceptor) = 1 Full-time employment status

The NFLP is a loan program, which authorizes the lending institution to cancel up to 85 percent of the NFLP loan (plus interest thereon) for borrowers of the loan. Institutions may cancel loans for NFLP borrowers who serve as full-time nurse faculty for up to a consecutive four-year period at an accredited school of nursing following graduation. The School of Nursing (lending institution) shall cancel the following for NFLP borrowers:

• 20% of the principal and the interest on the amount of the unpaid loan balance upon completion of each of the first, second, and third year of full-time faculty employment; and
• 25% of the principal and the interest on the amount of the unpaid loan balance upon completion of the fourth year of full-time faculty employment.

Example 1: If the borrower is employed as full-time nurse faculty for 4 consecutive years following graduation from the program, the principal and interest on the unpaid balance of the loan will be cancelled at the end of each year; 20 percent for the first, second and third years and 25 percent for the fourth. The lending institution must establish a repayment schedule for the borrower to begin repayment of the remaining 15% of unpaid principal, plus interest accrued (at 3% per annum).

Example 2: If a borrower is employed full-time as nurse faculty for 2 consecutive years following graduation and ceases employment in the third year, 20 percent of the unpaid principal and interest will be cancelled at the end of each of the first and second years. However, the borrower may NOT request cancellation of unpaid principal and interest in the third year. The lending institution must establish a repayment schedule and the borrower must begin repayment of the remaining unpaid principal and interest according to the institutional collection policies, at the prevailing market rate.

1. Fill out application and review the application disclosure document
2. Submit your FAFSA (Need is not a criteria but is part of the federal approval process for this loan program)

Complete the NFLP Application

SBU's MSN program has been awarded a maximum dollar amount to disperse. Awards will cover as many students as possible until funding is depleted.

In addition to NFLP support, you may still receive support from other federal programs, provided that the funds are not used to cover the same costs during the same academic year. You may already receive other federal support that does not cover all costs (tuition, feeds and other expenses) for the academic period; in this case, you may receive NFLP support to cover the remaining costs, excluding stipend support. To apply for Title IV federal grants, loans, and work study, submit the Free Application for Federal Student Aid (FAFSA) online or by calling 1-800-4-FED-AID, or visit the SBU Office of Financial Aid.

Submit Your FAFSA

"Full-time" has the meaning used by the employing accredited school of nursing for its faculty.

It is the responsibility of each borrower to document his/her employment upon graduation to request the loan cancellation each year. The Employment Certification Form is housed on the website of the University's billing service, eUAS, which is made available when you complete the exit interview process.

The NFLP will accrue interest on the unpaid balance of the loan at a) the rate of three percent per annum beginning three months after the borrower graduates from the program, or b) the prevailing market rate if the borrower fails to complete the advanced nursing education program or when the borrower fails to establish employment as a full-time nurse faculty at an accredited school of nursing.

Borrowers employed as full-time nurse faculty at an accredited school of nursing for a consecutive four year period will accrue interest at the rate of three percent for the four year period and the remaining six years of the "repayment period." If the borrower ceases full-time employment as nurse faculty at an accredited school of nursing, the NFLP will accrue interest at the prevailing market rate.

You must be a current MSN student enrolled and registered in the Nurse Educator program. If you are an existing student, complete the NFLP Application online.

Submit the NFLP Application