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SBU's College of Health Professions offers the Nurse Faculty Loan Program (NFLP) as a financial aid option for students enrolled in the Master of Science in Nursing (MSN) degree program.
NFLP is funded by the Health Resources and Service Administration (HRSA) Bureau of Health Professionals (BHPs) in an effort to increase the number of qualified nursing faculty. Funding is available for full or part-time nursing students enrolled in the MSN Nurse Educator program. Annual renewals and awards are contingent upon ongoing funding and maintaining good academic standing.
The purpose of the NFLP program is to increase the number of qualified nursing faculty by providing funding to accredited schools of nursing to offer loans to students in advanced education nursing degree programs who are committed to become nurse faculty. Schools (herein referenced as institutions) are required to comply with and adhere to the terms and conditions of the NFLP award. The institution is required to manage the loan fund and produce nurse faculty, consistent with the legislative authority, and other applicable requirements.
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:
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:
The graduate must obtain full-time employment status within one year after graduation in one of the following categories:
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:
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.
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.
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.