Nursing Faculty Loan Program (NFLP)
The Nursing Faculty Loan Program (NFLP) provides funds to assist with the costs of tuition, fees, books, labs and other reasonable educational expenses for graduate students in the Marcella Niehoff School of Nursing. Room and board, transportation and personal expenses cannot be included.
Eligibility
To be eligible for NFLP, students must:
- Be U.S. citizens or eligible non-citizens;
- Not be in default on a federal education loan;
- Be enrolled full-time in an advanced nursing program (B.S.N. to Ph.D., M.S.N. and Summer Ph.D. programs are approved); and
- Be in good academic standing with the Marcella Niehoff School of Nursing.
Funding each year is subject to availability and is determined by the Marcella Niehoff School of Nursing.
Students may continue to receive loans through the course of study in an advanced nursing program, not to exceed five years. In the event that funding is not sufficient to make awards to all qualified applicants, preference is given to continuing borrowers.
Disbursement
After receiving the signed promissory note, the loan is disbursed and applied to the student’s Bursar account. Any funds remaining after tuition and other university charges have been paid is refunded to the student. It is recommended that students arrange for an electronic refund through Locus to facilitate transfer of the excess credits directly to the student’s personal bank account.
Interest, Repayment and Deferments
The NFLP interest rate is 3% beginning three months after graduation or when the student ceases to be a full-time student.
Repayment begins nine months after graduation from the advanced nursing program (or when a borrower ceases to be a full-time student, or terminates employment as full-time faculty at a school of nursing).
Cancellation
The NFLP service obligation requires a borrower to be employed as a full-time faculty member in a school of nursing. Cancellation of the unpaid loan balance (including interest) can occur based on the terms of the loan. In general, the maximum cancellation of 85% of the loan amount requires the borrower to have served as full-time nursing faculty for a continuous four-year period following graduation from the advanced nursing program.