Overview
The Nurse Faculty Loan Program was created to recruit students enrolled in advanced nursing education programs to teaching positions at nursing schools across the country. Funded by a grant through the Department of Health and Human Services, the Nurse Faculty Loan Program provides loan debt reduction benefits of up to 85% in exchange for fulfilling a four-year service requirement as an instructor in a school of nursing. To participate in the program, recipients must be enrolled in a University of Utah advanced nursing education program and must commit to serving as faculty at a school of nursing following graduation.
Do You Qualify?
Are you planning to become a faculty member after graduation? If so, the Nurse Faculty Loan Program may be for you. Review the terms and conditions below. Up to 85% of your loan may be forgiven in exchange for fulfilling a 4-year service requirement. Qualified graduate students in an advanced nursing education program may apply to use the NFLP for tuition, books, conferences, and other qualified educational expenses.
Terms and Conditions
Eligible borrowers must:
- Be a U.S. citizen or national of the U.S.
- Have a current FAFSA completed and submitted to the University of Utah Financial Aid & Scholarships Office.
- Be a student in good standing in an advanced nurse education program at the school.
- Commit to completing TWO of following nursing education courses (6 credits):
- NURS 6071: Curriculum and Course Development (note: students are strongly encouraged to choose this as one of their two courses)
- NURS 6728: Assessment and Evaluation
- NURS 6732: Facilitating Learning
- Enroll in at least part-time study (as recorded by the Registrar's Office) for at least two consecutive semesters/year in the degree program.
- Commit to teaching in a nursing education program for four consecutive years following graduation.
- Have educational-related expenses not currently covered by any other scholarship program.
- Have no judgment liens entered against him/her based on the default on a Federal debt, 28 U.S.C. 3201 (e).
Interest
The NFLP loan will bear interest on the unpaid balance of the loan at:
- The rate of 3% per annum, beginning three months after the borrower ceases to be a full-time student in the advanced nurse education program, or
- The prevailing market rate if the borrower fails to serve as a nurse faculty member
Service Requirement and Cancellation
The borrower has 12 months after graduating to begin working full-time as a faculty member in a school of nursing. At that time the school will cancel an amount up to 85% of the principle and interest of an NFLP loan 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, the school will cancel 20% of the principle of and interest on the NFLP loan, as determined on the first day of employment.
- Upon completion by the borrower of the fourth year of full-time employment as a faculty member in a school of nursing, cancel 25% of the principle of and interest on the NFLP loan, as determined on the first day of employment.
- Payment on the remaining 15 percent of the loan balance is deferred during the cancellation period.
Repayment
The NFLP loan is repayable over ten years, beginning nine months after the borrower completes the advanced nurse education program or ceases to be a full-time student in the program.
Borrowing Limits
The Office of Financial Aid awards students eligible for the Nurse Faculty Loan Program funds based on the most current cost of attendance figure for that student. Students may receive up to 100% of tuition, fees, books, required conference attendance, and required computer package costs less any other scholarships or aid received. The maximum loan available is $35,000/year for five years (or up to the amount available in the NFLP fund).