Nurse Faculty Loan Program

Description

The Nurse Faculty Loan Program (NFLP) seeks to increase the number of qualified nursing faculty nationwide by providing low interest loans for individuals studying to be nurse faculty and loan cancelation for those who then go on to work as faculty. A robust, geographically dispersed nurse faculty workforce is essential to producing the nursing workforce needed to meet US health care needs. Successful applicants establish and operate a student loan program including maintaining a fund, providing loans to students enrolled in advanced education nursing degree programs, and monitoring compliance with program requirements. In exchange for completion of up to four years of post-graduation full-time nurse faculty employment in an accredited school of nursing, graduates receive cancellation of up to 85 percent of the original student loan amount (plus interest thereon) as authorized by the program. NFLP also encourages Advance Practice Registered Nurses (APRNs) to serve as full-time preceptors within an academic-practice partnership framework in an effort to expand clinical training opportunities for nursing students. Program Goals The goals of this program are to expand the nation’s capacity to train nurses by: 1. Increasing the number of adequately prepared and qualified nursing faculty nationwide by supporting training of advanced education nursing students who will serve as nurse faculty upon graduation, with a focus on doctorate preparation; 2. Decreasing the financial barrier of serving as nurse faculty through loan cancellation; and 3. Expanding clinical training capacity, by increasing access to designated joint nurse faculty (serving as APRN preceptors, etc.). Program Objectives To accomplish the goals, NFLP projects will: • Establish and/or maintain a distinct NFLP loan fund account and provide fiscal oversight in accordance with NFLP requirements; • Disburse loans to students enrolled in accredited/approved advanced nurse education training programs, who will serve as nurse faculty upon graduation; • Operate a NFLP loan fund, collect on loans borrowed, manage cancellations and repayments, monitor compliance, and provide accurate programmatic and financial data to show successful project implementation; and • Provide up to 85 percent loan cancellation of the original loan amount (plus interest thereon) upon completion of up to four years of post-graduation full-time nurse faculty employment (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).

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