Nursing Faculty Loan Program

Application

Interested students must complete a NFLP application. Applications are available from the Financial Aid Office and the College of Nursing.  A new application must be submitted to the College of Nursing each year.  Additional paperwork such as promissory notes will be sent to the students after the student accepts the Financial Aid award letter. Click Here for the application.

Citizenship Status

A student applicant must be citizen or national of the United States, or a lawful permanent resident of the United States, the Commonwealth of Puerto Rico, the Northern Mariana Islands, the Virgin Islands, Guam, American Samoa or the Trust Territory of the Pacific.  A student who is in the Untied States on a student’s or visitor’s visa is NOT eligible for an NFLP loan.

Enrollment Status

Students who receive a NFLP loan must be enrolled full-time in a graduate level program at the time the NFLP loan is established and must complete the education component(s) necessary to prepare for employment as nurse faculty.  Students must maintain full time enrollment status for a minimum of 2 terms/semesters during an academic year while receiving the NFLP loan. 

Academic Status

The student must be in good academic standing, as defined by OUHSC’s  Standards of Academic Progress., and capable, in the opinion of the College of Nursing, of maintaining good academic standing in the course of study.   If an NFLP borrower ceases to be a student in good academic standing, the OUHSC will prevent disbursement of the NFLP loan.

Default on Other Federal Loans

According to Federal law, a student is ineligible to receive a NFLP loan if a judgment lien has been entered against him/her based on the default on a Federal debt, 28 U.S.C. 3201 (e).

Allowable Expenses

NFLP loans do not include stipend support (i.e., living expenses, student transportation costs, room/board, personal expenses).  Students must be enrolled, or planning to enroll in at least two semesters of the academic year.

Continuing Eligibility

Subject to the availability of funds and the student maintaining good academic standing, the NFLP loan will be continued for the period required to complete the course of study, not to exceed 5 years.  Students who remain enrolled beyond 5 years may not receive additional NFLP support.  The NFLP loan(s) made to a recipient is not transferable to another School.  The student may transfer to another School and request NFLP loan support, not to exceed 5 years of  support.

Repayment

Repayment of the loan begins 9 months after the student ceases to pursue an appropriate course of study at a school of nursing.  The loan is repayable over ten years.  Neither interest nor principal is payable during the 9 month grace period.  Interest will begin to accrue on the first day of the fourth month of the 9 month grace period, but not payable until the end of the 9 month grace period per DHHS regulations.  Interest rate will initially begin at 3%.  It will remain 3% for borrowers who become employed as full-time nurse faculty at a school of nursing and remain so for at least four years.  After four years, the borrower’s interest rate will remain at 3% regardless of employment.  Interest rate will change from 3% to the prevailing market rate at the end of the 9 month grace period if the student cannot provide proof to the lending school that he/she is employed as full-time nurse faculty at a school of nursing.

Deferment

Unlike other federal loans, deferment options are limited.  A student who can document poor health or financial hardship may be eligible for forbearance.  The loan will be cancelled in the event of the borrower’s death.

Loan Cancellation

NFLP loans may be partially cancelled if the borrower meets certain requirements.  See Cancellation Provision on a separate information sheet available at the College of Nursing or the OUHSC Financial Aid Office.

Additional information can be obtained by contacting the OUHSC College of Nursing or the Office of Financial Aid.  Information provided by the Department of Health and Human Services is available at  http://bhpr.hrsa.gov/nursing/ .