Nurse Faculty Loan Program: MSN Nursing Education

Nurse Faculty Loan Program: MSN Nursing Education
07.01.2024
30
08.26.2025
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FALL 2024 - APPLICATION FEE WAIVED

Email an Enrollment Service Advisor (ESA) for a personalized $80 NursingCAS Application Fee Waiver. With the UC Application Fee also waived, your Fall 2024 application can be FREE!

LIVE VIRTUAL INFO SESSION: THURSDAY 5/23/24 @ 6:00 PM EST

Join us for an interactive info session to get your questions answered by program director Melanie Kroger-Jarvis, DNP, MSN, CNS, as well as learn more about program-specific admission requirements, the application process and the Nurse Faculty Loan Program (NFLP).

Nurse Faculty Loan Program

For students interested in a career as a full-time nurse educator, we offer the Nurse Faculty Loan Program. Funded by the Health Resources and Services Administration Bureau of Health Professionals, the loan provides master’s and doctoral students as much as $35,000 annually for a maximum of five years to cover tuition, fees, books and other reasonable education expenses.

After graduating from the MSN Nursing Education program, up to 85% of the loan and principal interest is canceled for individuals who work as full-time nursing faculty at a school of nursing.


To be eligible for the Nurse Faculty Loan Program, individuals must: 

  • Be certified as a nurse educator or enrolled in UC’s MSN Nursing Education online program.
  • Be accepted in a nurse educator position in an accredited institution.

Admission Materials

  • Application Form

Application

Complete the application and email it as a PDF document to Krista Maddox at [email protected]. Do not apply for the Nurse Faculty Loan Program until after you have been admitted to the MSN Nursing Education online program or can show you are already a Certified Nurse Educator.

For more information, contact the Office of Student Affairs at 513-558-3600.


Eligibility

Admitted or enrolled students in a Master of Science in Nursing, Doctor of Nursing Practice or PhD program can apply. In addition, applicants must be:

  • A U.S. citizen, U.S. national or lawful permanent resident of the U.S. and its territories;
  • Certified as a nurse educator or enrolled in UC’s MSN in Nursing Education online program;
  • Enrolled full time or part time in an eligible program at the time the loan is established and complete the education component(s) to prepare qualified nurse faculty;
  • In good standing in an advanced nurse education program at the school; and
  • Have no judgment liens entered against them, based on the default on a federal debt, 28 U.S.C. 3201 (e).

Borrowers should maintain full- or part-time enrollment status for a minimum of two terms/semesters during an academic year while receiving the loan.


Financial Aid

In addition to Nurse Faculty Loan Program support, students can receive support from other federal programs, as long as the funds are not used to cover the same costs during the academic year. Students could have received other federal support that does not cover all costs (tuition, fees and other expenses) for the academic period; in this case, the student may receive NFLP support to cover the remaining costs, excluding stipend support. To apply for Title IV federal grants, loans and work-study, submit a Free Application for Federal Student Aid (FAFSA) available at studentaid.gov


Full-time Faculty Position

Borrowers must be accepted in a full-time faculty position at an accredited school of nursing. Those who are current full-time faculty members qualify for NFLP funds, presuming they will continue in that role after graduation, per the terms of the loan.

Borrowers are responsible for documenting their employment upon graduation to request the loan cancellation each year. The Employment Certification Form is available on the university’s billing service’s webpage (made available when you complete the exit interview process). Several required NFLP forms are available on ECSI’s webpage.

Following graduation from the program, borrowers who fail to establish employment as full-time nurse faculty at a school of nursing must begin repayment of the loan after a 9-month grace period at the prevailing market rate.


Loan Interest

The loan will bear interest on the unpaid balance:

  • At a rate of 3% per year beginning 3 months after the borrower graduates from the program; or
  • At the prevailing market rate, if the borrower fails to complete the advanced nursing education program or establish employment as a full-time nurse faculty at an accredited school of nursing.

Loans of borrowers employed as full-time nurse faculty members at a school of nursing for a consecutive 4-year period will bear interest at the rate of 3 percent for the four-year period and the remaining 6 years of the “repayment period.”

If the borrower ceases full-time employment as nurse faculty at a school of nursing, the loan will bear interest at the prevailing market rate.


Loan Repayment

The grace period begins immediately after completion of the program, or voluntary termination as a student, and lasts for nine months. During this period, students are not required to repay the loan. The loan is repayable in equal or graduated periodic installments (with the right of the borrower to accelerate payment) over a 10-year period that begins nine months after the borrower:

  • Completes the program;
  • Ceases to be enrolled as a student in an advanced nurse education program; or
  • Ceases to be employed as a full-time nursing faculty member.

Loan Support

The Nurse Faculty Loan Program is a loan cancellation program with a service obligation for recipients of the loans. To be eligible for the 85% cancellation, the borrower must agree to serve as full-time nurse faculty at an accredited school of nursing for a consecutive four-year period, following graduation from the program. The granting institution will make loans to eligible students for the cost of tuition, fees, books, lab expenses and other reasonable education expenses. The loan amount cannot exceed $35,500 per year and cannot extend more than 5 years per student.

To receive loan cancellation, the borrower must be employed full-time as a nurse faculty at an accredited school of nursing for a complete year, as is defined by the employing school of nursing or 12 consecutive months. The school will cancel an amount of up to 85% of the loan (plus interest) 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 an accredited school of nursing, the school will cancel 20% of the principal of and the interest on the amount of the unpaid loan on the first day of employment.
  • Upon completion by the individual of the fourth year of full-time employment as a faculty member in an accredited school of nursing, the school will cancel 25% of the principal of and the interest on the amount of the unpaid loan on the first day of employment.

To receive loan cancellation, the borrower must submit the Request for Partial Cancellation of Loan form to the lending school at the end of each complete year of full-time employment as faculty at a school of nursing. The Request for Partial Cancellation of Loan form is obtained from the university’s billing service, ECSI Inc.


Nurse Faculty Loan Program FAQs