NURSE FACULTY LOAN PROGRAM (NFLP)

 

What is the Nurse Faculty Loan Program (NFLP)? The Nurse Faculty Loan Program is a federal loan program for graduate students enrolled full-time in an eligible advanced degree program in nursing (master's).  Loan recipients must complete the education program, and following graduation, may cancel up to 85% of the NFLP loan while serving as full-time nurse faculty at a school of nursing.  The borrower must serve as full-time faculty for a consecutive four-year period at a school of nursing following graduation from the program to cancel the maximum amount of the loan.  Certification of employment must be submitted to the school to determine eligibility for cancellation.  Additional information regarding these provisions will be provided to the student with the Promissory note, if the student is approved for the program.  The interest rate is 3% per year with a grace period of 9 months. Funding for this program is limited.  Applications will be considered based on the date that the  NFLP application is completed in the RU Financial Aid Office.  To be considered, you must also file a FAFSA (or establish US Citizenship).  Students must apply annually for these funds. How do I qualify? Must be in a Master's Nursing Program established to prepare qualified nurse faculty.  Must be a 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 United States on a student or visitor’s visa is NOT eligible for an NFLP loan.  Have no judgment liens entered against him/her based on the default on a Federal debt, 28 U.S.C. 3201(e). Must be full-time (9 semester hours) for both Fall and Spring semesters. Must be in good standing according to the RU Graduate Catalog. In addition to this application, you must provide the official results of the FAFSA (Free Application for Federal Student Aid) OR you must attach proof of U.S. Citizenship to this application. How will I be notified? Your application will be reviewed by the RU Financial Aid Office.  The RU Financial Aid Office will send the student a letter regarding eligibility.   If the student is approved for the loan, the student will receive the following documents to be completed and returned to the Financial Aid Office: Award letter from the Financial Aid Office. Schedule an appointment in the RU Financial Aid Office for an Entrance Interview. NFLP Promissory Note (executed during the Entrance Interview). Statement of Rights and Responsibilities (executed during the Entrance Interview). How much money can I get? You can receive up to the cost of tuition, fees, books, lab expenses, and other reasonable education expenses. How will I be paid at Radford University? If you are awarded a NFLP Loan, it will be listed on your award letter as part of your financial aid package. The total amount of your financial aid as shown on your award notification will be paid in installments. Generally, one-half of each award may be disbursed to you each semester upon eligibility certification and acceptance of your award. Acceptance of your financial assistance takes place by signing and returning one copy of your financial aid notification letter. You can check the status of your financial aid application by using the Student Information System. After your NFLP award has been verified, it will be credited to your student account. Any credit balance remaining on your student account after all University charges have been paid, will be reimbursed to you after the start of the semester.  If you receive other aid that specifically pays for the expenses that may be covered by this program, this award will be reduced.   If you have questions, please contact Robin Brooks in the Financial Aid Office.

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