Nurse Faculty Loan Program (NFLP) | Mount St. Joseph University
Students at White Coat Ceremony.

The purpose of the Nurse Faculty Loan Program (NFLP), which began in 2003, is to increase the number of qualified nursing faculty by providing loans to part-time and full-time students enrolled in the Educator Track of the Master of Science in Nursing (MSN) program or in the Doctor of Nursing Practice (DNP) program. After graduation, 85% of the total NFLP loan is forgiven over a consecutive four-year period while loan recipients serve as full-time nurse faculty at a school of nursing (i.e., baccalaureate or higher degree, associate degree or diploma schools of nursing).


ELIGIBLE BORROWERS

To be eligible to receive an NFLP loan, a borrower must:

•  Be a citizen or national of the U.S., or a lawful permanent resident of the U.S. and its territories.
•  Have no judgment liens entered against him/her based on the default on a federal debt.
•  Be enrolled as a student in good standing in an advanced nurse education program at the Mount.
•  Maintain "good academic standing" according to the Mount while enrolled in the advanced nurse education program.
•  Be a part-time or full-time student in the educator track of the MSN or DNP program.
•  Students must maintain enrollment for a minimum of two consecutive terms/semesters (either full-time or part-time) during an academic year while receiving the NFLP loan support. Students enrolled in the last year of the program are not required to enroll for two terms/semesters if program requirements are met.
•  The NFLP is not a need-based program, but a FAFSA must be completed each year that funds are requested in order to document citizenship and lack of any liens or default on a federal student debt.


MAKING NFLP LOANS TO STUDENTS

•  The Mount will make NFLP loans to eligible students for the cost of tuition, fees, books, lab expenses and other reasonable education expenses (excluding stipend support, i.e., living expenses, transportation cost, room/board, and personal expenses).
•  The Mount will offer full support or the amount requested by the student to cover the full or partial
tuition and fees on a first-come-first-serve basis for an academic year until funds are expended.
•  An NFLP loan may not exceed $35,500 per student for any academic year and not to exceed five years of support to a student.
•  Subject to availability of funds and the recipient maintaining good academic standing, the loan will be
made annually for the period required to complete the course of study.
•  The borrower must sign a promissory note prior to disbursement of loan funds in any term that NFLP funds are to be received.
•  In addition to NFLP support, students may receive support from other Federal programs provided that the funds are not used to cover the same costs.
•  The Mount must conduct and document an entrance interview for each academic year during which the
student receives an NFLP loan.


CANCELLATION

Up to 85% of the principal and interest of an NFLP loan can be cancelled over a consecutive four-year period 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, 20% of the principal and interest on the NFLP loan will be cancelled, as determined on the first day of employment, and
•  Upon completion by the borrower of the fourth year of full-time employment as a faculty member in a school of nursing, 25% of the principle and interest on the NFLP loan will be cancelled, as determined on the first day of employment.


REPAYMENT

•  The NFLP loan is repayable over a ten-year period beginning nine months after the borrower completes the advanced nurse education program, ceases to be enrolled as a student in the advanced nurse education program, or ceases to be employed as full-time nurse faculty.


INTEREST

•  The NFLP loan will bear interest on the unpaid balance at the rate of 3% per annum beginning three months after the borrower graduates from the advanced nurse education program.
•  The NFLP loan will bear interest at the prevailing market rate if the borrower fails to complete the
advanced nurse education program or fails to serve as a nurse faculty member for the consecutive four- year period. (Each quarter, a prevailing interest rate is determined by HHS. As of September, 2018 the prevailing rate is 10.25%.)


APPLICATION PROCESS

How to apply
  1. Print and complete the NFLP Loan Application; submit to Student Administrative Services (SAS).
  2. Print and complete the Private Education Loan Applicant Self-Certification form and submit to SAS.
  3. Complete a FAFSA and enter MSJU’s code, 003033: www.fafsa.gov
  4. Be admitted to MSJU into either the MSN (Master of Science in Nursing) or the DNP (Doctor of Nursing Practice) with an emphasis on teaching.
What happens next?                                                                    
  1. Student Administrative Services (SAS) will review your application for completion and confirm your eligibility. Awards will be made on a first-come-first-served basis until funds are expended.
  2. An award letter will be sent to you indicating the amount for which you qualify. It must be signed and returned to SAS in order for your loan to be disbursed.
  3. You must attend an in-person entry counseling session with a staff member in SAS.
  4. You will sign a promissory note at that session and review your Rights and Responsibilities as a NFLP borrower.
  5. Loan funds will be disbursed at the start of each semester or the completion of the process described above.


Contact the Office of Student Administrative Services

The Office of Student Administrative Services provides financial aid support to students at the Mount. If you have questions about applying for and receiving financial aid, contact us today.

Phone: (513) 244-4418
Email: financial.aid@msj.edu
5701 Delhi Road
Cincinnati, OH 45233-1670