Federal Student Loans
FEDERAL STUDENT LOANS FOR NURSES NSL (NURSING STUDENT LOAN) PROGRAM and NFLP (NURSE FACULTY LOAN PROGRAM)
- The NSL program is available to nursing students with financial need per the FAFSA form.
- Students can be considered for a NSL by submitting a FAFSA by the priority deadline.
NURSING STUDENT LOAN (NSL) PROGRAM
- The NSL program is available to nursing students with financial needs per the FAFSA form.
- Students can be considered for a NSL by submitting a FAFSA by the priority deadline.
NSL ELIGIBILITY REQUIREMENTS
- U.S. citizen or eligible non-citizen.
- Have financial needs as determined by the FAFSA.
- Be in good academic standing.
- Have no judgment or liens based on default on federal debt, 28 U.S.C. 3201(e).
NSL DEFERMENT and GRACE PERIODS
- Fixed interest rate of 5% which does not accrue while enrolled at least halftime at FDU.
- 9-month grace period for repayment when you stop attending school.
- Additional 9-month grace period if you re-enroll as a nursing student during the grace period and are approved for an in-school deferment. (No additional grace periods for enrolling as a nursing student in subsequent times.)
NSL LOAN REPAYMENT
- Repayment begins when the grace period ends.
- The maximum repayment period is 10 years.
- Minimum monthly payment is $40.
- Prepayment without penalty.
NURSE FACULTY LOAN PROGRAM (NFLP)
The NFLP provides loans to nurses enrolled in graduate degree programs.
- Graduates receive cancellation of up to 85% of the original student loan amount in exchange for full-time faculty employment in an accredited nursing school.
- This is an excellent option if you are already employed as a nurse faculty and returning to graduate school!
NFLP ELIGIBILITY REQUIREMENTS
- U.S. citizen or eligible non-citizen.
- Not in default on a federal loan or owe a refund.
- Be in good academic standing.
- Be enrolled in a graduate-level nursing education program (or other relevant program).
- Have no judgment or liens based on default on federal debt, 28 U.S.C. 3201(e).
NFLP TERMS and CONDITIONS
- NFLP funding is available up to $40,000 per year.
- Funding is limited – students are not guaranteed NFLP funding in any specific amount or for any number of years.
- Annual application is required.
NFLP LOAN REPAYMENT
NFLP recipients must obtain employment as a nurse faculty member
within 12 months of graduation.
- NFLP recipients who do not obtain employment within that time are not eligible for the 85% cancellation – the loan will need to be repaid at the prevailing market interest rate.
- Special circumstances (deferment, military service, etc.) are recognized.
OTHER NFLP TERMS and CONDITIONS
Up to 85% Loan Cancellation:
- 20% of the loan is canceled upon completion of the first, second, and third year of employment as nursing faculty.
- 25% of the loan is canceled after the fourth year of employment as a nursing faculty.
NFLP Graduates may be:
- Employed full-time as nurse faculty.
- Employed full-time by combining a part-time faculty position with a part-time clinical education position.
- An advanced nursing practice preceptor with a faculty appointment.
For more information
NSL Student Financial Aid Guidelines
https://bhw.hrsa.gov/sites/default/files/bureau-health-workforce/funding/nslfinancial-aid-guidelines.pdf
NSL Student Financial Aid Guidelines
https://bhw.hrsa.gov/sites/default/files/bureau-health-workforce/funding/nflpadmin-guidelines.pdf
FDU Graduate Admissions
grad@fdu.edu
FDU School of Nursing & Allied Health
Sharon Dobrina, HRSA@fdu.edu