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