The Nurse Faculty Loan Program provides
funds to eligible schools of nursing
that offer advanced education nursing programs
to prepare graduates to serve as faculty in
a school of nursing.
The schools use the funds to establish distinct
NFLP fund accounts or add to existing NFLP
fund accounts. The NFLP fund must provide
for loans made to students enrolled (full-time
and part-time) in an eligible advanced degree
program in nursing (master's or doctoral)
at the school.
As of FY 2008, NFLP student eligibility includes
support for part-time enrollment. In previous
years, the NFLP did not support students who
were enrolled part-time. Effective July 1,
2008, participating schools may award NFLP
loans to students enrolled full-time and part-time.
Loan recipients must complete the
education program and, following graduation,
may cancel up to 85% of the NFLP loan
over a consecutive 4-year period while serving
as full-time nurse faculty at a school of
nursing (i.e., baccalaureate or higher degree,
associate degree or diploma schools of nursing).
Approximately $7,860,000 is available
in FY 2008 to fund an estimated 150 NFLP schools.
Available funds are expended among the eligible