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Health Professions Loans

NMC participates in the following loan programs funded by the Health Resources and Services Administration (HRSA) of the U.S. Department of Health and Human Services.

Heath Professions

Nursing Student Loans

Nursing Student Loans (NSL) are available to students enrolled in an undergraduate Nursing program. To qualify, students must have financial need as determined by the FAFSA; be enrolled at least half-time; be of legal age in their state of residence; and must not be in default on any student loan nor have an adverse credit history. After being credit-approved, the borrower must complete online entrance counseling, acknowledge truth-in-lending disclosures, and sign an online promissory note. Eligibility must be re-established each academic year.

The maximum annual award amount is $3,300, except during the last two years of the program the annual limit is $5,200. The aggregate limit for all years of study is $17,000.

This is a loan and it must be repaid, even if the borrower does not complete the degree. Interest, at the rate of 5.0% per year, begins to accrue 9 months after the borrower ceases to be enrolled at least half-time. Repayment also begins 9 months after the borrower's last date of enrollment at least half-time. The amount borrowed, plus accrued interest, is repayable over a 10-year period. Payments are due no less than quarterly, and a minimum payment or $40 per month or $120 per quarter is required.

Once the repayment period has begun, a borrower may qualify for periods of deferment for service as a Peace Corps Volunteer, active duty member of a uniformed service, or while enrolled at least half-time in a baccalaureate or graduate level nursing program, pursuing advanced professional training in nursing, or training to become a nurse anesthetist. 

Nurse Faculty Loans

Nurse Faculty Loans (NFLP) are available to students enrolled in an advanced education nursing program who are committed to become nurse faculty upon graduation from the program. The purpose of the NFLP program is to increase the number of qualified nursing faculty. Loans are provided to assist with educational expenses and, in exchange for full-time, post-graduation employment as nurse faculty, the program authorizes cancellation of up to 85% of the NFLP loan. 

To qualify for the NFLP a student must be enrolled in an eligible program that prepares the individual to become nurse faculty. Eligible programs at NMC include the Doctor of Nursing Practice (DNP), the MSN-Nurse Educator, RN to MSN-Nurse Educator, and the Post-Master's Certificate-Nurse Educator.  In addition, the recipient must be in good academic standing; committed to completing the program of study and serving as full-time nurse faculty for 4 consecutive years at an accredited school of nursing following graduation from the program; a U.S. citizen or national of the U.S., or a lawful permanent resident of the U.S. and its territories; and have no judgment liens entered against his/her property for default on a federal debt, 28 U.S.C. 3201(e).

To be considered for the NFLP program, an applicant must submit the Free Application for Federal Student Aid (FAFSA) each academic year. Annually, after eligibility is confirmed, the borrower must complete online entrance counseling, acknowledge truth-in-lending disclosures, and sign an online promissory note.

The NFLP loan covers the cost of tuition, fees and books while a student is enrolled part time or full time. Loans may not exceed $35,500 for an academic year and no more than 5 years of support.

This is a loan and it must be repaid, even if the borrower does not complete the program of study. Interest begins to accrue 3 months after the borrower graduates or ceases to be enrolled in an eligible program of study. The interest rate will be 3% per year for borrowers who graduate and fulfill their full-time 4-year teaching obligation. For borrowers who do not graduate, do not obtain full-time employment or do not complete the entire 4-year service agreement, interest will accrue at the prevailing market rate. This prevailing market rate is determined by the U.S. Treasury Department and has ranged from 9.75% to 10.75% in recent years. 

Repayment begins 9 months after the borrower graduates or otherwise ceases enrollment in the eligible program of study, and the loan must be repaid within 10 years. During periods when the borrower is employed full-time to qualify for the cancellation, payments may be postponed but this does not extend the repayment period. 

To qualify for the loan cancellation, full-time employment must be obtained within 12 months of graduation. Upon documented completion of each the first, second and third years of eligible employment, 20% of the loan will be cancelled. Upon documented completion of the fourth year of eligible employment, 25% of the loan will be cancelled. Therefore, after 4 consecutive years of eligible full-time employment, 85% of the loan will have been cancelled. The borrower is then responsible for repaying the remaining 15% of the loan over the remaining 6 years of the repayment period.

NFLP borrowers may be eligible for deferment for up to 3 years when ordered to active duty as a member of a uniformed service, or when a borrower who graduates and is employed decides to return to a graduate nursing education program to further their preparation as a nurse faculty.

For more detailed information about the NFLP program, please download this document about the NFLP that was produced by the NMC Financial Aid Office. Among other things, it includes specific information about documentation and deadline requirements to establish eligibility for the loan cancellation.