WILLIAM PATERSON UNIVERSITY OF NJ DEPARTMENT OF NURSING - GRADUATE PROGRAM NURSE FACULTY LOAN PROGRAM OVERVIEW The Nurse Faculty Loan Program (NFLP) is a federally funded loan program administered by the Bureau of Health Professions, Health Resources and Service Administration. Its purpose is to increase the number of nursing faculty. The NFLP offers significant loan forgiveness to students in Master’s and Doctoral nursing programs who: undergo specified educational coursework relevant to the nurse faculty role, and commit to work full-time as faculty in nursing programs upon graduation. Role of the GRADUATE NURSING PROGRAM, Office of Financial Aid AND OFFICE OF BUSINESS SERVICES The Graduate Program in Nursing, in collaboration with the Office of Financial Aid jointly administers the NFLP at William Paterson University. The Graduate Program in Nursing selects NFLP recipients, authorizes the maximum amount of the loan and monitors recipients’ adherence to the academic plan required of NFLP recipients. The Office of Financial Aid along with the Office of Business Services administers the disbursement of the loan, monitors compliance with federal funding financial and documentation requirements, and addresses loan repayment post-graduation. Amount of Loan Participating schools make NFLP loans from the loan fund to eligible graduate (master’s and doctoral) nursing students to complete the nursing education program. Students may receive NFLP loans up to $35,500 per year academic year for a maximum of five years to support the cost of tuition, fees, books, laboratory expenses and other reasonable education expenses. Following graduation from the nursing program, the nursing school will cancel up to 85 percent of the loan principal and interest in exchange for the loan recipient’s service as a full-time or part-time nursing faculty positions that are equivalent of a full-time faculty position as determined by the Graduate Director at a school of nursing with a certain percentage canceled each year for up to four years. The loan cancellation over the four-year period is as follows: 20 percent of the principal and interest may be canceled upon completion of each of the first, second, and third years of full time employment, which, after the three year period, totals 60 percent, followed by the cancellation of 25 percent of the principal and interest upon completion of the fourth year of full-time employment as a faculty member in an accredited school of nursing. Repayment on the remaining 15 percent of the loan balance is postponed during the cancellation period. NFLP loans are repayable and/or canceled over a ten-year repayment period. NFLP loans accrue interest at a rate of three percent per annum for loan recipients who establish employment as nurse faculty. CRITERIA FOR NFLP ELIGIBILITY & CONTINUATION OF FUNDING The NFLP guidelines specify that in making funding decisions, priority is granted to those who have already received NFLP support. The eligibility criteria for new applicants and continuing applicants are: enrollment in MSN or DNP (Nursing) program; continuous enrollment status at least six credits for each semester for MSN students and full-time for DNP students when NFLP monies are received agreement to complete the prescribed educational course sequences while enrolled in the program maintenance of minimum 3.0 term and cumulative GPA; a completed, up-to-date FAFSA on file with Office of Financial Aid; commitment to assuming a full-time faculty position in a nursing program Schools must ensure that students meet the eligibility criteria to receive NFLP loans. Schools must verify the accuracy of the student applicant’s information to determine eligibility. Citizenship Status A student applicant must be a citizen or national of the United States, or a lawful permanent resident of the United States, the Commonwealth of Puerto Rico, the Northern Mariana Islands, the Virgin Islands, Guam, American Samoa or the Trust Territory of the Pacific. A student who is in the United States on a student or visitor's visa is not eligible for a NFLP loan. Deadline dates for NFLP loan applications are: December 1st - Spring Semester August 1st - Fall Semester April 1st Summer Semester If you are interested in applying for the Nurse Faculty Loan Program, please fill out the NFLP application and return to: Dr. Kem Louie, PhD, RN, PMHCNS-BC, APN, CNE, FAAN Director, Graduate Nursing Program William Paterson University of NJ 300 Pompton Road University Hall 302 Wayne, New Jersey 07470 Completed applications must be hand delivered to the Graduate Nursing Office - University Hall 302. If you have any additional questions regarding the Nurse Faculty Loan Program, please contact Elaine Vuoncino, Program Assistant at 973-720-3511 or by email at firstname.lastname@example.org.