Nurse Faculty Loan Program
What is the Nurse Faculty Loan Program (NFLP)?
The Nurse Faculty Loan Program is a federal program offered at Mercer University - Atlanta campus. The Nurse Faculty Loan Program is designed to increase the number of nursing students who pursue careers as full-time faculty teaching in schools of nursing. The program is funded by the Health Resources and Services Administration (HRSA), Bureau of Health Professions, and allows nursing schools to make loans from the fund to assist registered nurses in completing their graduate education to become qualified nurse faculty.
The program offers partial loan forgiveness to borrowers that graduate and serve as full-time nursing faculty for the prescribed period of time. The loan recipients may cancel up to 85 percent of the loan over four years in return for serving full-time as faculty at any accredited school of nursing within six months of graduating. Those who fail to become full-time faculty members, at a single institution, within six months of graduation, or take a leave from school, must repay the loan at the prevailing interest rate. Awardees will sign a promissory note with the Student Loan Office each semester. The federal approval mechanism for NFLP is submission of a FAFSA, although need is not a criteria.
What does the Nurse Faculty Loan Program provide?
The school will make NFLP loans to eligible students for the cost of tuition, fees, lab expenses and other reasonable education expenses, not including living expenses. Awards may be renewable for a maximum of five years but this is contingent upon ongoing federal funding and therefore subject to change. Previous recipients have first priority each semester.
Who is eligible to apply?
Georgia Baptist College of Nursing students are eligible to apply if they are committed to a faculty role, in good academic standing, are U.S. citizens or permanent residents, and not in default on any prior student loans. Doctor of Philosophy in Nursing and Doctor of Nursing Practice students who meet these qualifications are eligible. Top priority will be given to students who do not have full funding from other sources.
What are the loan recipeints’ responsibilities?
If you are granted a Nursing Faculty Loan you must:
- Maintain a GPA of 3.0 or higher.
- Sign a promissory note with the Student Loan Office in Macon, Georgia, every semester.
- Complete the nurse educator cognate series concentration, which includes nine semester hours.
- Follow the application procedures for each year continued funding is desired (as required by HHS).
What is the process for applying?
Submit your FAFSA: http://www.fafsa.ed.gov. Need is not a criteria but is part of the federal approval process for this loan program. Complete the NFLP Application and return to the Dean's Office of the Georgia Baptist College of Nursing or directly to Dr. Linda Streit on the Atlanta campus. If you are a new student who has not yet received a Mercer ID number and a Mercer email address, please contact the Dean's Office directly to obtain this application.
When will these funds credit to my account?
You will receive an award letter from the Office of Student Financial Planning after acceptance into the loan program and once the funds have become available. You must accept this aid in writing.
We offer the loan to all qualified students. You must actively accept the aid, and then it will be credited to your account after you have signed the promissory note each semester.
The applicant is responsible for understanding the financial commitment and obligations of the loan agreement. Please read the promissory note carefully for more detailed information.