2021 Nurse Faculty Loan Program (NFLP)

The purpose of the Nurse Faculty Loan Program (NFLP), which began in 2003, is to increase the number of qualified nursing faculty by providing loans to part-time and full-time students enrolled in education-focused, Master of Science program or Doctor of Nursing Practice program.

The NFLP provides loans to part time or full-time students enrolled in the Educator Track of the DNAP-Completion, Doctoral Completion Only, or Dual programs. This Health Resources and Services Administration (HRSA) grant program offers eligible students loan funds to attend these programs with loan forgiveness provisions. After graduation, 85% of the total NFLP loan is forgiven over a consecutive four-year period while loan recipients serve as a full-time nurse faculty at a school of nursing (i.e., baccalaureate or higher degree, associate degree or diploma schools of nursing).

Due to limited grant awards received by MTSA annually through the NFLP, eligible students are awarded on a “first-come-first serve” basis by the Program Grant Director.

To be eligible for an NFLP loan, student borrower must:

  • Complete the Free Application for Federal Student Aid (FAFSA) on www.fafsa.gov
  • Be a US citizen or lawful permanent resident of the US and its territories
  • Not be in default on federal loans
  • Be admitted to the DNAP-Completion or Dual program
  • Have intent to serve as full time nurse faculty, either as a clinical preceptor or full-time academic faculty with an accredited school of nurse anesthesia.
  • Maintain “good academic standing” with no “C’s” allowed in any course while enrolled at MTSA Doctorate or Dual programs.
  • Be at least a half-time student (6 credit hours or more per semester)
  • Maintain enrollment for a minimum of two consecutive semesters while receiving the NFLP loan support.
  • Complete (2) graduate level nurse educator courses at MTSA with a minimum of 6 hours of academic credit awarded on the student’s Doctoral transcript.
  • Subject to availability of funds awarded MTSA annually.
  • Complete a pre-screening interview with the Program Grant Director and Grant Servicer of the MTSA forgiveness loan.

MTSA will counsel each eligible student who completes an application for the loan and offer support to cover the amount of tuition and/or clinical fees. An NFLP loan may not exceed $15,000 per academic year for DNAP Completion Only program, $16,875 for the Dual or Education Tracks in the first year and $20,375 in the second year, and not exceed more than two years of support. Borrowers will be requested to complete the EFT Authorization on their student portal and the loan entrance counseling and promissory note (URL) prior to enrolling.

The NFLP is subject to availability of funds and the recipient maintaining good academic standing. Any NFLP recipient who withdraws is subject to MTSA’s withdrawal policy and any refund due will be returned to the NFLP program. Any NFLP recipient withdrawing may lose eligibility to remain in the NFLP if returning to MTSA. Repayment of the loan begins immediately upon withdrawal, failure, or failure to complete the 4-year clinical or academic teaching obligation in the first year after postgraduation. All loan repayments based on these early termination conditions are subject to immediate repayment terms with interest set on prevailing market rates.

Student’s coursework will be reviewed prior to each semester to determine eligibility for the loan.

Cancellation of Loan

The school will cancel an amount up to 85% of the principal and interest of an NFLP loan over a consecutive four-year period as follows:

  • Upon completion by the borrower of each of the first, second, and third year of full-time employment as a clinical preceptor and/or academic faculty affiliated with an accredited school of nurse anesthesia, the school will cancel 20% of the principal and interest on the NFLP loan, as determined on the first day of employment, and
  • Upon completion by the borrower of the fourth year of full-time employment as a clinical preceptor and/or academic faculty affiliated with an accredited school of nurse anesthesia, the school will cancel 25% of the principle of an interest on the NFLP loan, as determined on the first day of employment.
  • Failure to complete the entire 4-year commitment will result in immediate repayment of the entire NFLP loan plus prevailing market interest rates over a ten-year period beginning nine months after the borrower completes the MTSA Doctoral program, ceases to be enrolled as a student in the program, or ceases to be employed as a full-time nurse anesthesia clinical or academic faculty member.

Interest

  • The NFLP loan will bear interest on the unpaid balance at a rate of 3% per annum beginning 3 months after the borrower graduates from the MTSA Doctoral or Dual program
  • The NFLP will bear interest at the prevailing market rate if the borrower fails to complete the Doctoral program or fails to serve as a nurse faculty member for the four-year period.

We look forward to offering this unique opportunity for those interested in future anesthesia education with a four-year commitment in teaching nurse anesthesia students.

Please direct all questions about the NFLP to the Program Grant Director:

Bill Johnson, DNAP, CRNA
Director, Acute Surgical Pain Management Fellowship and Doctorate Completion Programs
bill.johnson@mtsa.edu
573-673-6861