Federal Student Loans
Federal Student Loans for Nurses NSL (Nursing Student Loan) Program and NFLP (Nurse Faculty Loan Program)
Nursing Student Loan (NSL) Program
The NSL program is available to nursing students with financial needs per the FAFSA form. Students can be considered for a NSL by submitting a FAFSA by the priority deadline.
NSL Eligibility Requirements
- U.S. citizen or eligible non-citizen.
- Have financial needs as determined by the FAFSA.
- Be in good academic standing.
- Have no judgment or liens based on default on federal debt, 28 U.S.C. 3201(e).
NSL Deferment and Grace Periods
- Fixed interest rate of 5% which does not accrue while enrolled at least halftime at FDU.
- 9-month grace period for repayment when you stop attending school.
- Additional 9-month grace period if you re-enroll as a nursing student during the grace period and are approved for an in-school deferment. (No additional grace periods for enrolling as a nursing student in subsequent times.)
NSL Loan Repayment
- Repayment begins when the grace period ends.
- The maximum repayment period is 10 years.
- Minimum monthly payment is $40.
- Prepayment without penalty.
Nurse Faculty Loan Program (NFLP)
The NFLP provides loans to nurses enrolled in graduate degree programs.
- Graduates receive cancellation of up to 85% of the original student loan amount in exchange for full-time faculty employment in an accredited nursing school.
- This is an excellent option if you are already employed as a nurse faculty and returning to graduate school!
NFLP Eligibility Requirements
- U.S. citizen or eligible non-citizen.
- Not in default on a federal loan or owing a refund.
- Be in good academic standing.
- Be enrolled in a graduate-level nursing education program (or other relevant program).
- Have no judgment or liens based on default on federal debt, 28 U.S.C. 3201(e).
NFLP Terms and Conditions
- NFLP funding is available up to $40,000 per year.
- Funding is limited – students are not guaranteed NFLP funding in any specific amount or for any number of years.
- Annual application is required.
NFLP Loan Repayment
NFLP recipients must obtain employment as a nurse faculty member within 12 months of graduation.
- NFLP recipients who do not obtain employment within that time are not eligible for the 85% cancellation – the loan will need to be repaid at the prevailing market interest rate.
- Special circumstances (deferment, military service, etc.) are recognized.
Other NFLP Terms and Conditions
Up to 85% Loan Cancellation:
- 20% of the loan is canceled upon completion of the first, second, and third year of employment as nursing faculty.
- 25% of the loan is canceled after the fourth year of employment as a nursing faculty.
NFLP Graduates may be:
- Employed full-time as nurse faculty.
- Employed full-time by combining a part-time faculty position with a part-time clinical education position.
- An advanced nursing practice preceptor with a faculty appointment.
For More Information
- NSL Student Financial Aid Guidelines
https://bhw.hrsa.gov/sites/default/files/bureau-health-workforce/funding/nslfinancial-aid-guidelines.pdf - NSL Student Financial Aid Guidelines
https://bhw.hrsa.gov/sites/default/files/bureau-health-workforce/funding/nflpadmin-guidelines.pdf - FDU Graduate Admissions
grad@fdu.edu - FDU College of Nursing & Allied Health
Sharon Dobrina, HRSA@fdu.edu