The purpose of the Nurse Faculty Loan Program (NFLP) is to increase the number of qualified nursing faculty to facilitate education of the nurses needed to address the nursing workforce shortage.
Regis makes loans from the fund made possible by a grant from the federal government. The program offers partial loan forgiveness for those borrowers that are accepted into a DNP program and graduate and serve as full time nursing faculty for a specific period of time. The loan recipients may cancel 85% of the loan over four years in return for serving full time as faculty in any accredited school of nursing.
An NFLP loan may not exceed $35,500 per student per year and not to exceed five years per student.
Students of the Regis DNP Programs who intend to teach or precept students after graduation may be eligible to apply for this program. Applicants must:
NFLP Applications are due before the start of each semester. You will need to be accepted to your academic program before applying for NFLP funding.
Once all application materials have been submitted, you will be contacted via email to schedule an interview with the NFLP Program Director.
Approvals are subject to the availability of funds. Once approved, additional documents and a virtual Entrance Counseling session are required.
The NFLP is a loan cancellation program with a service obligation for recipients of the loans. To be eligible for the maximum 85 percent cancellation, the Borrower must agree to serve as full-time nurse faculty at an accredited school of nursing for a four-year period following graduation.
Following graduation, the Borrower must submit the certification of employment form within a reasonable timeframe. Please refer to the Regis College NFLP Administrative Guide for definition of full-time employment.
NFLP borrowers are limited to a 12-month period following graduation from the program to establish employment as full-time nurse faculty at an accredited school of nursing in order to qualify for cancellation. If the borrower does not commence employment or receive an offer of faculty employment within the 12-month period, the borrower will not be eligible for the loan cancellation provision.
To receive loan cancellation, the Borrower must be employed full-time as nurse faculty at an accredited school of nursing for a complete year, as defined by the employing school of nursing or 12 consecutive months. The school will cancel an amount up to 85 percent of the loan (plus interest) as follows:
Upon completion by the Borrower of each of the first, second and third year of full-time employment as a faculty member in an accredited school of nursing, the school will cancel 20 percent of the principal and the interest on the unpaid loan balance at the start of employment.
Upon completion by the individual of the fourth year of full-time employment as a faculty member in an accredited school of nursing, the school will cancel 25 percent of the principal and the interest on the unpaid loan balance at the start of employment.
To receive loan cancellation, the Borrower must submit the Request for Partial Cancellation of Loan form to the lending school at the end of each complete year of full-time employment as faculty at a school of nursing.
The beginning of the Borrower’s repayment period may be postponed only if the Borrower is employed full-time as nurse faculty at an accredited school of nursing and will request loan cancellation at the end of each complete year of this employment. To receive postponement of the repayment period, the Borrower must submit a Request for Postponement of Installment Payment form to the lending school 30 days before the end of the 12-month grace period, and annually thereafter. Subsequent requests for postponement must be filed 30 days before the expiration date of the initial request for postponement for each year of employment. If the Borrower ceases to be employed full-time as nurse faculty prior to completion of a year, the postponement ends and the repayment period begins immediately.
The grace period begins immediately following completion of the program, dismissal or voluntary termination as a student for a period of nine (9) consecutive months. During the grace period, repayment of the loan is not required. After the nine month grace period, repayment of the loan begins. Borrowers have 12 months to obtain a full-time nurse faculty position. If the borrower certifies full-time employment as nurse faculty within the 12-month period, repayment can be postponed.
The NFLP loan is repayable in equal or graduated periodic installments (with the right of the Borrower to accelerate repayment) over a 10-year period that begins nine months after the Borrower completes the program, ceases to be enrolled as a student in the advanced nurse education program, or ceases to be employed as full-time nurse faculty.
The NFLP loan will bear interest on the unpaid balance of the loan at:
If the borrower ceases full-time employment as nurse faculty at a school of nursing, the NFLP loan will bear interest at the prevailing market rate.
The Borrower may, at his or her option and without penalty, prepay all or any part of the principal and accrued interest on the loan at any time.
If the Borrower fails to make a scheduled repayment or fails to comply with any other term of the Promissory Note, the entire unpaid balance of the loan, including interest due and accrued and any applicable penalty charges, will, at the option of the school, become immediately due and payable.
NFLP borrowers are eligible for deferment for up to three years,
In the event of the Borrower’s total and permanent disability or death, the school will cancel any remaining payments on the Note.
Regis may, in its discretion, place the Borrower’s NFLP loan in forbearance whenever extraordinary circumstances such as poor health or hardship temporarily affect the Borrower’s ability to make scheduled loan repayments.
During periods of forbearance, interest continues to accrue on the unpaid principal balance of the loan.
If an NFLP borrower defaults on the loan, the school must immediately stop the disbursement of the NFLP loan and begin collection on the loan. Default will occur in the following situations: