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| Nurse Faculty Loan Program |
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While you are considering the options available to finance your education at
Duke, please consider the Nurse Faculty Loan Program. A tremendous shortage
currently exists for instructors in nursing education. The nursing faculty
shortage has resulted in thousands of qualified applicants being turned away for
admission to entry level nursing programs. As a result, the nursing faculty
shortage acts as a constraint on the efforts being made to reduce the nursing
shortage. The Nurse Faculty Loan Program was created to recruit students
enrolled in advanced nursing education programs to teaching positions at nursing
schools across the country. Funded by a grant through the Department of Health
and Human Services, the Nurse Faculty Loan Program provides loan debt reduction
benefits of up to 85% in exchange for fulfilling a four year service requirement
as an instructor in a school of nursing. To participate in the program,
recipients must be enrolled full time as a degree seeking student in a Duke
School of Nursing Masters or Post Masters degree program and must commit to
serving as faculty at a school of nursing following graduation. Learn
More About the Nursing Faculty Shortage
Terms and Conditions
Eligible Borrowers
- Be a U.S. citizen or national of the U.S.
- Be a full-time student in good standing in an advanced nurse education
program at the school.
- Have no judgment liens entered against him/her based on the default on a
Federal debt, 28 U.S.C. 3201 (e).
Interest The NFLP loan will bear interest on the unpaid balance of the
loan at:
- The rate of 3 % per annum, beginning 3 months after the borrower ceases to
be a full-time student in the advanced nurse education program, or
- The prevailing market rate (currently 12%) if the borrower fails to complete
the advanced nurse education program or fails to serve as a nurse faculty
member.
Service Requirement and Cancellation The borrower has 12 months after
graduating to begin working full-time as a faculty member in a school of
nursing. At that time the school will cancel an amount up to 85% of the
principle and interest of an NFLP loan 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 a school of nursing, the school
will cancel 20% of the principle of and interest on the NFLP loan, as determined
on the first day of employment.
- Upon completion by the borrower of the fourth year of full-time employment
as a faculty member in a school of nursing, cancel 25% of the principle of and
interest on the NFLP loan, as determined on the first day of
employment.
Repayment
- The NFLP loan is repayable over a 10-year period beginning 9 months after
the borrower completes the advanced nurse education program or ceases to be a
full-time student in the program.
Borrowing Limits
Students eligible for the Nurse Faculty Loan Program are awarded funds by the
Office of Financial Aid based on the most current cost of attendance figure for
that student. Students may receive up to 100% of tuition and fee costs less any
other scholarships or aid receive. |
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