Nurse Faculty Loan Program
The Nurse Faculty Loan Program (NFLP), funded by the U.S. Department of Health and Human Services, assists students who plan to serve as faculty in a school of nursing.
If you qualify, you may apply each academic year for a loan to assist with your tuition and fees. The College of Nursing will assist you with your application materials and approve the loan.
The interest rate is 3%, and begins to accrue three months after you cease to be enrolled at least half-time.
The interest rate is contingent upon your completion of your advanced nurse education program and verification of your employment as a nurse faculty member.
If you fail to meet these conditions, your loan will revert to the prevailing market interest rate.
This loan is available to you if you are a U.S. citizen, or a lawful permanent resident. A judgment lien entered against a student based the default on a federal debt would render a student ineligible.
Truth in Lending Act requirements
To receive a Nurse Faculty Program Loan and comply with Truth in Lending Act requirements, the following documents must be completed and/or viewed before any loan funds can be disbursed to your school account.
Student self-certification form - printable form
Note: The certification form is not an application form. It must be returned before your loan can be disbursed.
To fill out the Self-Certification Form, you will need to figure your cost of attendance. To complete the cost of attendance section of the form, you will need to access your Wayne State University cost of attendance and your estimated financial assistance by following these instructions:
- Log in to Academica.
- Select the applicable aid year for your loan.
- Click the "Award Offer" tab.
- Write the total amount listed under "Cost of Attendance" as your cost of attendance on the form.
- Write the total amount of awards listed as your estimated financial assistance on the form.
- Follow the remaining instructions on the form.
Loan Approval Disclosure Form This will be sent to your WSU email account after the Office of Student Financial Aid receives your application materials.
Loan Final Disclosure Form This will be sent to your WSU email account shortly after the Office of Student Financial Aid receives your completed Loan Approval Disclosure from Disclosure two.
Repayment of your Nurse Faculty Loan will begin nine months after you cease enrollment in the advanced nurse education program.
- You have the right to pay more than the amount that is due on your loan. If you chose to do this the time repaying the loan, along with interest, will be reduced.
- You may prepay without any penalty on the loan at any time.
- You may also be eligible to have up to 85% of this loan forgiven while serving as a full-time nurse faculty member at an accredited school of nursing.