Nurse Faculty Loan Program

 

The Nurse Faculty Loan Program (NFLP) is funded by the U.S. Department of Health and Human Services to assist 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 of 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 the 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.

Eligibility

This loan is available to students in good standing who are U.S. citizens or lawful permanent residents. A student is ineligible to receive a loan if a judgment lien has been entered against him/her based on the default on a federal debt.

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 

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:

  1. Log in to Academica.
  2. Under Financial Aid, click on "My Award Information" and select the applicable aid year for your loan.
  3. Click the "Award Overview" tab.
  4. Write the total amount listed under "Cost of Attendance" as your cost of attendance on the form.
  5. Write the total amount listed under "Financial Aid Award" as your estimated financial assistance on the form.
  6. Follow the remaining instructions on the form.

Disclosure 1

Loan application and solicitation disclosure form

Disclosure 2

Loan Approval Disclosure Form — This will be sent to your WSU email account after the Office of Student Financial Aid receives your application materials.

Disclosure 3

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.

Loan repayment

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. This process will shorten the time that your loan is in repayment and reduce the overall interest that you will pay over the life of the loan.
  • 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.