A loan is money that is borrowed and must be paid back with interest. Loan repayment usually begins after you have completed your education or drop below half time (6 credits) enrollment. Remember you can borrow less than what is offered to you. You should only borrow what you need!
*Note: The Federal government has discontinued any new Perkins Loans as of Oct. 1, 2017. The details below are for informational purposes only for prior Perkins Loan borrowers.
The Nurse Faculty Loan Program (NFLP) is a federal loan program offered through the government’s Health Resources & Services Administration. Information related to the program and requirements can be found on the government’s website.
Student eligibility is determined in accordance with Barbara Mawn in the School of Nursing, based on the Administrative Guidance set forth by the government. If you have questions about starting the application process, please email Barbara Mawn at: Barbara_Mawn@uml.edu.
Award amounts may not exceed $35,500 per year, up to a student’s maximum cost of attendance less other aid received. Funding may also be limited by the annual amount awarded by the Health Resources & Services Administration to the University. Students must be actively enrolled in coursework on either a part-time or full-time basis. Interest rates and loan forgiveness options will be subject to your employment status, per the federal guidelines.
Please note that you will be required to complete Exit Counseling once you are not enrolled for a semester, and repayment of the loan begins nine months after you cease enrollment.
Students who have received an email and a "To Do" list item on SiS notifying them that their application for the Nurse Faculty Loan has been accepted and are now eligible for an award, will have additional documents to complete. Nurse Faculty Loan Truth in Lending Document.