Summary: Nursing Faculty Loan Program
The University of Virginia has been awarded funds from the Nurse Reinvestment Act to provide
special loans to graduate students who intend to become nursing faculty. We have
approximately $80,000 to distribute this year.
· US citizen or permanent resident enrolled full-time for at least two sessions in the year
(fall, spring, or summer)
· MSN, DNP or PhD student (students in Post-MSN certificate programs are not eligible).
· Considering a nursing faculty position after receiving your graduate degree.
· You may borrow up to the amount of tuition/books for the year (including summer study).
You cannot receive NFLP funds for living expenses.
· You cannot use the NFLP to cover the same fees that are being covered by other federal
grants (NRSA, Federal Nurse Traineeship, etc). You may borrow on the `difference'
between actual University costs (plus books), and what support you are receiving.
· Loan recipients have a 9-month `grace' period after graduation before loan payment
· If you become a fulltime faculty member, up to 85% of the NFLP loan will be cancelled
(a cancellation of 20% per year for Years 1-3, and 25% for Year 4). You would pay an
interest rate of 3% for the loan, and would have 10 years to repay.