The types of qualifying employment considered to meet the criteria for loan cancellation follows:

1. A full-time faculty member at an accredited school of nursing;
2. A part-time faculty member at an accredited school of nursing in combination with another part-time faculty position or part-time clinical preceptor/educator position affiliated with an accredited school of nursing that together equates to full-time employment;
3. *Designation of nurse faculty in a joint nurse faculty appointment, serving as full-time advanced practice registered nurse (APRN) preceptor (volunteer or paid position) for at least 30 hours monthly in an accredited school of nursing, within an academic-practice partnership framework.

The loan cancellation over the four-year period follows: 20% of the principal and interest may be canceled upon completion of each of the first, second and third years of full-time employment, totaling 60%, followed by the cancellation of 25% of the principal and interest upon completion of the fourth year of full-time nurse faculty employment.

Repayment on the remaining 15% of the loan balance is postponed during the cancellation period. This loan accrues interest at a rate of 3% per annum, beginning 3 months after graduation (per PHS Act Section 846A (c)(6)(A)) for loan recipients who establish employment as nurse faculty.

*For joint nursing faculty appointment designation, recipients are encouraged to negotiate a contract/position with an accredited school of nursing prior to precepting students.

Application Requirements

Plans of Study