The NFLP loan bears interest on the upaid balance at the rate of 3% per annum beginning 3 months after the borrower ceases to be enrolled as a student in the advanced nursing education program. Borrowers employed as full-borrower ceases to be enrolled as a student in the advanced nursing education program. Borrowers employed as full-time nurse faculty at a school of nursing for a consecutive four-year period will bear interest at the rate of 3% for the four-year period and the remaining six years of the repayment period.
For borrowers in the following situation, the intereest rate will be converted to the prevailing market rate as determined by the U.S. Treasury Department.
- The borrower fails to complete the course of study
- The borrower fails to establish full-time employment within 12 months of graduation
- The borrower fails to complete 4 years of service as full-time nurse faculty