Financial Aid Division

Nursing Loan Program Overview

Updated December 30, 2009

General Information

The Nursing Student Loan Program - Nursing Educator Loan provides forgivable loans to students pursuing a course of study leading to qualification as a nurse educator. Funding for this program is provided through the Arkansas State Board of Nursing. Applications will be processed by the Arkansas Department of Higher Education. All eligible applicants will be considered for award by the Arkansas State Board of Nursing.

Nursing Educator Loan recipients may receive a maximum award of $5,000 per semester not to exceed $10,000 per academic year for a full-time (as defined by the institution) student. Recipients may receive a maximum award of $2,500 per semester not to exceed $5,000 per academic year for a part-time (minimum of 6 credit hours in fall or spring semester and 3 credit hours in summer semester) student. The total of the loans made to any one (1) recipient shall not exceed $20,000.

Nursing Student Loan Program recipients must commit to teach full-time in a nursing education program in the State of Arkansas for one year for each year a loan is granted to have the loan fully forgiven.

Eligibility Requirements

An Applicant must:

  • be a bona fide Arkansas resident;
  • be a citizen of the United States or permanent resident alien;
  • be enrolled, or be accepted for admission to, an approved school of nursing in Arkansas or in a nationally accredited school outside the state in a course of study leading to qualification as a nurse educator;
  • hold a current unencumbered nursing license
  • be teaching or intend to teach in an Arkansas nursing program
  • demonstrate valid financial need that is identified by completing the Free Application for Federal Student Aid (FAFSA)
  • not be related to an Arkansas State Board of Nursing Board member or staff according to the Arkansas Nepotism policies

For continued eligibility, the recipient must:

  • successfully complete the nursing studies of the preceding academic year
  • remain in good standing as an enrolled student in the appropriate nursing program
  • demonstrate valid financial need that is identified by completing the Free Application for Federal Student Aid (FAFSA)
  • provide documentation of any changes in program of study or completion time frame
  • submit a transcript for previous semester that was funded by loan
  • continue to be a lawful resident of the State of Arkansas

Teaching Obligation

Nursing Student Loan Program recipients must teach full-time in a nursing education program in the State of Arkansas for one year for each year a loan is granted to have the loan fully forgiven. Nursing Student Loan Program recipients who do not teach full-time in a nursing education program in the State of Arkansas, or who ceases to be enrolled in good standing in a recognized nursing program before completing the education requirements to qualify as a nursing educator, or fails to comply with any other requirements of the agreement shall repay the loan with interest. The Nursing Student Loan Program does not guarantee recipient’s employment.

Application Deadline Date - June 1

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