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Nursing Faculty Loan Forgiveness Incentive Program



The Nursing Faculty Loan Forgiveness Incentive Program is offered to increase the number of nursing faculty members and adjunct clinical faculty teaching in the field of nursing in New York State. Awards are made annually to licensed registered nurses holding graduate degrees and who have taught in the field of nursing.

Eligibility

An applicant must:

Eligible Student Loans

Successful applicants must have an outstanding balance on eligible student loans used to fund a nursing degree disbursed on or after January 1, 2001. Eligible student loans include New York State or federal government loans, or loans made by commercial entities subject to governmental examination. This does not include Parent PLUS loans, loans which may be canceled under another program (such as Perkins Loans) private non-commercial loans (such as those given by family or friends), or student loan debts paid with a credit card.

How to Apply

The deadline for the 2013 Series New York State Nursing Faculty Loan Forgiveness Program has passed.

Applications for the 2014 Series will be available in July 2014.


Period of Qualified Service

July 1, 2013 – June 30, 2014

Duration

Disbursements under this program are available for up to five annual periods of qualified service. Because program disbursements are limited to available funding, awardees are not guaranteed a payment in each following year. If there are more awardees than available funding, the awards will be determined by a random lottery.

Award Amounts

The maximum lifetime award under this program is the lesser of $40,000, paid in the amount of $8,000 for each annual period of qualified service completed, or the applicant's actual eligible student loan indebtedness at the time their eligibility is established.

Award Payment

Payments may be made directly to awardees for each annual period of qualified service they complete.

Note: Any Loan Forgiveness award payments received may have tax implications. A 1099 form may be issued by the NYS Office of the State Comptroller reflecting the total loan forgiveness payments received by the recipient for the year. Any questions regarding this should be directed to a tax professional or the NYS Department of Taxation and Finance.

Applying for Payment

The Nursing Faculty Loan Forgiveness Incentive Program Supplement will be used to establish an applicant’s eligibility as well as process their first award payment.

In subsequent years, recipients must submit a payment application and verification of the qualified service for which they seek payment under this program by the deadlines set by HESC. Payment applications will be mailed to prior recipients at their address of record.