Nursing Faculty Loan Forgiveness Incentive Program

The Nursing Faculty Loan Forgiveness Incentive Program awards are made annually to licensed registered nurses holding graduate degrees and who have taught in the field of nursing. An applicant must be a legal resident of New York State for at least one year, a U.S. citizen or eligible non-citizen, a registered nurse professionally licensed to practice in New York State, a master's degree in nursing or a doctoral degree qualifying them as nursing faculty or as adjunct clinical faculty, and an outstanding balance on an eligible student loan.

For more information on this program, click here.

KEY POINTS

  • New York currently faces a nursing shortage that is due in part to the lack of qualified nurses to teach and mentor nursing students.
  • Many nurses possess an R.N. degree but do not continue on for their bachelor’s or master’s degree
  • The Nursing Faculty Loan Forgiveness Incentive Program helps encourages nurses who currently possess an advanced degree to teach at least part-time, and incentives nurses who do not have an advanced degree to pursue an advanced degree in order to teach nursing
  • The maximum award under this program is the lesser of $40,000 or the remainder of the applicant’s eligible student loan debt

BUDGET

2017-18: $780,000

2016-17: $780,000

2015-16: $780,000

2014-15: $780,000