Loans and grants
Nurse Faculty Loan Program (NFLP)
The Nurse Faculty Loan Program is a federal program designed to increase the number of nursing students who pursue careers as full-time faculty teaching in schools of nursing. Priority will be given to full-time or part-time PhD, DNP students and part-time MS Nurse Educator track students.
Nurse Education Incentive Fund (NEIF)
The Nurse Education Incentive Fund is a grant awarded to the MU Sinclair School of Nursing in 2012. The grant, supported by revenue generated from nursing license fees collected by the Missouri State Board of Nursing, provides for scholarships to DNP and PhD students to increase the number of graduate nursing students who pursue careers as full-time faculty.
Following graduation, recipients must teach nursing in a Missouri school of nursing for 3 years or pay back funds given to them from the Nurse Education Incentive Fund.
Missouri Professional and Practical Nursing Student Loan Program
The Missouri Professional and Practical Nursing Student Loan Program was established to provide educational loans to professional nursing students (RN or higher) and practical nursing students (LPN) in exchange for service in an area of designated need in Missouri.The maximum amount of loans per academic year is $5,000 for students pursuing a degree in professional nursing education and $2,500 for those pursuing a degree in practical nursing education. Loans begin accruing interest at the rate of 9.5% from the date the check is issued.
Loans will be repaid through service in public or non-profit agencies or institutions in areas of defined need (forgiveness). Forgiveness of the total amount loaned and accrued interest will occur at 25% per year for qualifying employment in an area of defined need (and may be pro-rated for part-time employment). An area of defined need is a geographic area or a nursing specialty that is experiencing a shortage of nurses.
Visit the Department of Health and Senior Services Web site for more details such as eligibility criteria, shortage areas or to obtain an application, or contact Rural Health and Primary Care at P.O. Box 570, Jefferson City, MO 65102-0570 or call 1-800-891-7415.
Nursing Student Loan
This is a federal loan available to undergraduate nursing students demonstrating financial need. No interest accrues while the recipient is in school at least halftime. Repayment begins nine months after graduation or withdrawal from the nursing program. The interest rate is 5%. The maximum award is determined according to the borrower's grade level. Nursing students wanting to be considered for this loan must complete the Free Application for Federal Student Aid (FAFSA) by the March 1 priority deadline.
The Nursing Student Loan is administered through the MU Office of Student Financial Aid.
P.E.O. Educational Loan Fund Opportunity
The Columbia MA chapter of P.E.O. (philanthropic educational organization) is accepting submissions from MU nursing students for a low-interest loan to help them obtain their education at MU. As this is a ladies organization their criteria calls for a young woman entering the nursing field. The fund makes loans available to qualified women who desire higher education and are in need of financial assistance.
Applications should be sent directly to the contact listed below, not through the School of Nursing. This is not a scholarship, but is a loan to be repaid at a low interest rate.
- The loan maximum is $9,000. Senior year applicants may apply for full amount.
- The current interest rate as of May 30, 2007 is 4%.
- The full amount is due six years from the date of issue.
- The loan process takes 8-12 weeks.
Students must meet the following criteria to be eligible to apply:
- Student must be enrolled full-time at the University.
- Student must be in their junior or senior year (in their undergraduate clinical experience) and within two years of graduation.
- Student applicants will be interviewed and their information presented to the chapter for consideration. If they meet the initial criteria, they will then be given a packet to fill out that will contain the following information:
- A loan application including the student's scholastic standing
- A transcript along with their application and again before each loan installment is drawn upon.
- Each applicant must have two, financially responsible adult co-signers. A statement of reliability from their bank or an employer of each co-signer is required. Co-signers agree to pay the debt in full should the recipient default, and will be held responsible.
- References or recommendations from three persons are required. One should be an instructor in the field of their major. References should be adults and may not be related to the applicant.
Interested students should contact the representative of P.E.O. listed below, if they are interested in interviewing for the loan.
Mrs. Caroline E. Funk
MA Chapter of P.E.O.
1708 Woodrail Ave.
Columbia, MO 65203
573-442-0096
Emergency short-term loan funds
Susan Hanson Memorial Loan Fund—Recipient must demonstrate an emergency financial need and be enrolled in the School of Nursing.
Voiture 292.40 et 8 Student Loan Fund (American Legion)—Students enrolled in the School of Nursing or veterans of any armed forces of the U.S. enrolled in the University