The Nurse Faculty Loan Program is available to DNP students who plan to teach in a nursing program after graduation. The loan covers two semesters (fall/spring or spring/summer) of costs for tuition, books, fees, and software. The application to the loan program specifies the semesters of loan support and the amount needed. The loan is 85% cancelable after working full-time in the same faculty position for 4 consecutive years. The loan cancellation over the 4-year period is as follows: 20% of the principal and interest may be canceled upon completion of each of the first, second, and third years of full-time employment, which, after the three-year period, totals 60%, followed by the cancellation of 25% of the principal and interest upon completion of the fourth year of full-time employment as a faculty member in an accredited school of nursing. Repayment on the remaining 15% of the loan balance is postponed during the cancellation period. NFLP loans accrue interest at a rate of 3% per annum beginning 3 months after graduation (per PHS Act Section 846A (c)(6)(A)) for loan recipients who establish employment as nurse faculty. In order to apply for the NFLP, DNP students must: Be enrolled full-time or part-time in NP, CNS, Leadership, or DNP program; Agree to take at least three nurse education classes as electives or in addition to established program of study (see next page for list); Be in good academic standing; Meet citizenship requirements; Must NOT be in default on other Federal loans; and Complete the NFLP application and return it to the Office of Graduate Programs.