Nursing Faculty Loan Forgiveness

Nursing faculty, practicing nurses, nursing students nearing graduation, and others with a nursing degree are in an ideal position to take advantage of the BOLD™ Career Pathways Nursing Faculty Loan Program. We have partnered with the state of South Carolina and the South Carolina Commission on Higher Education to allow you to get up to $90,000 in tuition remission.

Start your journey to loan forgiveness today!

   Current Faculty Refi Application   
Grad Student In-School Application

Current Faculty Loan Eligibility Requirements & Details

Eligibility Requirements

The following criteria are required of all applicants regardless of whether you received a loan with SCSLC in the past. All criteria must be met to be considered eligible for the loan. All applicants must: 

• Be a U.S. citizen or permanent resident of the U.S.
• Be in the grace period or post-enrollment repayment status and not in default on eligible education loans being refinanced.
• Only graduate level loans are eligible to be refinanced.
• Be the named borrower on the loans being refinanced (i.e., not the cosigner).
• Not be in default on eligible education loans or any type of federal payment obligation (e.g. federal income tax liability)
• Be committed to working at least part time (more than 1,000 hours) as a nursing faculty member with a Qualifying Employer; and
• Not be incarcerated.

 

Loan Details and Definitions

Qualifying Employer - A participating SC public 2-year or 4-year college or university offering a nursing educator faculty position. 

Deferment Period - A qualifying event during which no payments of principal or interest will be due, such as while employed by a Qualifying Employer. Deferments are applied up to 12-month increments and subject to approval by SCSLC. 

Repayment Period - The period for which borrowers that do not qualify for loan forgiveness based on employment are required to make regular monthly payments. The repayment period will not exceed 10 years. 

Eligible Education Loans - Private education loans used to pay qualified graduate-level education expenses (excluding direct to consumer loans such as loans made for Bar Study or Residency and Relocation), and any federal education loan except those made to PLUS Parent borrowers. 

Interest Rate: Interest on the BOLD™ Career Pathways Nursing Faculty Refinance Loan accrues at a fixed rate disclosed in your Approval Disclosure.

Loan Amounts: The minimum loan amount is $5,000. The maximum total debt for a BOLD™ Career Pathways Nursing Faculty Refinance Loan is $90,000.00. Refinancing will be made based on current balance amount(s) provided on loan documentation. Any underpayment of outstanding balances will be the responsibility of the borrower. 

Loan Forgiveness Conditions: SCSLC will verify the borrower's employment in an eligible nursing faculty position with the Qualifying Employer. 

a. Loan Forgiveness. Borrower may be entitled to have up to one hundred percent (100%) of the amount of the loan balance plus accrued interest set forth in the Promise to Pay Section of the Promissory Note repaid by the State in return for qualified nursing faculty service. 

• i. For every two years of service, the State will forgive up to $30,000 of the loan amount received under this program. There is a service requirement of six years to qualify for the maximum forgiveness amount of $90,000.
• ii. Loan forgiveness payments are subject to you meeting all requirements as set forth in the Promissory Note.
• iii. Loan forgiveness payments made by the State under the Promissory Note do not exempt you from your responsibility and/or liability for any Loan(s) for which you are obligated. You are still responsible for the entire Loan balance(s), including any amount not paid by the State, and any unpaid interest and late fees.
• iv. While you may be eligible for tax benefits, you may also be responsible for any tax obligations resulting from the loan payments made pursuant to the Promissory Note. You should consult with a tax professional to ensure that you understand any tax obligations that may result from any payments made by the State under the Promissory Note.
• v. Loan forgiveness payments by the State will be made on your behalf directly to the SCSLC, or its designated loan servicer.
• vi. At the conclusion of one year of employment, and annually thereafter as applicable, the SCSLC will confirm your continued employment with your Employer as a Nursing Faculty Member at a SC public two or four-year college or university. Upon receipt of two years of confirmation, SCSLC will request payment from the State as determined in paragraph(a) above. 

b. Conditions. You acknowledge and agree that your loan will only be paid by the State if you meet the following requirements: 

• i. You understand that there may be conditions that may make you ineligible for employment by the Employer. These may include, but are not limited to, illegal drug use, prior criminal convictions, and vaccinations requirements. Additional qualifications may be outlined in the application and/or promissory note.
• ii. You understand that you must notify SCSLC upon a change in employment with an eligible Qualifying Employer.
• iii. During the employment term of the Promissory Note, you agree that the State is authorized to verify the status of each Loan, including any obligation that you have, and to discuss the terms and amount of the outstanding obligation(s) with SCSLC, its servicer, agent, or assigns.
• iv. You agree to provide the State with information about each Loan, if requested. You agree that the payments subject to the Promissory Note will apply only to your outstanding Loans under this program that exists as of the date you begin eligible employment with Employer. You will not be entitled to a refund in connection with any payments you made before you begin eligible employment with Employer.
• v. The Qualified Employer reserves the right to terminate the Promissory Note at any time, at the Qualified Employer's sole discretion, if you are separated involuntarily for cause. Loan payments by the State will be terminated immediately, and you are required to make all payments as set forth under your Loan Promissory Note.
• vi. If you fail to complete the period of service as noted in the Promissory Note or employment hereunder because you voluntarily separate from an eligible employer for any reason, except if separation results in the transfer to another eligible employer, the loan payments will be terminated immediately, and you are required to make all payments as set forth under the Promissory Note.
• viii. The State will not make payments for partial years of service. You understand that if you do not initially meet the requirements for The State's repayment of your loan, you will not be entitled to a refund or credit provided for any amount paid; however, any unpaid balance at the time you begin employment with an eligible employer will be eligible for the State's repayment subject to all conditions herein.
• ix. The Promissory Note in no way constitutes a right, promise, or entitlement for continued employment and/or noncompetitive conversion to the competitive service, if applicable.
• x. In the event applicable laws or regulations change that would result in a change(s) in the terms and conditions of the Promissory Note, the parties hereto mutually agree that the Promissory Note will be subject to them. If existing Promissory Notes are potentially affected by such a change, the Employer agrees to renegotiate the period of service section of the Promissory Note if it deems it appropriate to do so. Any changes other than those required by applicable laws or regulations must be mutually agreed to in writing by the parties hereto.
• xi. Annual verification will be initiated by SCSLC with the employer. You are responsible for reporting any change in employment to SCSLC. Final verification of employment status is the responsibility of the borrower.
• xii. You must remain in good standing with the loan servicer, including payment status, employment, and borrower contact information.
• xiii. You are in compliance and do not breach any obligations or conditions of the Promissory Note. 

c. Effect of Breach of Conditions. In the event that SCSLC or Employer determines you have failed to meet the conditions set forth above, you understand and agree to repay the principal, interest, and all fees due in substantially equal monthly installments over a period of 10 years with a minimum payment not less than $50 per month from commencement of the Repayment Period pro-rated for any term(s) of service obligation completed by the Borrower prior to the breach. SCSLC's servicer will provide you with your Repayment Disclosure and Payment Schedule.

Graduate Student Loan Eligibility Requirements & Details

Eligibility Requirements

The following criteria is required of all applicants regardless of whether you received the loan in the past. All criteria must be met to be considered eligible for the loan. All applicants must be: 

• Be a U.S. citizen or permanent resident of the U.S.
• Have reached the age of majority under South Carolina law
• A student. Parent borrowers are not allowed to borrow on behalf of the child
• Be enrolled on at least a half-time basis in a regionally accredited, not-for-profit, South Carolina-based, public or private institution offering a graduate-level Master of Science in Nursing (MSN) program, Doctor of Nursing Practice, PH.D., or other like programs that prepare individuals for a nursing faculty role
• Making satisfactory academic progress as determined by the institution
• Not in default on any other student loan obligation
• Be committed to at least part-time (1,000 hours annually) employment as a nursing faculty member at an Qualifying Employer. The borrower must agree to work for the employer for two years for every academic year of borrowing.  Borrowers who work part-time for an employer must work at least 1,000 hours per year to remain eligible for the program; and
• Not incarcerated.

 

Loan Details and Definitions

Qualifying Employer: A participating SC public 2-year or 4-year college or university offering a nursing educator faculty position.

Enrolled Period: The period beginning on the day the student receives the first disbursement and ending on the date the student graduates or ceases at least half-time enrollment at an eligible school.

Grace Period: A 180-day period beginning on the day after the date the student is no longer enrolled at least half-time.

Repayment Period: The period beginning on the day after the Grace Period during which you are required to make full payments of principal and interest.

Deferment Period: A period during which no payments of principal and interest will be due while employed by a Qualifying Employer. Deferments are applied up to 12-month increments and subject to approval by SCSLC. 

Interest Rate: Interest on the BOLD™ Career Pathways Nursing Faculty Loan accrues at a fixed rate disclosed in your Approval Disclosure.

Loan Amounts: The minimum loan amount is $2,000. A student may borrow up to $30,000 per academic year for a maximum of 3 years ($90,000 aggregate maximum loan amount). Loans may not exceed the cost of attendance, minus any other financial aid per academic year as determined by the school's financial aid office.

Loan Reimbursement by the State of South Carolina Criteria: For each year of loan assistance received, the loan recipient is required to work as a nursing faculty member in a South Carolina public institution of higher education for two (2) years up to a maximum of six (6) years. During the grace period, SCSLC will contact the borrower to confirm employment in an eligible nursing faculty position with a Qualifying Employer. Once employment is confirmed, a 12-month deferment is added to the eligible loan(s). Interest will continue to accrue.

After each qualifying year of employment, SCSLC will confirm employment with the Qualifying Employer's Human Resource department. After two years of qualifying employment, an amount/percentage of the total loan amount to be reimbursed will be applied to the borrowers loan.

Amounts reimbursed on the borrower's behalf will include both principal and interest amounts. The borrower remains responsible for any amount not eligible for reimbursement by the State of South Carolina.

These loans may not exceed the cost of attendance as determined by the college’s Financial Aid Office.

Program Reimbursement Conditions and Student’s Obligations: 

• The Student may be entitled to have up to one hundred percent (100%) of the amount of the original loan balance plus accrued interest set forth in the Promise to Pay Section of the Promissory Note reimbursed by the State in return for qualified nursing faculty service.
• For every two years of service, the State will reimburse a portion of the loan amount received for each academic year under this program (up to $30,000), plus unpaid accrued interest, not to exceed program aggregate maximums.
• Reimbursements are subject to you meeting all requirements as set forth in the Promissory Note.
• Reimbursements made by the State under the Promissory Note do not exempt you from your responsibility and/or liability for any Loan(s) for which you are obligated. You are still responsible for the entire Loan balance(s), including any amount not reimbursed by the State, and any unpaid interest and late fees.
• While you may be eligible for tax benefits, you may also be responsible for any tax obligations resulting from any loan reimbursement made pursuant to the Promissory Note. You should consult with a tax professional to ensure that you understand any tax obligations that may result from any payments made by the State under the Promissory Note.
• Loan reimbursement by the State will be made on your behalf directly to the SCSLC, or its designated loan servicer.
• At the conclusion of one year of employment, and annually thereafter as applicable, the SCSLC will confirm your continued employment with your Employer as a Nursing Faculty Member at a SC public two- or four-year college or university. Upon receipt of two years of confirmation, SCSLC will request reimbursement from the State as determined in the Promissory Note.

Participating Schools for Current Faculty Members

Full-time or part-time (at least 1,000 hours annually) faculty at any of the following institutions are eligible for the program:

• Aiken Technical College
• Central Carolina Technical College
• The Citadel
• Clemson University
• Coastal Carolina University
• Denmark Technical College
• Florence-Darlington Technical College
• Francis Marion University
• Greenville Technical College
• Horry-Georgetown Technical College
• Lander University
• Medical University of South Carolina
• Midlands Technical College
• Northeastern Technical College
• Orangeburg-Calhoun Technical College
• Piedmont Technical College
• Spartanburg Technical College
• Technical College of the Lowcountry
• Tri-County Technical College
• Trident Technical College
• University of South Carolina
• University of South Carolina — Aiken
• University of South Carolina — Beaufort
• University of South Carolina — Lancaster
• University of South Carolina — Salkehatchie
• University of South Carolina — Sumter
• University of South Carolina — Union
• University of South Carolina — Upstate
• Williamsburg Technical College
• York Technical College

Participating Schools for Enrolled Students

Currently, the program is available for those pursuing a graduate-level nurse educator degree, Doctor of Nursing Practice, or Ph.D. at any of the eleven institutions listed below:

• Anderson University
• Charleston Southern University
• Claflin University
• Clemson University
• Coker University
• Francis Marion University
• Lander University
• Limestone University
• Medical University of South Carolina
• University of South Carolina
• University of South Carolina — Upstate

For each year of loan assistance received, the loan recipient is required to work as a nursing faculty member in a South Carolina public institution of higher education for two (2) years up to a maximum of six (6) years.