BOLD™ Nursing Faculty Program - Current Faculty Refinancing

A loan refinancing program offering up to $90,000 in tuition reimbursement for current nursing faculty in South Carolina. This is a limited-time debt relief opportunity offered by the state of South Carolina.

Geographic Scope: South Carolina only

Focus Areas: Nursing education and faculty development

Eligibility Requirements:

• U.S. citizen or permanent resident
• In grace period or post-enrollment repayment status (not in default on eligible education loans)
• Only graduate-level loans are eligible for refinancing
• Must be the named borrower on loans being refinanced (not cosigner)
• Not in default on eligible education loans or any federal payment obligation
• Committed to working at least part-time (more than 500 hours annually) as a nursing faculty member with a Qualifying Employer
• Not incarcerated

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

Loan Details:

• Minimum loan amount: $5,000
• Maximum loan amount: $90,000
• Interest rate: Fixed rate disclosed in Approval Disclosure
• Repayment period: Not to exceed 10 years

Loan Forgiveness Conditions:

• State will verify employment in eligible nursing faculty position
• For every two years of service, the State will forgive up to $30,000
• Six years of service required to qualify for maximum forgiveness of $90,000
• Service requirement: Minimum 500 hours per year if part-time
• Deferment available (up to 12-month increments) while employed by Qualifying Employer during which no principal or interest payments are due

What They Don't Fund: Direct-to-consumer loans (e.g., Bar Study, Residency and Relocation loans); PLUS Parent borrower loans

Important Notes:

• Borrower remains responsible for any loan amount not paid by the State
• Tax obligations may apply from loan forgiveness payments
• Annual employment verification required
• Breach of conditions results in repayment obligation over 10 years

Application Process for Current Faculty Refinancing

1. Complete Current Faculty Refi Application - Available through South Carolina Student Loan website
2. Submit required documentation - Proof of employment with qualifying employer, loan documents showing graduate-level loans
3. Approval process - SCSLC will review and provide Approval Disclosure with fixed interest rate
4. Sign Promissory Note - Agreement outlining loan forgiveness conditions and service requirements
5. Annual verification - Borrower must provide employment verification annually

Required Materials:

• Proof of employment as nursing faculty at qualified SC institution
• Graduate-level loan documentation
• Employment commitment documentation (minimum 500 hours annually)
• Federal tax information (for tax obligation awareness)

Key Obligations:

• Maintain employment with Qualifying Employer
• Report any employment changes to SCSLC
• Provide annual employment verification
• Remain in good standing with loan servicer