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BOLD™ Nursing Faculty Program - Graduate Student In-School Loans

SOUTH CAROLINA STUDENT LOAN CORP

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Funding Amount

Up to $90,000 aggregate ($30,000 per academic year maximum)

Deadline

Rolling / Open

Grant Type

foundation

Overview

BOLD™ Nursing Faculty Program - Graduate Student In-School Loans

Overview: A loan program for graduate nursing students that provides up to $90,000 in tuition reimbursement in exchange for nursing faculty service at South Carolina public institutions. Students can borrow up to $30,000 per academic year for up to 3 years.

Geographic Scope: South Carolina only

Focus Areas: Graduate-level nursing education programs including:

  • Master of Science in Nursing (MSN)

  • Doctor of Nursing Practice

  • PhD

  • Other programs preparing individuals for nursing faculty roles

    • Eligibility Requirements:

  • U.S. citizen or permanent resident

  • Have reached age of majority under South Carolina law

  • Currently enrolled at least half-time in a regionally accredited, not-for-profit, South Carolina-based, public or private institution

  • Making satisfactory academic progress as determined by institution

  • Not in default on any other student loan obligation

  • Committed to at least part-time (500 hours annually) employment as nursing faculty at a Qualifying Employer

  • Service commitment: Must work for employer for two years for every academic year of borrowing (6-year maximum service commitment)

  • 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: $2,000

  • Maximum per academic year: $30,000

  • Maximum aggregate: $90,000 over 3 academic years

  • Cannot exceed: Cost of attendance minus other financial aid as determined by school's financial aid office

  • Interest rate: Fixed rate disclosed in Approval Disclosure

  • Grace period: 180 days after graduation or ceasing half-time enrollment

  • Repayment period: Begins after grace period

  • Deferment period: Available during employment at Qualifying Employer (up to 12-month increments, subject to SCSLC approval)

    • Loan Reimbursement Criteria:

  • For each year of loan assistance received, recipient must work as nursing faculty for two years (up to maximum 6 years)

  • During grace period, SCSLC will contact borrower to confirm employment

  • Once employment confirmed, 12-month deferment added to eligible loans

  • Interest continues to accrue during deferment

  • After each two years of qualifying employment, State will reimburse portion of loan plus unpaid accrued interest (up to $30,000 per academic year borrowed, not to exceed program aggregate maximums)

  • For maximum forgiveness of $90,000, six years of service required

    • What They Don't Fund: Loans exceeding cost of attendance

    Important Notes:

  • Borrower remains responsible for any amount not reimbursed by State

  • Tax obligations may apply from loan reimbursement

  • Interest accrues during deferment periods

  • Annual employment verification by SCSLC with employer's HR department

  • State will not make payments for partial years of service

  • Program does not guarantee continued employment or job security

  • If applicable laws change, terms may be renegotiated

    • Contact Information:
    South Carolina Student Loan
    1901 Main Street, Suite 400
    Columbia, SC 29201
    (800) 347-2752

    How to Apply

    Application Process for Graduate Student In-School Loans

    1. Complete Grad Student In-School Application - Available through South Carolina Student Loan website
    2. Submit documentation of:
    - Current enrollment at eligible institution (half-time minimum)
    - Graduate-level nursing program enrollment (MSN, DNP, PhD, or equivalent)
    - Financial aid information (cost of attendance, other aid received)
    - Proof of U.S. citizenship or permanent residency
    3. Confirm employment commitment - Document agreement to work as nursing faculty for required service period (2 years per academic year borrowed)
    4. Identify Qualifying Employer - Specify which SC public institution will employ you
    5. Sign Promissory Note - Agreement outlining loan reimbursement conditions and service requirements
    6. Annual verification during grace period - SCSLC will contact to confirm employment at eligible institution
    7. Ongoing employment verification - After each year of qualifying employment

    Required Materials:

  • Proof of enrollment in eligible graduate nursing program

  • Financial aid office documentation of cost of attendance and other aid

  • Employment commitment letter or agreement

  • Proof of service commitment (2 years per year borrowed)

  • Federal tax identification information

    • Key Obligations:

  • Maintain at least half-time enrollment during enrolled period

  • Make satisfactory academic progress

  • Provide employment verification during grace period and annually after

  • Work required service hours (minimum 500 hours annually if part-time)

  • Report employment changes to SCSLC

  • Maintain contact information with servicer

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    Focus Areas & Funding Uses

    Fields of Work

    teachersteacher-developmenteducation

    Categories

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