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

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

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