NC Forgivable Education Loans for Service - PowerPoint Presentation

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NC Forgivable Education Loans for Service

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April, 2012

Wrightsville Beach, North Carolina

Bill Cox

Deputy Director

Grants, Training and Outreach

North Carolina State Education Assistance Authority

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FELS - Introduction

2011 General Assembly enacted legislation that merged multiple state programs into a single new program – FELS for 2012-13

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FELS – Intent of Program

Provides financial assistance in the form of forgivable loans to qualified students who are committed to working in North Carolina in identified critical employment shortage professions Current target employment areas are teaching, nursing, allied health and medicine

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With creation of FELS, the following programs will cease funding new students beginning 2012-13Nurse Educators of Tomorrow Scholarship Loan Nurse Education Scholarship Loan ProgramNursing Scholars Program Board of Governors’ Dental Scholarship LoanBoard of Governors’ Medical Scholarship LoanProspective Teachers Scholarship LoanTeacher Assistant Scholarship Fund Health, Science, and Mathematics Student Loanwww.CFNC.org/FELS

FELS - History

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Millennium Teachers Scholarship Loan (Elizabeth City State University, Fayetteville State University and Winston-Salem State University) merged with PTSL on January 1, 2012. PTSL will become FELS on July 1, 2012.Renewal recipients only after January 1, 2012New applicants after January 1, 2012 must have applied for the new FELS programwww.CFNC.org/FELS

FELS - History

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FELS – Student Eligibility Requirements

A recipient must meet the following eligibility criteria to be considered for FELS:Be a legal North Carolina resident and NC resident for tuition purposes Register with the Selective Service System, if required; Must not be in default, or does not owe a refund, under any federal or State loan or grant program Maintain Satisfactory Academic Progress according to policy of the institution. Be willing to work in NC in a designated critical employment profession.

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FELS – Student Eligibility Requirements

Minimum grade point (GPA) average at the time of application, must be: 3.00 for graduating high school students (weighted GPA) 2.80 for undergraduate students pursuing an associate or bachelor's degree 3.20 for students pursuing a graduate or professional degree

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FELS – How Much?

Annual Loan Amounts are as follows:Certificate and/or associate degree programs: $3,000 Bachelor's degree program: (freshmen and sophomores) $3,000 Bachelor's degree program: (juniors and seniors) $7,000 Master's degree program: $10,000 Doctoral degree program: $14,000 Maximum Aggregate Loan Limits:Certificate and/or associate degree programs: $6,000 Bachelor's degree program: $20,000 Master's degree program: $20,000 Doctoral degree program: $56,000

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FELS - Advisory Group

General Assembly provided that an advisory group would periodically make recommendations to SEAA regarding identifying critical shortage professionsFor 2012-13, this group included representation from:NC Community Colleges UNC General AdministrationCouncil for Allied Health in NCDepartment of CommerceCecil G. Sheps Center for Health Services ResearchNC Independent College and UniversitiesDepartment of Public Instruction

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FELS – Approved Programs

Education Programs (Undergraduate or Master’s)BiologyChemistryEnglish as a Second LanguageMathMiddle GradesScienceSpecial Education2011-12 TASF recipients – special population

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FELS – Approved Programs

Nursing ProgramsNurse Educator (Masters, Doctorate)Nurse Practitioner (Masters, Doctorate)Nursing (ADN, LPN, BSN, RN2BN, RIBN)Medical ProgramsDentistry (DDS)Medical Doctor (MD)Osteopathy (OD)Podiatry (PD) Psychology (PhD or PsyD)

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FELS – Approved Programs

Allied Health ProgramsChiropractic Care (Doctorate)CytotechnologyDental HygieneEmergency Medical ScienceEmergency Medical TechnologyMedical Technology Occupational Therapy & AssistantOptometry (Doctorate)Pharmacy (PharmD) & TechnicianPhysical Therapy (Doctorate) & AssistantPhysician AssistantRadiographyRadiology & Radiology TechnicianSonography

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FELS – the Commitment to Work

Loan recipients must sign a promissory note that will require them to seek loan forgiveness through employment in an approved position or repay in cash with interestLoan recipients must be continuously enrolled in an approved education programGenerally, a loan for one academic year will be forgiven for: one year of full-time employment; or two years of part-time employment in an approved qualified position Interest will accrue at rate of 8% per year from the date of disbursement The repayment period generally will not exceed ten years and varies depending on the borrower’s degree program and loan amount

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FELS – Forgiveness Requirements

TeachingComplete the Approved Education ProgramObtain licensure from NCDPITeach in a qualified positionIncludes employment in a NC public school or charter school, school operated by the State of NC or operated by the federal government in NCEmployment as an administrator or as a substitute teacher or employment in a nonpublic school, community college or institution of higher learning is not eligible for forgiveness

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FELS – Forgiveness Requirements

NursingComplete the Approved Education ProgramObtain licensure from NC Board of NursingPractice nursing at the Approved Education Program funding levelWork in a qualified position in North CarolinaIncludes employment in health care delivery positions that provide medical services to North Carolina residentsNurse EducatorsTeach at a public or nonprofit institution approved by the NC Board of Nursing

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FELS – Forgiveness Requirements

Allied HealthComplete the Approved Education ProgramObtain certification or licensure from applicable licensing agencyWork in a qualified position in North CarolinaIncludes employment in health care delivery positions that provide medical services to North Carolina residents

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FELS – Forgiveness Requirements

MedicineComplete the Approved Education ProgramObtain licensure from NC Medical BoardWork in a qualified position in North CarolinaIncludes employment in health care delivery positions that provide medical services to North Carolina residents

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FELS – Approved Institution’s Responsibilities

Execute a Participation AgreementCertify that borrowers meet the eligibility criteriaDisburse FELS funds to borrower accounts Refund money within prescribed timeframes Maintain recordsReassure current recipients that renewals will be honored based upon the terms of renewalRenewals require successful academic progress (SAP)

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FELS – Additional thoughts

Please update your publications and websites NOW to remove references to the discontinued programs and to share the FELS information with interested partiesReassure current recipients that renewals will be honored based upon the terms of renewalRenewals require successfully progressing (SAP), so no decisions before the end of each Spring semester

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FELS – Interesting Statistics

2012-13 Applicant Pool:Teaching (Undergraduate) 381 applicantsTeaching (Masters) 47 applicantsNursing 1,475 applicantsAllied Health (Undergraduate) 214 applicantsAllied Health (Masters) 112 applicantsAllied Health (Doctorate) 164 applicantsMedical Doctor 49 applicants

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Scholarship Loan Renewals (old programs)

SEAA will notify students that renewal is possibleStudents will submit a request for renewalSEAA will publish Notification Lists to the School PortalSchools will certify renewal eligibility

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FELS – Resources and Contacts

The program rules can be found at http://www.ncseaa.edu/Program_Information.htm Terrence Scarborough, Program Manager, SEAAterrence@ncseaa.eduNCSEAA Student Portal (for students):www.cfnc.org/seaastudent

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Questions?

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