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NC Forgivable Education Loans for Service 1 April, 2012 Wrightsville Beach, North Carolina Bill Cox Deputy Director Grants, Training and Outreach North.

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Presentation on theme: "NC Forgivable Education Loans for Service 1 April, 2012 Wrightsville Beach, North Carolina Bill Cox Deputy Director Grants, Training and Outreach North."— Presentation transcript:

1 NC Forgivable Education Loans for Service 1 April, 2012 Wrightsville Beach, North Carolina Bill Cox Deputy Director Grants, Training and Outreach North Carolina State Education Assistance Authority

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

3 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 3

4 With creation of FELS, the following programs will cease funding new students beginning Nurse Educators of Tomorrow Scholarship Loan Nurse Education Scholarship Loan Program Nursing Scholars Program Board of Governors’ Dental Scholarship Loan Board of Governors’ Medical Scholarship Loan Prospective Teachers Scholarship Loan Teacher Assistant Scholarship Fund Health, Science, and Mathematics Student Loan FELS - History

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

6 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. 6

7 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 7

8 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 8

9 FELS - Advisory Group General Assembly provided that an advisory group would periodically make recommendations to SEAA regarding identifying critical shortage professions –For , this group included representation from: NC Community Colleges UNC General Administration Council for Allied Health in NC Department of Commerce Cecil G. Sheps Center for Health Services Research NC Independent College and Universities Department of Public Instruction 9

10 FELS – Approved Programs Education Programs (Undergraduate or Master’s) Biology Chemistry English as a Second Language Math Middle Grades Science Special Education TASF recipients – special population 10

11 FELS – Approved Programs Nursing Programs Nurse Educator (Masters, Doctorate) Nurse Practitioner (Masters, Doctorate) Nursing (ADN, LPN, BSN, RN2BN, RIBN) Medical Programs Dentistry (DDS) Medical Doctor (MD) Osteopathy (OD) Podiatry (PD) Psychology (PhD or PsyD) 11

12 FELS – Approved Programs Allied Health Programs Chiropractic Care (Doctorate) Cytotechnology Dental Hygiene Emergency Medical Science Emergency Medical Technology Medical Technology Occupational Therapy & Assistant Optometry (Doctorate) Pharmacy (PharmD) & Technician Physical Therapy (Doctorate) & Assistant Physician Assistant Radiography Radiology & Radiology Technician Sonography 12

13 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 interest Loan recipients must be continuously enrolled in an approved education program Generally, 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 13

14 FELS – Forgiveness Requirements Teaching Complete the Approved Education Program Obtain licensure from NCDPI Teach in a qualified position –Includes employment in a NC public school or charter school, school operated by the State of NC or operated by the federal government in NC Employment 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 14

15 FELS – Forgiveness Requirements Nursing Complete the Approved Education Program Obtain licensure from NC Board of Nursing Practice nursing at the Approved Education Program funding level Work in a qualified position in North Carolina –Includes employment in health care delivery positions that provide medical services to North Carolina residents Nurse Educators Teach at a public or nonprofit institution approved by the NC Board of Nursing 15

16 FELS – Forgiveness Requirements Allied Health Complete the Approved Education Program Obtain certification or licensure from applicable licensing agency Work in a qualified position in North Carolina –Includes employment in health care delivery positions that provide medical services to North Carolina residents 16

17 FELS – Forgiveness Requirements Medicine Complete the Approved Education Program Obtain licensure from NC Medical Board Work in a qualified position in North Carolina –Includes employment in health care delivery positions that provide medical services to North Carolina residents 17

18 FELS – Approved Institution’s Responsibilities Execute a Participation Agreement Certify that borrowers meet the eligibility criteria Disburse FELS funds to borrower accounts Refund money within prescribed timeframes Maintain records Reassure current recipients that renewals will be honored based upon the terms of renewal Renewals require successful academic progress (SAP) 18

19 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 parties Reassure current recipients that renewals will be honored based upon the terms of renewal Renewals require successfully progressing (SAP), so no decisions before the end of each Spring semester 19

20 FELS – Interesting Statistics Applicant Pool: –Teaching (Undergraduate) 381 applicants –Teaching (Masters) 47 applicants –Nursing 1,475 applicants –Allied Health (Undergraduate) 214 applicants –Allied Health (Masters) 112 applicants –Allied Health (Doctorate) 164 applicants –Medical Doctor 49 applicants 20

21 Scholarship Loan Renewals (old programs) SEAA will notify students that renewal is possible Students will submit a request for renewal SEAA will publish Notification Lists to the School Portal Schools will certify renewal eligibility 21

22 FELS – Resources and Contacts The program rules can be found at Terrence Scarborough, Program Manager, SEAA NCSEAA Student Portal (for students): 22

23 Questions? 23


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