Nurse Retention Loan Repayment Program (NULR) Rules and Regulations

Nurse Retention Loan Repayment Program (NULR) Rules and Regulations. The Skilled Nursing Home and Hospital Nurses Retention Loan Repayment Program was established by the 2023 Legislature. These Rules and Regulations are promulgated to govern the program and are subject to change by the Mississippi Postsecondary Education Financial Assistance Board (hereinafter referred to as the "Board"). I. GENERAL ELIGIBILITY A. The applicant must be a U.S. citizen and current legal resident of Mississippi. Resident status for purposes of receiving NULR under this act shall be determined in the same manner as resident status for tuition purposes as set forth in Sections 37-103-1 through 37-103-29 of Ms. Code Ann., with the exception of Section 37- 103-17. B. The applicant must have obtained a current relevant Mississippi professional license. C. First-time applicants must have gained employment as a full-time licensed practical nurse or licensed registered nurse at a skilled nursing home in the State of Mississippi or a general acute care hospital in the State of Mississippi that is licensed by the Mississippi State Department of Health. D. Renewal applicants must be employed as a full-time licensed practical nurse or licensed registered nurse at a skilled nursing home in the State of Mississippi or a general acute care hospital in the State of Mississippi that is licensed by the Mississippi State Department of Health. E. The applicant must work full-time as a licensed practical nurse or licensed registered nurse at a single qualified skilled nursing home or general acute care hospital in the State of Mississippi for a period of not less than one (1) calendar year. F. The applicant must have outstanding qualifying educational loans. Qualifying educational loans include the principal, interest, and related expenses such as the required interest premium on the unpaid balances of government (federal, state or local) and commercial loans obtained by the recipient for postsecondary educational expenses. Perkins loans do not qualify for repayment under NULR. G. The applicant must not have received funds from the Nursing Education Forgivable Loan Program – BSN (NELB), Nursing Education Forgivable Loan Program – RN to BSN (NELR), Nursing Education Forgivable Loan Program – MSN (NELM), Nursing Education Forgivable Loan Program – RN to MSN (NERM), Nursing Education Forgivable Loan Program – PHD/DNP (NELP), Nursing Teacher Stipend Forgivable Loan Program (NTSP) or any other state forgivable loan. H. The applicant must not presently be in default or delinquent on any federal, state, local or commercial qualifying educational loan. II. APPLICATION REQUIREMENTS FOR LOAN REPAYMENT APPLICANT A. First time applicants must: 1. Complete the Mississippi Aid Application (MAAPP) online at www.msfinancialaid.org by the deadline date of September 15 of the year for which the nurse is seeking loan repayment. 2. Submit the following documents to the Board by October 15 of the same year. a) One form of proof of Mississippi residency. A valid Mississippi Driver’s License or Identification number submitted during the online application process will fulfill this requirement. b) Proof of the applicant’s current practical nursing license or registered nursing license. c) A complete, executed employment verification form documenting dates of full-time employment in a qualified skilled nursing home or general acute care hospital in the State of Mississippi. d) A completed Loan Data Verification form. (This form is completed as part of the online application process.) e) Documentation from the lender or loan servicer for state, local, or commercial loans that shows the loan’s current balance, status (deferred, repayment, etc.), type, and date of disbursement. (Additional documentation will be collected only for private loans for which information is unavailable on the National Student Loan Data System, NSLDS.) B. Renewal applicants must: 1. Complete the Mississippi Aid Application (MAAPP) online at www.msfinancialaid.org by the deadline date of September 15. 2. Submit the following documents to the Board by October 15. a) One form of proof of continued Mississippi residency. A valid Mississippi Driver’s License or Identification number submitted during the online application process will fulfill this requirement. b) A complete and properly executed employment verification form documenting dates of full-time employment in a qualified skilled nursing home or general acute care hospital in the State of Mississippi. c) A completed Loan Data Verification form. (This form is completed as part of the online application process.) d) Documentation from the lender or loan servicer for state, local, or commercial loans that shows the loan’s current balance, status (deferred, repayment, etc.), type, and date of disbursement. (Additional documentation will be collected only for private loans for which information is unavailable on the National Student Loan Data System, NSLDS.) III. AWARD RECIPIENTS A. Awards will be made to applicants with outstanding postsecondary educational loans. Qualifying educational loans include the principal, interest, and related expenses such as the required interest premium on the unpaid balances of government (federal, state, or local) and commercial loans obtained by the recipient for postsecondary educational expenses. Perkins loans do not qualify for repayment under NULR. B. Recipients shall be selected on a first-come, first-served basis of all eligible applicants and shall be limited by available funding. C. In the second and subsequent years of the program, priority consideration shall first be given to renewal applicants. IV. AMOUNT AND LENGTH OF LOAN REPAYMENT A. Awards shall be up to six thousand dollars ($6,000) per year for a maximum of three (3) years. B. The annual award amount shall never exceed the outstanding balance of the qualifying educational loan. C. Awards shall be granted annually, and recipients shall have no obligation to seek a future award. D. Awards shall be paid annually to the recipient’s lender/loan servicer and applied to the outstanding balance. Monies paid on the recipient’s behalf toward qualifying educational loans prior to receiving a NULR award will not be eligible for repayment through the NULR program. E. Funds are provided for the repayment of postsecondary education loans only. Funds are not provided for the repayment of personal loans, even if the personal loan was used to pay for postsecondary education. V. RECIPIENT RESPONSIBILITIES A. The recipient must maintain a current relevant Mississippi professional license while participating in the program. B. The recipient must be employed full-time as a licensed practical nurse or licensed registered nurse at a skilled nursing home in the State of Mississippi or a general acute care hospital in the State of Mississippi that is licensed by the Mississippi State Department of Health. C. By July 31 at the conclusion of the recipient’s employment year, the recipient must submit to the Board an annual Employment Verification Form. The form must be received for the Board to disburse the offered award amount to the loan servicer. D. While receiving funds, the NULR recipient must at all times keep the Board informed of the recipient’s current, correct, and complete contact information. This information may be updated via the NULR recipient’s MAAPP account online.