Qualified nursing faculty with existing student loans who agree to teach for a designated period of time at public institutions are now eligible to refinance existing student loans under the BOLD™ (Better Outcomes, Less Debt) Career Pathways Nursing Faculty Loan Program, which offers participants up to $90,000 in loan remittance upon completion of their service obligations.
The BOLD™ Career Pathways Nursing Faculty Loan Program launched in the 2023-24 academic year and is administered by the South Carolina Student Loan Corporation (SCSLC), in partnership with the CHE. The program provides up to $30,000 in loan remission per academic year, per participant, up to the maximum amount of $90,000.
The new guidelines allow current nursing faculty at public institutions to refinance their existing student loans with SCSLC; the loans will be remitted upon fulfillment of their service obligation. Participants seeking reimbursement under the expansion for existing loans must hold graduate-level Master of Science (MSN) or Doctor of Nursing Practice, Ph.D., credentials and agree to teach two years at a public institution for every $30,000 they receive in loan remission.
“Expanding the BOLD Career Pathways Nursing Faculty Loan Program to include repayment of existing student loans for our nursing educators allows us to help tackle South Carolina’s nursing shortage head-on and meet the General Assembly’s intent,” said Dr. Jeff Perez, CHE president and executive director. “This change signals our state’s support of current nursing faculty and will help ensure a steady pipeline of qualified educators to prepare the next generation of nurses.”
“Utilizing the Nursing Faculty Loan Program funds to allow current faculty members to refinance their debt allows us to benefit those that are working hard to help solve the nursing shortage in South Carolina,” said Ray Jones, vice president of loan programs at SCSLC. “It’s important that we continue to provide incentives to recruit and retain talent in our state. We are proud to continue enhancing our partnership with the CHE and South Carolina.”
Initial eligibility guidelines for participants pursuing nursing faculty credentials who commit to teaching afterwards also remain in place as an option for aspiring nurse educators. This path stipulates that participants can pursue graduate-level Master of Science (MSN) or Doctor of Nursing Practice, Ph.D., programs, and agree to serve two years as nursing faculty at a public institution within the state for every one year of tuition remission they wish to access. Any amount borrowed may not exceed the cost of attendance.
This the second eligibility expansion since the initial launch – in August 2024 it was expanded to include students at independent institutions.
According to SCSLC, more than $5.6 million in specialized loans have been issued to over 300 healthcare students and nursing faculty through these programs to date.
The General Assembly initially allocated $10 million in funding in the FY 2022-23, FY 2023-24 and FY 2024-25 General Appropriations Bills to address the nursing shortage in South Carolina with half the funds designated for supporting the financing of graduate nursing education and the other half providing salary supplements, stipends, or bonuses to existing nursing faculty at the state’s public institutions accredited nursing programs.
Students and employers interested in the BOLD™ Career Pathways or the Nursing Faculty Loan programs can learn more at www.scstudentloan.org/career-pathways. More information on the broader nursing initiative is available on the CHE Nursing Initiative page.
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