NFLP Entrance Counseling and Promissory Note
Welcome to the instruction page of the Federal Nurse Faculty Loan web site for new borrowers. If you have been awarded and accepted a Federal Nurse Faculty Loan, you will need to complete a Promissory Note for each academic year and summer disbursement . First time borrowers will also need t complete an Entrance Interview. You must accept the loan to give us permission to electronically transmit you eligibility information to ECSI.
Your Federal Nurse Faculty Loan cannot be disbursed until all electronic documents are filled out completely, accurately and are approved by Loyola's Student Loan Officer, Mrs. Tracy McLendon (email@example.com). It is important that this process be completed as soon as possible so that your loan funds can be disbursed to your tuition account.
***NOTE: Your FASFA PIN is required to complete this process. If you do not have a valid PIN, you must first go to the Department of Education's PIN site at http://www.pin.ed.gov
Once you have your PIN, the following steps should walk you through the process
- Log on to ECSI's web site at http://www.ecsi.net/promM6
- Provide your Social Security Number, last name, and date of birth
- Provide your PIN when requested on the Student Authentication Network page
- Most pages require that you accept the terms by checking a box at the bottom of those pages.
- You must provide complete reference information for yourself, next of kin and two additional references. You must also include either your driver's license number, a state issued identification number or a passport number. Failure to complete all lines accurately will keep this loan from disbursing to your account.
- PROMISSORY NOTE - Read completely. Electronically sign at the bottom of the promissory note page. The electronic signature includes a check off box plus your full legal name.
Questions concerning the Promissory Note or the Entrance Interview or the repayment of your Federal Nurse Faculty Loan may contact Mrs. Tracy McLendon, Loyola's Student Loan Officer at (504) 865-2678 or by email:firstname.lastname@example.org
Questions concerning your Federal Nurse Faculty award or other federal student loans may be answered through links from our Scholarship and Financial Aid web site.
Questions concerning your tuition account may be answered through links from our Office of Student Finance web site.
If you have problems accessing ECSI's web site,
Here’s how to contact ECSI directly:
Web Site: http://www.ecsi.net/
181 Montour Run Road
Coraopolis, PA 15108
E-Mail Address: email@example.com
Changes to the Program Effective February 14, 2010
Impact of the Higher Education Opportunity Act (HEOA) of 2008
The Higher Education Opportunity Act of 2008 ( HEOA)mandated a number of significant changes to provide a significant amount of additional information to families who choose to utilize private educational loans. Title X of the HEOA , which originally began as the Private Student Loan Transparency and Improvement Act of 2007 change the disclosure requirements for the Truth In Lending Act ("TILA") for private education loans made expressly for post-secondary education expenses.
These new regulations also apply to the Nurse Faculty Loan Program
These regulations will go into effect on February 14, 2010. The regulations require lenders/schools to produce the following disclosures to borrowers :
- Application and Solicitation Disclosure ("ASD") - The Office of Scholarships and Financial Aid will provide a general range of rates and fees so that borrowers can make informed decisions before officially accepting a loan. This notice will be sent electronically as at attachment to the original award notification letter.
- The "ASD" provides general information about interest rates, fees, default or late payment costs and repayment terms. In addition, it includes an example of the total cost of a loan based on the maximum interest rate charged under the NFLP Program IF the borrower does not fufill his/ her teaching obligation or otherwise leaves the program, a defined loan amount and calculations for each payment option.
- The ASD must also include eligibility requirements for the loan AND information on federal financial aid programs and alternative financing options. The ASD is intended to be a tool for the applicant to use in comparing loan offers.
- Loan Approval Disclosure ("AD")- When an applicant is conditionally approved for a loan by the Office of Scholarships and Financial Aid , ECSI will send this disclosure with borrower-specific rates and fees.
- The "AD" must be provided BEFORE the consummation of the loan.
- The AD provides information SPECIFIC to the loan being approved by the lender, including detailed information on the interest rate, itemization of fees associated with the loan application (including fees associated with late payments and defaults)
- Schools must also provide a statement on the alternatives to private education loans through the federal student financial assistance programs. Applicants will have 30 calendar days after the date on which he/she receives the AD to decide to accept the offered NFLP loan.
- Borrowers will receive this information when they go online to the ECSI website to complete loan counseling and their electronic master promissory note.
- Final Disclosure ("FD") - This will be sent to the borrower by ECSI after the loan terms are accepted and the school has certified the students eligibility for the loan. The Final Disclosure gives the borrower a three business day right to cancel period.
- If the applicant accepts a loan within the 30 day calendar acceptance period provided in the AD, the lender must provide a "FD" that includes UPDATED information on the applicable interest rate, repayment terms, fees and default or late payment costs. The school can not disburse any private education loan funds until the cancelation period has ended.
In addition to these disclosures, we must collect a Private Education Loan Applicant Self Certification Form (Microsoft Word) from each NFLP Participant Depending on the programs on your computer, you can also choose to utilize the Adobe Acrobat version of the form.
- .Worksheet for Applicant's to Use to complete this form
- Sample - Initial Disclosure of Finance Charges Associated with a NFLP Loan
The self certification form will include information about the availability of federal student loans, the student's cost of attendance, estimated amount of financial assistance, and the difference between the student's cost of attendance and estimated financial aid.
Updated April 5, 2012