The NFLP provides funding to schools of nursing to support the establishment and operation of a distinct, interest-bearing NFLP loan fund. Participating schools of nursing make loans from the fund to assist registered nurses in completing their graduate education to become qualified nurse faculty. The program offers partial loan forgiveness for borrowers that graduate and serve as full-time nursing faculty for the prescribed period of time. Accredited collegiate schools of nursing are eligible to apply for funding. Eligible schools must offer an advanced education nursing degree program(s) that will prepare the graduate student to teach.