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Registered Nurse Program

The Registered Nurse (RN) Service Cancelable Loan Program is a collaboration of the Georgia Student Finance Authority (GSFA) and selected regional colleges and sponsoring health care facilities. The purpose of this program is to attract high-quality knowledge based jobs to Georgia by providing hospitals with the skilled labor force they need. The program was established to increase the capacity of the traditional five — semester RN program to accommodate additional students, to develop a LPN to RN program for licensed LPNs to complete a summer bridge course, and to develop a fast track RN program to allow students to complete the program in four semesters rather than five. The program currently includes two schools: Armstrong Atlantic State University and Darton College. Government funds and fellowship funds contributed by the sponsoring facilities support the program.

The program was piloted in the Albany Region in fiscal year 2001. That partnership includes Darton College, Palmyra Medical Centers, and Putney Memorial Hospital, all in Albany, and Archbold Medical Center in Thomasville.

A second program, serving the Savannah area, began in 2002. That partnership includes Armstrong Atlantic State University and sponsoring facilities Memorial Health University Medical Center and St Joseph Candler Health System.

Value

Students who enroll in the program are eligible for loans ranging from a minimum of $100 to a maximum of $4,500 per academic year, with a total maximum of $9,000. GSFC determines the exact loan amount that each student is eligible to receive.

The interest rate on a Registered Nurse Service Cancelable Loan shall accrue at a variable interest rate, applicable to each July 1 through June 30 period, that equals the bond equivalent rate of the 91 day Treasury Bill (T-bills) auctioned at the final auction prior to June 1 immediately preceding the July 1-June 30 period plus 1% not to exceed 10%. Interest shall begin to accrue on the disbursement amount at the end of the Borrower's grace period or when they obtain non-qualifying employment, whichever is first. The interest rate for the 2006-2007 academic year is 6.80%.

Eligibility

A student who has received admission into the Nursing Program and an intent-to-hire contract from a Sponsoring Facility, must have the following additional requirements to receive a Registered Nurse Service Cancelable Loan:

The student must enroll in the Nursing Program at Darton College or Armstrong Atlantic State University.
The Student must be enrolled at least half-time.
The Student must be a U.S. Citizen, National of the United States, or classified as a permanent resident alien.

Service Commitment

You must agree to work for a sponsoring regional hospital for one calendar year (12 months) for each $3,000 of loan assistance received.

Loan Disbursement

Once the loan is awarded, the proceeds from your Registered Nurse Service Cancelable Loan will be sent to your school. You must contact the Financial Aid Office to make arrangements to receive your loan proceeds. You will receive a Service Loan Contract outlining your disbursement dates and service loan obligation.

Application Procedure

Once you have decided which school you will attend you can obtain the Registered Nurse Service Loan application and promissory note on-line by pdf clicking here. Print the forms, complete the student portion, and forward the forms to the Nursing Department and to your financial aid office for completion. Once completed, the financial aid office will forward all forms to the Georgia Student Finance Commission to be processed.

Eligible Colleges and Universities

The program currently includes two schools: Armstrong Atlantic State University and Darton College. If you are interested in finding more information on these schools, please see our GA Colleges section.

For detailed program regulation, click here.

To download our General Information Guide on Service Cancelable Loans, please click here.

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Create an Account Log On My 411 Paying for College Repayment Guide Scholarships & Grants Savings Programs Tax Savings Loan Programs Stafford Loans GRADPLUS Loans Parent Loans for Undergraduate Students (PLUS) GAcollege Alternative Loan Federal Consolidation Loans Federal Perkins Loan Service Cancelable Loans Careers in Teaching Careers in Health Care Allied Health Northeast Georgia Health Systems Nurse Program Registered Nurse Program Nursing Faculty Program ICAPP Careers in Military Service Careers in Engineering Careers in Social Work Tools & Calculators Publications & Forms Ask an Expert	Registered Nurse Program The Registered Nurse (RN) Service Cancelable Loan Program is a collaboration of the Georgia Student Finance Authority (GSFA) and selected regional colleges and sponsoring health care facilities. The purpose of this program is to attract high-quality knowledge based jobs to Georgia by providing hospitals with the skilled labor force they need. The program was established to increase the capacity of the traditional five — semester RN program to accommodate additional students, to develop a LPN to RN program for licensed LPNs to complete a summer bridge course, and to develop a fast track RN program to allow students to complete the program in four semesters rather than five. The program currently includes two schools: Armstrong Atlantic State University and Darton College. Government funds and fellowship funds contributed by the sponsoring facilities support the program. The program was piloted in the Albany Region in fiscal year 2001. That partnership includes Darton College, Palmyra Medical Centers, and Putney Memorial Hospital, all in Albany, and Archbold Medical Center in Thomasville. A second program, serving the Savannah area, began in 2002. That partnership includes Armstrong Atlantic State University and sponsoring facilities Memorial Health University Medical Center and St Joseph Candler Health System. Value Students who enroll in the program are eligible for loans ranging from a minimum of $100 to a maximum of $4,500 per academic year, with a total maximum of $9,000. GSFC determines the exact loan amount that each student is eligible to receive. The interest rate on a Registered Nurse Service Cancelable Loan shall accrue at a variable interest rate, applicable to each July 1 through June 30 period, that equals the bond equivalent rate of the 91 day Treasury Bill (T-bills) auctioned at the final auction prior to June 1 immediately preceding the July 1-June 30 period plus 1% not to exceed 10%. Interest shall begin to accrue on the disbursement amount at the end of the Borrower's grace period or when they obtain non-qualifying employment, whichever is first. The interest rate for the 2006-2007 academic year is 6.80%. Eligibility A student who has received admission into the Nursing Program and an intent-to-hire contract from a Sponsoring Facility, must have the following additional requirements to receive a Registered Nurse Service Cancelable Loan: The student must enroll in the Nursing Program at Darton College or Armstrong Atlantic State University. The Student must be enrolled at least half-time. The Student must be a U.S. Citizen, National of the United States, or classified as a permanent resident alien. Service Commitment You must agree to work for a sponsoring regional hospital for one calendar year (12 months) for each $3,000 of loan assistance received. Loan Disbursement Once the loan is awarded, the proceeds from your Registered Nurse Service Cancelable Loan will be sent to your school. You must contact the Financial Aid Office to make arrangements to receive your loan proceeds. You will receive a Service Loan Contract outlining your disbursement dates and service loan obligation. Application Procedure Once you have decided which school you will attend you can obtain the Registered Nurse Service Loan application and promissory note on-line by clicking here. Print the forms, complete the student portion, and forward the forms to the Nursing Department and to your financial aid office for completion. Once completed, the financial aid office will forward all forms to the Georgia Student Finance Commission to be processed. Eligible Colleges and Universities The program currently includes two schools: Armstrong Atlantic State University and Darton College. If you are interested in finding more information on these schools, please see our GA Colleges section. For detailed program regulation, click here. To download our General Information Guide on Service Cancelable Loans, please click here.
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