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FAQ: Nursing Incentive Scholarship Fund (NISF)

Q.  When can I apply for the NISF?
A.  Applications are accepted postmarked January 1 thru June 1 of each year.  Applications submitted after these dates are ineligible and returned to the applicant.

Q.  Who is eligible for the NISF?
A.
  Kentucky residents enrolled in a program of nursing.  An applicant must be able to complete a minimum of 9 credit hours for graduate or 15 credit hours for prelicensure (LPN/RN) and BSN completion programs in an academic year (August to June).  You must be enrolled and taking nursing courses, not prerequisites.

Q.  I graduate in the fall, can I still apply?
A.
  No, you must be enrolled for the coming fall and/or spring semesters.  If you graduate before November, you are not eligible.

Q.  I’m not in a program of nursing yet, can I still apply?
A.
  No, you must be enrolled in the program and taking a nursing course(s).  The NISF does not cover prerequisites.

Q.  Are online courses accepted?
A.
  Most online courses, including Excelsior, are accepted.

Q.  I do not have a GPA, what do I do?
A.
  If you are a high school graduate and have not attended a post secondary institution, use your high school GPA.  If you have attended a post secondary institution, use the GPA from grades received.  Do not leave this section blank, or your application will be considered ineligible.

Q.  I do not qualify for federal financial aid, can I still apply or submit other documents to prove financial need.
A.
  Yes, you can apply without submitting a Student Aid Report (SAR).  We do not accept any other documents other than the SAR as proof of financial need.  Please do not send copy of tax records.

Q.  Can I submit a copy of my Free Application for Federal Student Aid (FAFSA)?
A.
  No, you must submit a copy of the SAR received after the FAFSA application has been completed and processed.  This report is usually 1-8 pages if received by mail, or 1-3 (or less) if processed via the Internet.  The information on this report (EFC # and statement of pell eligibility) is needed to determine financial need eligibility.

Q.  I work at a hospital and am currently inquiring about a tuition payment program through them and was just wondering if I were to receive that aid, would I still be eligible for your scholarship?
A.
  Yes, other educational funding does not exempt you from qualifying for the NISF.

Q.  How are recipients chosen for the scholarship?
A.
  Recipients are chosen by the Board using criteria on the application.  Preference is given to applicants with financial need, and currently licensed nurses.  All applications received before the deadline are given the same consideration.

Q.  When will I be notified regarding the scholarship?
A.  Typically, as a courtesy, as applications are processed, notifications of application receipt are sent to the email address provided.  If there is an overwhelming amount of applications, you may not receive a notification.  Also, when an application is received incomplete (i.e., no graduation date, GPA, or signature), if time permits, a notification is mailed requesting additional information.  If information is not completed by the June 1 deadline, the application stands as submitted (incomplete).  Do not leave any blanks on the application.  When the award process is completed, all notifications are mailed to the address on the application.  This is routinely scheduled before the end of August.  Please remember to provide written notification of an address change if you move after submission of your application.

Q.  If I receive the NISF, when will I receive my check?
A.
  When you receive your award letter, there will be a contract and promissory note that will have to be signed and notarized and returned to this office.  Checks will be processed as enrollment verifications are received from the schools.  KBN will verify directly with the school to confirm enrollment.  After receipt of the required documentation, your information is sent to the KBN accountant for processing of the check.  The check is issued by the Kentucky State Treasurer’s office, located in Frankfort.  Once the check is issued, it is sent to KBN, where it is verified with the application on file, then it is mailed to your home address.  It may take six to eight weeks after submission of your contract and promissory note to receive your check from the KBN office.  Please remember to submit written notification of an address change if you move.

Q.  What is the work obligation for the scholarship?
A.
  After graduation from the program of nursing, a recipient must work full-time (part-time work is prorated) in Kentucky as a nurse for one year for each academic year funded.  An Employment Verification Form will be mailed to your address on file following completion of the program.  Your employer will complete the form and return it to the KBN office.  You will have to submit this form at the beginning of your work obligation and again at the end of your work obligation.  Failure to return the form will result in default of your NISF scholarship award.

Q.  Do I have to work in a specific part of Kentucky to fulfill the work obligation?
A.
  No, you may work full-time anywhere in Kentucky as a nurse to fulfill the work obligation.  Failure to complete the work obligation will result in default of your NISF scholarship award.

Q.  Am I eligible for continuation of the scholarship until graduation?
A.
  Yes, a recipient is eligible if successful academic progression is maintained to continue in the nursing program.  You must also submit an application annually between January 1 and June 1 to apply for continuation.

Q.  What are the circumstances that could occur that could cause me to have to repay my scholarship?
A.
  Repayment would be necessary if you are unable to complete the program of nursing, never obtain licensure in Kentucky, or you do not complete the work obligation.  This would be considered in default status.  The repayment amount would be the amount of the scholarship plus accrued interest.

Q.  What is the current interest rate?
A.
  The current interest rate for repayment is 8%.

Q.  If I am in default status, how would I repay the award to KBN?
A.  KBN will work directly with you to determine a one-time lump sum or monthly payment plan.  If the terms of the payment plan are not met, your account will be turned over to the Kentucky Department of Revenue.  That agency is authorized to issue wage garnishments, bank levies, tax refund interception, credit bureau reporting, etc., and will also add a 25% collection fee.

 

Last Updated 10/15/2008
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