The Act authorizes the forgiveness of student loans in areas of national need. Nurses can qualify if they are employed full-time as a nurse in a clinical setting or as a member of the nursing faculty at an accredited school of nursing.
Qualified nurses must also hold one or more of the following: (1) a graduate degree in nursing, or an equivalent degree, (2) a nursing degree from a collegiate school of nursing, (3) a nursing degree from an associate degree school of nursing, (4) a nursing degree from a diploma school of nursing.
The Act authorizes grants to historically black colleges for certain graduate programs as well as funding for many master level programs including, nursing, allied health or other scientific disciplines.
Grants provided to an educational institution may be used for the following: scientific or laboratory equipment for educational purposes; facility improvements; purchase of media materials; scholarships, fellowships and other financial assistance for needy graduate students.
The Act authorizes grants to educational institutions that provide: an accredited registered nursing program at the baccalaureate or associate degree level, an accredited graduate level nursing program to accommodate advanced practice degrees for registered nurses or to accommodate students enrolled in such programs who wish to become nursing teachers.