Optometry Scholarship Loan Program (OSL)

The OSL Program provided forgivable loans to qualified North Carolina students pursuing a doctorate of optometry degree who are committed to practicing optometry in North Carolina. You must complete loan forgiveness within seven years of graduation, excluding periods of approved deferments.

You must repay your loan through loan forgiveness or cash payments.

Option 1: Loan Forgiveness

Requirements

You must meet the following requirements to qualify for loan forgiveness:

• Graduate from a doctor of optometry program
• Obtain licensure from the North Carolina Board of Optometry
• Secure a full-time position as an optometrist in North Carolina

How to Apply for Loan Forgiveness

1. Submit verification of graduation from a doctor of optometry program to NCSEAA.
2. Notify NCSEAA of your intent to repay through loan forgiveness within 90 days of graduation.
3. Obtain licensure from the North Carolina Board of Optometry.
4. Secure a full-time position as an optometrist in North Carolina.
5. Complete a Loan Forgiveness Application form and return it to NCSEAA for approval.

For additional information, see Frequently Asked Questions about Loan Forgiveness.

Option 2: Repay the Loan in Cash

If you cannot repay your loan through loan forgiveness, then you must repay it in cash within ten years of graduation or withdrawal from the OSL Program. You may either repay the loan in one lump sum or monthly installment payments.

For additional information and instructions on how to repay in cash, visit Frequently Asked Questions: OSL Cash Repayment.

Deferment

A deferment is a period in which service or cash repayment of a loan is postponed or delayed. Although payments are not due during a deferment period, interest at the rate of ten percent will continue to accrue on the outstanding principal balance of your loan. You may apply for deferment by completing and returning a Postponement/Deferment Form to NCSEAA for approval.

For additional information visit Frequently Asked Questions: OSL Deferment.