New Hawaiʻi Renewable Learning Fund to Offer Zero-Interest Loans to Local Students

The initiative, which will begin supporting engineering students, is a more sustainable tool for investing in Hawaii’s students and workforce

(Honolulu, Hawaiʻi) — Today, with support from the Harold K.L. Castle Foundation and other donors, Social Finance—a national nonprofit and registered investment advisor—announced the launch of the Hawaiʻi Renewable Learning Fund: an outcomes-based loan program that will offer zero-interest, no-fee loans to qualifying students to help them earn in-demand degrees and land quality jobs with local employers.  

The Hawaiʻi Renewable Learning Fund will enable students who qualify as low-income to enroll in and graduate from high-quality certificate and degree programs. It will also help build a pipeline of local skilled talent to fill in-demand roles across the State. Social Finance was selected to design and manage the Hawaiʻi Renewable Learning Fund because of its experience creating similar outcomes-based workforce partnerships that focus on student success. 

“Many talented students in Hawaiʻi face barriers to degree completion, including limited affordable student financing options and high costs of living. The Hawaiʻi Renewable Learning Fund aims to address these barriers while also helping local employers hire talent for in-demand roles,” said Hydie Kim Hudson, Vice President, Impact Investments at Social Finance. “We’re excited to leverage our experience designing recycling funds across the country to meet the needs of Hawaii’s students and employers.” 

The Fund is launching with a $2.5 million pilot in partnership with the College of Engineering at the University of Hawaiʻi as the fund’s inaugural education and training partner. Students who land jobs earning above $50,000 after graduation will repay their loans back into the Fund to support future students. 

“The Harold K.L. Castle Foundation exists to invest in the future of Hawaiʻi. With this Fund, we hope to give young people the help they need to complete a degree and secure a good job. We also hope to offer local engineering firms a new tool to recruit and retain the College of Engineering’s talented graduates,” said Alex Harris, Vice President of Programs at the Harold K.L. Castle Foundation. “By recycling every dollar repaid back into the Fund, we’re able to continuously support more students than we could using traditional loan or scholarship models. With this Fund, we are supporting public education while investing in the sustainable economic development of Hawaiʻi.” 

The Fund is partnering with local employers to offer loan repayment assistance benefits to Renewable Learning Fund participants based upon hiring and retention milestones with participating companies. Bowers + Kubota, Hawaiian Dredging, and SSFM International have signed on as initial employer partners of the Fund. 

“As a committed partner in this exciting initiative, SSFM International is thrilled to see the Hawaiʻi Renewable Learning Fund come to fruition. This forward-thinking project not only aligns with our ongoing commitment to nurture local talent and foster sustainable economic growth in Hawaiʻi but also marks a significant step toward creating a resilient and skilled workforce for Hawaii’s future,” said Michael P. Matsumoto, President/CEO of SSFM International, Inc. “We are proud to be part of this transformative endeavor that lowers barriers to education and empowers our future engineers. This isn’t merely an investment in individual students—it’s a strategic investment in Hawaii’s sustainable future.” 

“At Bowers + Kubota, we believe our people are our greatest asset,” said Brian Bowers, President of Bowers + Kubota Consulting. “That’s why we are excited to be a part of this new approach to investing in and supporting our college students.” 

The Fund was designed in close collaboration with the College of Engineering at the University of Hawaiʻi, a leading education and research institution that awards 250 bachelor’s degrees each year. The College works closely with local industry employers to offer students internships, career exploration days, targeted networking workshops, and mentorship programs to ensure students have the best chances at securing jobs upon graduation

The goal is to scale the Hawaiʻi Renewable Learning Fund beyond this pilot phase and partner with additional high-quality training programs that have a track record of strong employment outcomes, local employer relationships, and experience serving diverse students. 

The Hawaiʻi Renewable Learning Fund’s anchor funder is the Harold K.L. Castle Foundation. Kosasa Foundation, Omidyar ‘Ohana Fund, and the McInerny Foundation are also generous donors. 

For more information about the Hawaiʻi Renewable Learning Fund, visit socialfinance.org/hawaii.  

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About Social Finance 

Social Finance (SF Advisors, LLC) is a national nonprofit and registered investment advisor. We work with the public, private, and social sectors to create partnerships and investments that measurably improve lives. Our Impact Investment team designs, launches, and manages impact-first investments. Our Advisory team partners with government and philanthropy leaders to implement data-driven programs for social impact. And through the Social Finance Institute, we aim to build the field and change systems through actionable research, communities of practice, and educational outreach. Since our founding in 2011, we have mobilized more than $400 million in new investments designed to help people and communities realize improved outcomes in workforce and economic mobility, health, and housing. Learn more at socialfinance.org. 

About the Harold K.L. Castle Foundation

The Harold K.L. Castle Foundation, the largest private foundation headquartered in Hawaii, is committed to closing the achievement and preparation gaps in public education so that all Hawaiʻi children have access to high-quality pre-K through 12 education that prepares them for success in college, career and citizenship. Its grants also focus on restoring nearshore marine ecosystems, strengthening Windward Oahu communities and strengthening communities’ ability to adapt to the effects of climate change in Hawaiʻi.