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Workforce & Education Investments, Workforce & Economic Mobility, Pay It Forward Funds

The maritime industry plays a vital role in the U.S.’s economy and security, enabling access to global trade and strengthening our national defense infrastructure.  

The industry is also a catalyst for opportunity. Graduates of SUNY Maritime College, one of the U.S.’s seven public maritime academies, earn average starting salaries of $77,000, with ample potential for advancement and the added benefit of world travel.  

To earn U.S. Coast Guard licenses and become mariners, candidates must acquire 180 hours of specialized at-sea training — training that is not always covered by Pell grants or scholarships. This can serve as a barrier to entry, especially for students without resources.  

A large white and black ship named "Empire State" docked at a pier with a suspension bridge and small boats nearby.
Students at SUNY Maritime gain hands-on, at-sea experience on the Empire State VII, the college’s training ship.

The Pay It Forward Fund, a workforce training model developed by Social Finance, offers a powerful solution for removing this barrier at scale.

Pay It Forward Funds offer low- and no-interest loans to help learners access high-quality education and training. Across the country, these Funds are helping workers start careers as nurses, tradespeople, mental health professionals, and more.  

Our newest Pay It Forward Fund, launched in partnership with the State University of New York (SUNY), is helping students enter the maritime industry by providing no-interest loans to eligible SUNY Maritime students to cover the costs of Summer Sea Term, a requirement for accumulating at-sea hours. The Fund aims to close the financial gap for students pursuing maritime careers and to strengthen the talent pipeline in this essential industry. 

The preparation needed to pursue this field is too costly for too many students from low-income backgrounds. Through the Pay It Forward Fund, SUNY can break down that cost barrier, and in doing so, bolster enrollment, student success, and upward mobility for students interested in the maritime industry.John B. King, Chancellor of the State University of New York

How It Works

The Fund uses philanthropic capital to cover Summer Sea Term costs for qualifying students via zero-percent interest loans. Students repay these loans only after they have accepted jobs earning more than $60,000 a year. Maritime employers can work with the Fund to hire graduates and assume a portion of their loan obligations — a talent recruiting and retention strategy that benefits both employers and graduates. All repayments, from graduates and employers alike, go back into the Fund to support future students.    

The Fund will begin operations this May, when the first participants set sail alongside their classmates on the training ship Empire State VII for the 2025 Summer Sea Term. Long-term, Social Finance hopes to replicate this model across SUNY campuses, creating a sustainable pathway to economic mobility for students from all backgrounds in New York. 

This initiative empowers Cadets to participate in this critical experiential learning experience, which leads to a USCG Merchant Mariner License without the burden of high-interest private loans. By doing so, the program powers SUNY Maritime's engine of upward mobility.Rear Admiral John Okon, President of SUNY Maritime College

To learn more about the Fund, contact Josh Nathan, Director of Impact Investments: jnathan@socialfinance.org.

A group of uniformed crew members poses in front of a large “M” logo on the deck of a ship under a clear blue sky.
Above, the first class of SUNY PIFF participants smile before setting sail for Summer Sea Term 2025.

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