Social Finance is partnering with Governor Phil Murphy, the State of New Jersey, and the NJ CEO Council on the nation’s first Pay It Forward program to prepare New Jersey residents for in-demand jobs in industries like health care, IT, and clean energy.
The New Jersey Pay It Forward Program provides zero-interest, no-feeloans for participants to enroll in high-quality job training, especially those who may not have the savings to pay for training or the credit history for a loan. Participants pay no upfront costs and receive living stipends and supportive services including access to emergency aid funds and mental health counseling to help them succeed.
After completing training, if participants earn above a minimum salary (e.g., $50,730 for those with a household of three), they pay back their loans through monthly repayments of 10% of their discretionary income for up to five years. If they don’t earn more than this minimum salary, they pay nothing. Participants also do not have to pay back their living stipends or cost of supportive services.
77%
Percent of participants without a four-year degree
There is no return to investors and all loan repayments are recycled back into the fund to support future learners. The program intends to collect and publish information on student outcomes and the effectiveness of the Pay It Forward model.
The Cybersecurity Professional Bootcamp at New Jersey Institute of Technology (NJIT) is a 10-month online course that can be financed through NJ Pay It Forward loans. To enroll, register here or call (973) 688-5050.
Nursing
The Nursing Program at Hudson County Community College is a two-year program that can be financed through NJ Pay It Forward loans. Interested students must first apply for and be accepted to the nursing program before applying for NJ Pay It Forward financing. To get started with the HCCC Nursing Program application, see the Application Form here or call (201) 360-4754.
The Nursing Program at Rowan College at Burlington County is a two-year program that can be financed through NJ Pay It Forward loans. Interested students must first apply for and be accepted to the nursing program before applying for NJ Pay It Forward financing. To get started with the RCBC Nursing Program application, see the “Applying to the Program” tab on this page or call (856) 222-931, ext. 2323.
The Radiography Program at Hudson County Community College is a two-year program that can be financed through NJ Pay It Forward loans. Interested students must first apply for and be accepted to the radiography program, before applying for NJ Pay It Forward financing. To get started with the HCCC Radiography Program application, see the Application Packet here or call (201) 360-4267.
75%
Percent of participants who are people of color
We partner with proven, high-quality training programs that have a track record of strong employment outcomes, employer relationships, and experience serving learners from diverse backgrounds. If you have a job training program in health care, IT, or clean energy and are interested in offering the NJ Pay It Forward loan to your students, please contact our team.
For Current Students
Current NJ Pay It Forward students can use the links below to request supportive services, including a nonrepayable living stipend, mental health services, and emergency financial assistance.
Current NJ Pay It Forward students can access information about their Community Financial Resources/U.S. Bank Focus Prepaid Visa Debit Card below, in English or in Spanish.
Pay It Forward, developed in collaboration with Social Finance, will make New Jersey stronger and fairer by providing access to job training for residents who need it most. Creating equitable opportunities is what we stand for.
Governor Phil Murphy
State of New Jersey
The NJ Pay It Forward Program allows individuals to pursue upward economic mobility for themselves and their families without the burden of high-interest private loans.
Brian Bridges
Secretary of Higher Education, State of New Jersey
The State of New Jersey provided $7.5 million to initiate the New Jersey Pay It Forward Program. The following state agencies are also helping to implement the program: Office of the Governor; Higher Education Student Assistance Authority, NJ Economic Development Authority, Office of the Secretary of Higher Education, Department of Labor & Workforce Development, Department of Banking and Insurance, and Division of Consumer Affairs.
The New Jersey CEO Council is offering strategic guidance and making philanthropic contributions to cover training and supportive services. The CEO Council consists of BD, Campbell Soup Company, Johnson & Johnson, Merck & Co, Prudential Financial, PSEG, RWJBarnabas Health, and Verizon.
Social Finance is designing and managing the program, with support from Blue Meridian Partners.
Header photo courtesy of New Jersey Governor Phil Murphy’s Office, photographed at the launch event of the New Jersey Pay It Forward Program held at Hudson County Community College.
![Hudson County Community College students at the launch event of the New Jersey Pay It Forward Program in August 2022.](https://socialfinance.org/wp-content/uploads/2022/11/52292744098_f95bc0514a_o-scaled-e1679341952702.jpeg")
