PEBC and Social Finance Announce Partnership to Support Aspiring Colorado Teachers

$1M investment from the Colorado Pay It Forward Fund will support living expense loans for aspiring teachers during their training 

(Denver, CO and Boston, MA) — Today, Public Education & Business Coalition (PEBC) and national nonprofit Social Finance announced a new partnership to reduce financial barriers for Coloradans who want to enter the teaching profession by providing zero-interest loans to eligible PEBC Teacher Residency participants. This innovative program combines Social Finance’s student-friendly financing model with PEBC’s deep expertise as one of the nation’s oldest and most successful teacher training and teacher residency programs. The investment comes from the Colorado Pay it Forward Fund, an initiative supported by five Colorado foundations that provides financing to prepare Colorado residents for in-demand, well-paying jobs in various important industries across the state. 

The PEBC Teacher Residency provides multiple high-quality, supportive pathways to a Colorado teaching license in as little as one year for individuals who discover their passion for teaching after they complete their bachelor’s degree. In many PEBC Teacher Residency pathways, participants may receive small stipends, but do not earn a salary while they train, which can create a significant financial barrier for some prospective teachers. 

The partnership with the Colorado Pay It Forward Fund will provide access to zero-interest loans of up to $12,000 that can be used to cover living expenses. The program is designed so that borrowers earning under $45,000 do not have to repay. Repayments received are reinvested back into the program to allow more learners to benefit. This financing can be particularly impactful for rural communities, where attracting and retaining teachers can be even more challenging. 

“Colorado is facing a significant teaching shortage, and too often, financial concerns prevent talented people who want to be teachers from participating in a training program,” said Evan Kennedy, Executive Director of Policy and Strategic Initiatives at PEBC. “By providing access to zero-interest loans, we are helping to remove those barriers and opening the door for more people to become teachers, strengthening the pipeline of excellent educators for Colorado’s students.” 

Colorado faces a persistent teacher shortage, with approximately 7,000 teacher vacancies annually. Roughly 9% of these positions go unfilled, and about 25% are covered through emergency measures such as hiring substitute teachers, retired educators, and emergency permit holders on a long-term basis. Alternative licensure programs like PEBC’s are a valuable way to bring more qualified teachers into classrooms but often require participants to step away from the workforce for a year or more to complete their training, which can be a significant financial hardship. These zero-interest loans, originated by Richland State Bank, an FDIC member, through its partner platform Ascent Funding, LLC, will provide a financial bridge that can help participants pay for living and other expenses while they train.  

“We’re proud to make our first investment in a teacher training program, and there’s no better partner than PEBC,” said Andrew Chen, Vice President of Impact Investments at Social Finance. “Colorado’s teacher shortage is a pressing challenge, and PEBC has demonstrated for over two decades that their model works, achieving outcomes that far exceed industry norms. By removing financial barriers for teacher residents during that critical first year, we can help ensure that talented, committed Coloradans can afford to complete their training.” 

This investment, totaling up to $1 million, represents the largest single investment made by the Colorado Pay It Forward Fund to date. The Colorado Pay It Forward Fund is an initiative of national nonprofit Social Finance and five Colorado foundations, including Colorado Gives Foundation, The Colorado Health Foundation, Gary Community Ventures, Walton Family Foundation, and other local donors. The Fund provides low- or no-interest loans to learners, training providers, and employers to help Coloradans access the state’s most in-demand jobs.  

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About Social Finance 

Social Finance is a national nonprofit and registered investment adviser. We bring government, philanthropy, and business leaders together to put capital to work in new ways to improve systems and expand opportunity. Since our founding in 2011, we have mobilized more than $500 million in investments to create measurable results in workforce and education, health, and housing. Learn more at socialfinance.org. 

About Public Education & Business Coalition (PEBC) 

PEBC is a Denver-based national nonprofit that believes that each and every child is worthy of a great educator. PEBC works in Colorado and across the nation to prepare outstanding new teachers, help practicing educators become exceptional, and shape policies that foster vibrant growth and lasting student success.  Learn more at www.pebc.org. 

About Ascent 
Ascent is a mission-driven fintech company committed to redefining student lending through a focus on access, affordability, and lasting economic impact. Backed by institutional capital, Ascent offers innovative loan options for college and career training programs—helping more students qualify, with or without a cosigner.