We spend trillions of dollars on public and private workforce training each year in the U.S. Despite all our spending, we’re not making enough progress. Workers are struggling to find education and employment opportunities that lead to in-demand jobs, and businesses don’t have the skilled talent they require. We need effective, sustainable innovations to finance training that will help people land good jobs and find economic mobility.
Pay It Forward Funds are place-based workforce funds that more sustainably invest in worker upskilling. They amplify the impact of public and philanthropic dollars by recycling funds to ‘pay it forward’ for future learners.
Through our Pay It Forward Funds, we work with government, philanthropy, business, and training partners to finance workforce and education pathways for people looking to upskill or reskill for careers in high-demand fields. Participants in our programs access borrower-friendly financing for tuition or related expenses, including transportation and housing costs. Many programs also offer free supportive services, ranging from mental health counseling to emergency aid funds. Our financing is designed to minimize risk for learners, so that they repay once they earn above a set salary. Repayments are then used to help fund the next cohort of learners.
Nursing student at Hudson County Community College, a training provider in the New Jersey Pay It Forward Program. Photo courtesy of Charles Sykes/AP Images for Johnson & Johnson.
Governor Murphy visits Hudson County Community College to announce the Pay It Forward Program with Social Finance CEO Tracy Palandjian, HESAA Executive Director David Socolow, Hudson County Executive Tom DeGise, and Hudson County Community College Associate Vice President of Academic Affairs Dr. Darryl Jones(Edwin J. Torres/NJ Governor’s Office).
New Jersey Pay It Forward Program
$25M
Revolving workforce fund to upskill New Jersey residents and fill critical job openings
Colorado Pay It Forward Fund
$8M+
Revolving workforce fund to upskill Colorado residents and fill critical job openings
ReNEW Fund: Reinvesting in Nursing Education and Workforce
$100M
Target fund size to train aspiring nurses and fill critical shortages
This partnership with Social Finance aids our work to build a stronger pipeline by breaking barriers to entry and ensuring aspiring nurses are given the aid they need to achieve their goals in serving our communities.
Gov. Wes Moore
Governor of Maryland
With ‘Pay It Forward,’ New Jersey isn't just entering this national discussion [on the impact of student loans on American families]—we're bringing a real, live, tangible example of what the future can look like.
Former Governor Phil Murphy
State of New Jersey
In Massachusetts, we have a storied history and culture of mission-driven innovation. We are America’s state of firsts – and today we’re proud to add another first to that list with the launch of the Climate Careers Fund.
Governor Murphy, NJ CEO Council, & Social Finance Launch New Jersey Pay It Forward Program to Prepare Students for Good-Paying Jobs in Healthcare, IT, and Clean Energy
Office of New Jersey Governor Phil Murphy and Social Finance
![Hudson County Community College students standing to receive their diplomas.](https://socialfinance.org/wp-content/uploads/2022/10/52292744098_f95bc0514a_o-scaled-e1667932685649-500x500.jpg")
![A student celebrates graduation from CrossPurpose, a training provider in the Colorado Pay It Forward Fund.](https://socialfinance.org/wp-content/uploads/2023/06/333565795_1738281673257527_5923421843105689519_n-e1685992320347-500x500.jpeg")
![A nurse in blue scrubs sits beside a patient in a hospital bed, holding her hand and offering support in a brightly lit hospital room.](https://socialfinance.org/wp-content/uploads/2026/02/WGU-students-4-1000x667-1-500x334.jpg")
