365+
Learners enrolled as of August 2024
Social Finance is partnering with Governor Phil Murphy, the State of New Jersey, and the NJ CEO Council on the New Jersey Pay It Forward Program. The nation’s first Pay It Forward program, this initiative is preparing 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 loans 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.
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) 222-9311, ext. 2323.
- The Nursing Program at Brookdale 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 BCC Nursing Program application, see the “Admission Application Steps” section on this page or call to speak with an Academic Advisor at (732) 224-2555.
Radiography
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.
Cybersecurity
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. Note: we are not currently enrolling new students at this time.
Radiologic Technology
The Radiologic Technology Program at Brookdale 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 Radiologic Technology program, before applying for NJ Pay It Forward financing. To get started with the BCC Radiography Program application, see the Admission Packet here or call to speak with an Academic Advisor at (732) 224-2555.
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.
How It Works
News
- New Jersey Pay It Forward Program Expands Support to Two New Healthcare Training Programs, Social Finance
- Nineteen HCCC Nursing Graduates Honored at Celebration with Special Toast and Pinning Ceremony, HCCC and Social Finance
- Governor Murphy, NJ CEO Council, & Social Finance Launch New Jersey Pay It Forward Program to Prepare Students for Good-Paying Jobs in Health Care, IT, and Clean Energy, State of New Jersey, Office of the Governor
- New Jersey Pay It Forward Program Launch Event
- New Jersey Launches ‘Nation-Leading’ Affordable Loan Program at 3 Colleges, Politico
- NJ Launches what Murphy calls a ‘One of a Kind’ Student Loan and Training Program, NJ.com
- Governor Murphy and Leading New Jersey CEOs Launch New Jersey Pay It Forward to Support Post-Pandemic Career Seekers, State of New Jersey, Office of the Governor
- Governor Phil Murphy Announces New Jersey Pay It Forward Program, Forbes Breaking News
- Innovative ‘Pay It Forward’ Program Fosters Educational Access in High-Need Fields, Insight Into Diversity
Partners and Supporters
- 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.
- Brookdale Community College, Camden County College, Hudson County Community College, New Jersey Institute of Technology, and Rowan College at Burlington County are providing training and supportive services for participants.
- Funding U is serving as the loan origination partner.
- MOHELA is serving as the loan servicing partner.
- Community Financial Resources is serving as the living stipend and one-time financial assistance administrator.
- UMB Financial Corporation is providing financial services.
- Chapman and Cutler LLP is providing legal guidance.
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")
