Social Finance has partnered with Governor Phil Murphy, the State of New Jersey, and the New Jersey CEO Council on the nation’s first Pay It Forward program to prepare New Jersey residents for in-demand, family-sustaining jobs in industries like health care, IT, and clean energy.

The New Jersey Pay It Forward Program provides zero-interest, no-fee loans for participants—especially those who may not have the savings to pay for training or the credit history for a loan—to enroll in high-quality job training. Participants pay no upfront costs and also receive living stipends and wraparound supports 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., $44,940 for those with a household of three), they pay back their loan 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 the cost of wraparound supports.

This program is a $12.5 million revolving fund that creates a sustainable cycle of job training. There is no return to investors and all loan repayments are recycled back into the fund to support future learners. The New Jersey Pay It Forward Program intends to collect and publish information on student outcomes and the effectiveness of the Pay It Forward model.


Training Programs

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.

Video: Governor Phil Murphy Announces Launch of the New Jersey Pay It Forward Program


How It Works


Project Partners

The State of New Jersey provided $7.5 million to initiate the New Jersey Pay It Forward Program. The following state agencies also helped design and implement the project: 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—consisting of BD, Campbell Soup Company, Johnson & Johnson, Merck & Co., Prudential Financial, PSEG, RWJBarnabas Health, and Verizon—is offering strategic guidance and making philanthropic contributions to the fund to cover training, living stipends, wraparound supports, and other program costs.

Social Finance is designing and managing the program. Social Finance’s project design work was generously supported by Blue Meridian Partners.

Camden County College, Hudson County Community College, and New Jersey Institute of Technology are the training providers offering job training and wraparound supports to program participants. 

Funding U is the origination partner and MOHELA is the servicing partner for this program. 

Chapman and Cutler LLP is providing legal guidance and UMB Financial Corporation is providing financial services for this program.