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.
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.
- The Cybersecurity Professional Bootcamp at New Jersey Institute of Technology (NJIT) is a 10-month, part-time, online course that can be financed through NJ Pay It Forward loans. To enroll, register here or call (973) 688-5050.
- The Nursing Program at Hudson County Community College is a two-year, full-time program that can be financed through NJ Pay It Forward loans. To enroll, register here or call (201) 360-4754.
- The Heating, Ventilation, Air Conditioning (HVAC) Program and Welding Technology Program at Camden County College are nine-month, part-time courses that can be financed through NJ Pay It Forward loans. Classes take place at Camden County Technical School’s Sicklerville Campus or Pennsauken Campus. To enroll in one of these courses, register here or call (856) 374-4955.
Video: Governor Phil Murphy Announces Launch of the New Jersey Pay It Forward Program
How It Works
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.
In the News
- “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 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
- “New Jersey Launches New Student Loan Program,” New Jersey Monitor
- “NJ Pay It Forward Workforce Development Program Launches,” New Jersey Business Magazine
- “State Launches First-in-Nation Program to Prep Students for Careers,” NJBiz
- “New Jersey Kicks Off ‘Pay It Forward’ Zero Interest College Loan Program,” NorthJersey.com
- “NJ Launches Pay It Forward Program to Prep Workforce, Support Economic Growth,” ROI-NJ
- “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
- “Murphy to Propose Pay It Forward Fund During Budget Address,” ROI-NJ