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ReNEW Fund: Reinvesting in Nursing Education and Workforce
Impact Investments, Workforce & Economic Mobility
Highlights
$100MTarget fund size to train aspiring nurses and fill critical shortages
Social Finance is partnering with Western Governors University (WGU), a national nonprofit university, and partner employers on a national Pay It Forward Fund to finance nursing education funding gaps, address critical talent shortages, and build a more diverse nursing hiring pipeline.
With an annual gap of 30,000-40,000 between the need for RNs and the number of RNs being trained in the U.S., America desperately needs a new way to educate and place nurses. The ReNEW Fund will help deliver the future nursing workforce America needs while also supporting aspiring nurses who might otherwise be locked out by the cost of a nursing degree.
Students will access zero-interest loans to help finance their education and receive assistance with last-mile training costs, including the costs associated with in-person labs and clinical placements. Through financial assistance and connections to employers, the Fund aims to provide aspiring nurses with a pathway to economic mobility.
The Fund will serve students across the 24 states where WGU’s pre-licensure program is currently accredited.
WGU pre-licensure program is currently accredited in Arkansas, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, and Wisconsin.
How It Works
Partner Spotlight: Western Governors University
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Preparing nurses for success
WGU is one of the largest nursing training providers in the U.S. Over the last 5 years, WGU has had a first-time NCLEX-RN average pass rate of 89.21%, which is above the national five-year average of all BSN programs.
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Building a more diverse pipeline
WGU’s flexible, hybrid program enables students to earn a Bachelor of Science in Nursing (BSN) degree on their own schedule. Through the Fund, WGU anticipates supporting a student body that is 37% Black and 16% Hispanic, far more diverse than the national average for BSN-trained nurses.
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Addressing critical talent shortages
In 2021, WGU produced 17% of the nation’s registered nurses earning a BSN. With support from the Fund, WGU aims to expand its offerings to prepare thousands more nursing graduates—helping employers fill critical roles and improving patient care at scale.
Interested in learning more about the ReNEW Fund? Contact Justin Bakule, Vice President, Impact Investments.
Interested in becoming a partner employer or joining the program as a student? Visit WGU’s website to learn more.
Partners and Supporters
News
Related Work
Please be aware that the terms and eligibility criteria for this loan program are subject to change without notice. Funding is limited and subject to availability at the time of application. Availability of funds is not guaranteed.