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ReNEW Fund: Reinvesting in Nursing Education and Workforce
Workforce & Education 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 is helping 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 access zero-interest loans to help finance their education during the final two years of WGU’s Prelicensure BSN program, including assistance with last-mile training costs such as in-person labs and clinical placements. Students can borrow up to $20,000 per year, with no origination fees, and repay over 5, 7, or 10 years. No payments are required while individual income is below $60,000. Through financial assistance and connections to employers, the Fund provides aspiring nurses with a pathway to economic mobility. Employers may contribute to loan repayment for graduates they employ as long as those nurses remain with the partner employer.
The Fund serves students across the 25 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, Nebraska, 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.
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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 supports a student body that includes many rural and low-income students and is 58% students of color, far more diverse than the national average for BSN-trained nurses.
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Addressing critical talent shortages
WGU is one of the largest nursing training providers in the U.S. It granted 4.3% of all bachelor’s and master’s degrees in nursing in the 2023–2024 academic year (IPEDS Completions Survey, 2024). 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.