Brookdale Community College Wednesday said it partnered with the New Jersey Pay It Forward Program to provide nursing and radiologic technology students with a new pathway to fund their education.
Beginning this fall, students enrolled in these high-demand health care programs will have the opportunity to apply for zero-interest loans through this state initiative launched by Gov. Phil Murphy and the New Jersey CEO Council.
The New Jersey Pay It Forward Program is designed to reduce financial barriers and support students throughout their educational journey. In addition to zero-interest loans, participants will receive a monthly living stipend grant, one-time financial assistance, and access to mental health services. This will give them the resources to focus on their studies and transition into the workforce.
“This partnership reflects Brookdale’s commitment to making high-quality education more accessible, especially in critical fields like health care,” said Dr. David M. Stout, president of Brookdale Community College.
To enroll in the program, students must apply to Brookdale and be accepted into the nursing program. Then they must complete a counseling session with Brookdale’s financial aid team and apply for the Pay It Forward program via an online application.
Graduates earning above a minimum salary pay back their loans through monthly repayments based on their discretionary income. Any graduates not earning the minimum salary after completing their training can apply for income-based deferment on their loan, during which their monthly payment obligation is $0. Additionally, loan repayments go back into the fund to support future students, creating a sustainable cycle of financial assistance.
The State of New Jersey provided $7.5 million to initiate the New Jersey Pay It Forward Program, considered to be the first in the nation. 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 Pay It Forward Program has been successful in supporting the healthcare workforce in New Jersey, and we are excited to add Brookdale Community College to the list of high-quality healthcare training providers,” said Hydie Kim Hudson, vice president of Impact Investments at Social Finance, national nonprofit working with Brookdale. Social Finance said 75% of the program’s participants are students of color.
Other participants in the New Jersey Pay It Forward Program are Camden County College, Hudson County Community College, New Jersey Institute of Technology, and Rowan College at Burlington County.
Social Finance is a national nonprofit and registered investment adviser that works with the public, private, and social sectors to create partnerships and investments that measurably improve lives. Since its founding in 2011 in Boston, Social Finance said it has mobilized more than $400 million in new investments designed to help people and communities realize improved outcomes in workforce and economic mobility, health, and housing.
