Human resource development
August 17, 2022
Governor Phil Murphy, the New Jersey CEO Council and Social Finance today announced the launch of the New Jersey Pay It Forward program. Affordable preparation for high-paying career track jobs in the healthcare, information technology (IT), and clean energy sectors, as well as non-repayable living expenses and wraparound support.
This loan allows participants to enroll in credential, certificate, and degree programs with any of the three primary training providers. Registered Nursing at Hudson County Community College. Cybersecurity at the New Jersey Institute of Technology. Heating, Ventilation, Air Conditioning (HVAC) and Welding at Camden County College.
All loan payments are recycled into funds to “advance” for subsequent student training costs. The program aims to help participants find jobs while helping employers fill high-demand positions in high-growth sectors, in order to drive economic growth in the state.
Participants who find work above certain income thresholds will pay back their tuition fees over time, up to 10% of their discretionary income. Loan balances remaining after 5 years will be forgiven for borrowers in good standing. Loans are intended as a last dollar option to help students maximize the free resources available to them and minimize the amount they need to repay.
“With the launch of Pay Forward today, New Jersey will model this innovative approach to helping residents find jobs that sustain their families and achieve success by supporting future cohorts of students across the country. “Investing in our residents not only gives them the opportunity to create a better life for themselves and their families, but it also meets the needs of employers and helps the state.” It will also help promote overall economic development.”
Members of New Jersey’s Council of Chief Executive Officers, a coalition of CEOs from the state’s largest and most widely known companies, have contributed approximately $5 million in corporate contributions to the Pay It Forward program. The state added her $5 million budget for fiscal year 2022 and her $2.5 million budget for fiscal year 2023 to this pledge.
Charles Lowry, Chairman and CEO of Prudential Financial, said: Chairman of the New Jersey CEO Council.
Hans Vestberg, Chairman and CEO of Verizon and Co-Chair of the Council, commented: This will enable more people to participate in a future driven by mobility, broadband and cloud computing, the critical infrastructure that drives New Jersey’s economy. This is good for the state, good for Verizon, good for the country. “
Murphy said the program will specifically help those who have left the workforce to participate in educational vocational training programs. “Even if it’s temporary, [these people are] Giving up your salary…that’s a big risk. Through the Pay It Forward program, we can remove a lot of the uncertainty and stress that often accompanies the decision to pursue training and upskilling,” he said.
“We are pleased to partner with the State of New Jersey and the CEO Council to launch the first public-private partnership of its kind to bring together the state’s economic and workforce development priorities. Founder of Social Finance, an organization: “This sustainable, innovative fund helps advance New Jersey’s business goals while putting learner success at the center of the deal.”
The New Jersey Pay It Forward program plans to partner with other training providers in the coming months.
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