Lincroft, NJ, May 21, 2025 (GLOBE NEWSWIRE) -- Brookdale Community College 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 in Fall 2025, students enrolled in these high-demand healthcare programs will have the opportunity to apply for zero-interest loans through this state initiative launched by Governor 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, ensuring they have the resources to focus on their studies and successfully transition into the workforce.
"This partnership reflects Brookdale's commitment to making high-quality education more accessible, especially in critical fields like healthcare," said Dr. David M. Stout, President of Brookdale Community College. "Through New Jersey Pay It Forward, we are helping our students enter the workforce with less financial burden, allowing them to focus on their education and career goals."
“I am pleased to see the Pay It Forward Program continue to grow with the latest addition of the Nursing and Radiologic Technology programs at Brookdale Community College,” said New Jersey Higher Education Student Assistance Authority (HESAA) Executive Director Margo Chaly, Esq. “The living stipends, wraparound services, and zero-interest, forgivable loans offered under this program enable students to obtain the necessary training to enter the healthcare workforce in high-need positions throughout the Garden State.”
To enroll in the Pay It Forward Program, students must first apply to Brookdale and be accepted into the nursing program. Then, they will need to complete a short counseling session with Brookdale's Financial Aid team and apply for the Pay It Forward program via an online application.
The program follows an outcomes-based model, meaning that graduates earning above a minimum salary pay back their loans through monthly repayments based on their discretionary income, while 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 more sustainable cycle of financial assistance.
This initiative is part of the New Jersey Pay It Forward Program, a partnership between Social Finance, Governor Phil Murphy, the New Jersey Economic Development Authority, the New Jersey Higher Education Assistance Authority, and the NJ CEO Council. The nation's first Pay It Forward program, it is designed to support New Jersey's broader workforce development goals, and to prepare residents for high-demand careers in healthcare, IT, and clean energy.
“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. “By providing zero-interest loans, a living stipend, and other assistance, the program is helping students enter a key industry and address local workforce needs.”
"Reducing financial strain expands access so that more students can pursue careers in nursing and radiologic technology, which are critical fields that strengthen the state's healthcare system," said Dr. Jayne Edman, Health Sciences Dean at Brookdale Community College.
Students are encouraged to contact Brookdale's Financial Aid office for more information about the New Jersey Pay It Forward program and how to apply.
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About Social Finance
Social Finance is a national nonprofit and registered investment advisor (SF Advisors, LLC). We work with the public, private, and social sectors to create partnerships and investments that measurably improve lives. Since our founding in 2011, we have 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. Learn more at socialfinance.org.
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Laura Oncea
Brookdale Community College
732-224-2967
loncea@brookdalecc.edu