by Meghan Dennison, CEO of Forward Fund
If we’re to overcome crippling student debt and create real opportunities for higher wage careers, we need a new system. That’s why I launched The Forward Fund (TFF) in 2024. Supported by $7 million in philanthropy and impact investments, The Forward Fund is the state’s first pay-it-forward fund (PIFF). PIFFs amplify the impact of private, public, and philanthropic dollars by recycling funds to ‘pay-it-forward’ for future students.
We offer student-first financing, empowering students to chart a new future:
- Zero-interest, no-fee: Making education affordable.
- Minimum $2,000 – Maximum $10,000: Tailored to various program costs.
- 3-month grace period: Giving borrowers breathing room post-graduation.
- 60-month loan term: Providing manageable repayment schedules.
- Minimum salary threshold, $45,000: Ensuring the program supports pathways to sustainable careers.
In March, our first cohort of students from Cape Fear Community College’s Electrical Lineworker and CDL Truck Driving programs entered the workforce. Here is some of the early data:
Highlights from Disbursed Loans (representing $346,000 across 39 borrowers):
- Electric Lineworker: 23 borrowers
- CDL Truck Driving: 16 borrowers
- Average loan size: $8,872
- Average Electric Lineworker loan: $8,739
- Average CDL Truck Driving loan: $9,063
- Our average borrower had a pre-program credit score of 587 FICO and an average pre-program income of $20,675.
These early results underscore the program’s ability to transform lives and address critical workforce needs. As these students start new careers, we’ll be able to see the long-term impact. But in the short term, 39 students are on the path to higher wages and overall financial wellness. By offering zero-interest, no-fee loans, we’re opening doors for individuals to pursue valuable training and significantly increase their earning potential. As the saying goes, a rising tide lifts all boats.
Want to learn more? Visit our website for more information and to find answers to frequently asked questions.
Visit our Website: https://theforward.fund/
Connect with us: : https://www.linkedin.com/company/theforwardfund
Contact TFF: https://theforward.fund/contact/
The Undercurrent is a platform for diverse perspectives across the nonprofit sector. Views expressed in guest posts are those of the authors and do not necessarily reflect the views of the Harrelson Center, its staff, Board or Partners.