Joshua Alferos benefited from a zero-interest loan program designed to aid low-income students in completing their degrees while promoting a pay-it-forward model. This innovative approach not only assists current students but also creates a sustainable funding pool for future students in need. The initiative is set to expand in California, particularly targeting critical workforce areas like behavioral health, where graduates can have their loans forgiven after a commitment to work in the field for five years.
"It's pretty empowering, because you can help future students," said Alferos, who has continued his studies with the loan program.
"What you need to be looking at is where there is enduring demand for particular credentials or degrees," said Kirstin Hill, president and chief operating officer at Social Finance.
The repayment goes into a pool to provide the same help for other young, low-income Hawaiians who come after him.
This pay-it-forward approach to covering the cost of college multiplies the number of students who can benefit from a fixed supply of financial aid.
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