PIX11

NJ to offer zero-interest loans to help students pay for college

JERSEY CITY, NJ (PIX11) — Gov. Phil Murphy was on the ground at Hudson County Community College in Jersey City Wednesday, giving details about New Jersey’s new Pay it Forward program. 

The program, a first of its kind in the country, offers zero-interest, no fee loans with no upfront cost to students seeking careers in high demand fields, such as nursing. 

“Through pay it forward we are able to eliminate a lot of the uncertainty and stress that’s so often accompanies the decision to pursue training,” he said. 

The program, is designed to build and invest on the state’s talented workforce, Murphy said.

Eligible students will need to enroll in credential, certificate, and degree programs at one of three inaugural training providers:

When students start to pay the loan back, they will then get to “pay it forward.”

“That money isn’t going anywhere but put back into the Pay Forward program revolving fund to help the next cohort,” Murphy explained.

While those who land a high paying job above an income threshold in their field will have zero interest payments to deal with, those who don’t get a good job that pays over that income threshold, will owe nothing.

The new program launches with just three participating colleges, but state officials hope to expand in the near future. Click here to learn more about the program.