Sangha of Auspicious Companions

One University’s Pay-it-Forward Student Loans

What if student loans weren’t just a burden, but a way to pay-it-forward? At the University of Hawai’i Manoa, a revolutionary “renewable learning fund” helps students finance their education without the burden of interest-heavy loans. This $2.5 million revolving loan fund by Social Finance supports low-income engineering students by offering zero-interest loans. Borrowers who earn above $50,000 when they enter the workforce repay their loan, while others can defer payments. Local businesses also chip in, turning this fund into a win-win for students and employers. As one student puts it, “The money is going back to someone just like you.” President and chief operating officer at Social Finance, Kirstin Hill, describes, “There’s something that feels very different in saying, ‘I’m repaying a loan and it’s not going off to some abstract place but it’s going to create this opportunity for someone else.’” This innovative model is also set to inspire similar models across other US states.

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