To keep up in an ever-evolving economy, workers need access to training programs that will help them gain experience and acquire in-demand skills. Lack of direct-to-student financial support for non-traditional degree programs is a barrier for millions of people who want to take advantage of the growing number of such programs, however.
With support from the Charles Koch Foundation (CKF), Social Finance and Per Scholas will bridge the gap. The Zero Percent Loan (ZPL) program helps participants cover up to $3,000 in living expenses while they complete the Google Information Technology (IT) Support Certificate. These certificates were developed to support skilling in high-demand fields within three to six months, no degree or experience required.
Per Scholas piloted the loan across 21 IT support cohorts at eight campuses — in Atlanta, Baltimore, Chicago, Cincinnati, Dallas, Detroit, North Carolina, and Philadelphia — and aims to expand the program with support from additional partners.
The ZPL loans are interest free and flexible, allowing learners to use them according to their needs for expenses such as rent, groceries, transportation, or childcare. Learners only repay the loans if they secure jobs making above a minimum salary. Funds from repayment are reinvested back into the program to allow more learners to benefit.
During the pilot, ZPL program participants achieved an 83 percent graduation rate compared to 70 percent for non-participants, a statistically significant improvement. Participant Tori Haynes had been working as a security guard and DJ when a Per Scholas alum encouraged her to consider a Per Scholas training course. The ZPL provided Haynes with the financial stability to focus on the program, helping her gain technical and professional skills. She now works as an IT support specialist at a real estate company and is exploring opportunities that would allow her to work with emerging technologies, including artificial intelligence.
“The Zero Percent Loan program is a game-changer in Per Scholas’ mission to drive economic mobility and build a diverse, inclusive tech workforce,” said Plinio Ayala, president and CEO of Per Scholas. “By tackling the often-overlooked challenge of living expenses during training, this initiative reduces financial barriers that have long kept talented individuals from reaching their full potential.”
Social Finance is a leader in innovative workforce investments. Per Scholas offers no-cost training programs in sought-after technology sectors, including cybersecurity, data engineering, software engineering, and more. Read more.