The Forward Fund, NCAHEC and Ascent Funding Partner to Tackle North Carolina’s RN Shortage
Categories: Blog, For College Students, For Cosigners, For Schools, For Students, In the Press
North Carolina’s nursing shortage is projected to reach nearly 12,500 by 2033. To address this shortage, The Forward Fund (TFF) and the North Carolina Area Health Education Centers (NC AHEC) have joined forces to provide zero-interest loans to individuals enrolling in the NC AHEC RN Refresher program offered in collaboration with the University of North Carolina at Chapel Hill School of Nursing.
“This partnership is an excellent opportunity to provide RN Refresher students with funding support to eliminate cost as a barrier -to enrollment in the program and subsequently return to nursing workforce. It is a win-win for the RN Refresher and the nursing workforce in North Carolina,” said Dr. Felicia Mosley-Williams, Statewide AHEC Nursing Liaison and Director of the NC AHEC RN Refresher Program.
The RN Refresher program provides accelerated, asynchronous education and training for registered nurses with a lapsed license or an active RN looking to update their knowledge.
“The RN Refresher program is committed to helping more nurses return to the field, opening a variety of career pathways, and investing in nursing’s commitment to improve the state of healthcare in North Carolina,” said Dr. Jill Forcina, Director of Education and Nursing at NC AHEC.
The program consists of 24 self-paced, online modules taught by faculty at the University of North Carolina at Chapel Hill School of Nursing, and a 140-hour clinical practicum managed by local AHECs. Costs for the program are relatively low, however, financial barriers exist preventing RNs from taking advantage of the program.
That’s where The Forward Fund’s partnership fills the gap.
The Forward Fund will offer zero-interest cost of living loans to individuals enrolling in the RN Refresher program. Loans will vary from $2,000 to $5,000 to cover the cost of living like housing, childcare, and transportation, so RNs can focus on their training and upskilling.
“We are proud to partner with NCAHEC and regional area education centers to provide zero-interest financing to support RNs to reenter the workforce,” said Meaghan Dennison, CEO and founder of TFF. “We are thrilled to expand our loan offering to the healthcare space with this partnership.”
Loan terms include no minimum credit score, a 3-month grace period upon program completion and a minimum income threshold of $30,000, which accounts for part-time employment. Nurses that do not meet the minimum salary threshold may request income-based deferment, during which period they would have no payments due and remain in good standing with their loan.
TFF loans are powered by Ascent Funding as the loan origination and master servicing partner. Once approved, loans are disbursed directly to the student.
“We’re thrilled to partner with The Forward Fund and NCAHEC to address the coming nursing shortage by lowering the financial barriers for students,” said Michele Shank, VP, Impact & Senior Counsel from Ascent Funding. “Programs like ours help North Carolina nurses return to work, which only means improved healthcare for all.”
Interested students learn more about the RN Refresher program here and identify the local contact to be introduced to this financing opportunity.
About the Forward Fund
The Forward Fund, headquartered in Wilmington, North Carolina, is the state’s only pay-it-forward fund. Dedicated to empowering students, The Forward Fund provides tailored financial support to help students enroll in educational programs, graduate, and secure high-wage employment. This innovative model invests in individual success and ensures local employers gain access to a skilled workforce essential to North Carolina’s growth.
Website: https://theforward.fund/
LinkedIn: https://www.linkedin.com/company/theforwardfund
Contact TFF: https://theforward.fund/contact/
About Ascent
Ascent is a leading provider of innovative financial products and wrap-around student support services that enable more students to access education and achieve academic and economic success. Everything Ascent offers is designed by leading industry professionals and with advanced technology and innovation to increase every student’s ability to plan, pay, and succeed. Ascent’s rare Outcomes-Based Loan provides funding to credit-invisible borrowers who generally do not benefit from traditional credit. Ascent products also include: Cosigned Loans, Solo Loans, Career Loans, Parent Loans, Graduate Loans, Access Loans, Enterprise Loans and Impact Loans. For more information, visit www.ascentfunding.com.
