#CWI19 InvestEd launches Nursing Education Fund
InvestEd.ph, founded by #CWI19 fellow Carmina Bayombong, collaborated with the Johnson & Johnson Foundation to expand its Global Nurse Education Finance Initiative in the Philippines. The collaboration aims to provide financing to support the education of 800 qualified nursing students over the next five years. In addition, the initiative will introduce a loan forgiveness incentive for nurses that will graduate and work at medical facilities in the Philippines.
The initiative is part of the InvestEd-led Alliance for Future Frontliners, a community of education champions, advocates, and leaders to secure the education of future Filipino medical frontliners. One of its mandates is to address the shortage of healthcare workers in the country by removing their socio-economic barriers to success.
Johnson & Johnson Foundation provided a grant to InvestEd to create a sustainable education finance program and a revolving education fund. This fund will be used as lending capital to provide concessionary loans to nursing students. The loans can be used for tuition, allowances, housing and gadget expenses for undergraduate students, licensure exam expenses for graduated nursing students, and upskilling expenses for early-career nurses.
The loans will follow a Study Now, Pay Later plan, which allows students to finish their studies and begin repayment when they have found work. In addition, the fund allows for loan forgiveness for a part or all of a student’s debt if they choose to work in the country.
Students under this initiative will have access to InvestEd’s innovative Education-to-Adulthood digital coaching program. The online platform allows access to mentors and fellow students, and learning modules, such as managing their loans and managing stress in the workplace.
InvestEd provides education loans to financially disadvantaged learners at scale. Its suite of financial products cover lifelong learning needs spanning traditional and non-traditional tracks. InvestEd de-risks the entire lending process through its proprietary Risk Engine. A globally awarded impact business, InvestEd currently has the biggest loan portfolio of low-income youth in the Philippines and has raised more than a million dollars of funding.
As part of the Alliance for Future Frontliners, InvestEd is open to partnerships with corporate foundations, colleges and universities, and other education champions. To join the alliance, contact email@example.com.
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