The Pasadena City College Foundation and Posey Family Foundation announced last week the Posey Institutional Loan Program for nursing students.
Under the program the college will provide low-interest rate loans to eligible PCC students enrolled in the registered nursing or licensed vocational nursing programs beginning in Fall 2020.
“It is a micro-lending program that will not only give nursing students viable options as they work to complete their associate and baccalaureate education, but future nursing students will benefit from the repayment of past student loans. Once nursing graduates enter into repayment, funds are freed up to issue new loans to current nursing students,” said Bobbi Abram, executive director of the PCC Foundation in a prepared statement. “In this way, the program is very much a cyclical investment.”
In addition to the program’s investment aspect, there is a built-in financial education plan to ensure students fully understand what it means to take out a loan.
In April, the Posey Family Foundation made an initial pledge of $250,000 with an intention to add to the program as it progresses.
Starting in Fall 2020, PCC nursing students will have the opportunity to qualify for the loan provided their completed FAFSA application shows a continued financial need after all other aid sources have been exhausted.
Last week, PCC and Azusa Pacific University announced a partnership that will extend access to nursing education for residents of the San Gabriel Valley region to help alleviate the chronic nursing shortage statewide.