Pay It Forward (PIFF)
About the Program
Each summer, around 500 Maritime College students gain valuable experience aboard a state-of-the-art training vessel, preparing them for high-paying careers that require in-demand industry certifications. The SUNY Pay It Forward Fund removes financial barriers for students from low-income and underrepresented backgrounds, ensuring all can benefit. The program allows repayments to “pay it forward” for future students through a recycling loan fund. Employers and individual borrowers only repay when they are placed into jobs for which they are trained at a minimum income threshold designed by the Fund. Preferred employers can build their talent pipeline and address both short and long-term needs by providing insights into needs and challenges, committing to hiring, and repaying the outcomes-based loans on behalf of hired and retained graduates. All repayments are recycled directly back into the Fund. Preferred employers gain access to a steady hiring pipeline of skilled workers once students graduate and earn their licenses.
Anticipated Terms For The Fund
- $4M of funding secured from the SUNY System (via NY state budget appropriation).
- Additional $1M of philanthropic funding to be secured by SUNY Maritime College (lead) and SUNY Impact Foundation (support).
- Serve both current and new students, with a goal of 80% of capital disbursed to the incoming freshman class and 20% to current students.
- Balance out current and historical trends in both application and admission stages; source from the immediate campus neighborhood and NYC region.
- Prioritize students from communities which face historical systemic challenges in accessing high-quality training and good jobs in the maritime industry.
- Tuition + fees for required SST program with an anticipated average loan size of $10K per participant per program term.
- 0% interest and no fees.
- 5–7-year repayment term.
- $55K Minimum Income Threshold (MIT) and $77K annual earnings anticipated 2nd year post-graduation.
- Modeling a 75% graduation rate with 60% of repayments from students + 40% from employers.
- Approximately 125–135 Maritime SST participants initially served via $5M Pilot.
- Opportunity to increase the number served, dependent on fundraising and employer repayments.
Questions?
For more information about the SUNY Fund or participating as a Preferred Employer, please contact Michelle Reina, Director of Career Planning & Development at SUNY Maritime.