For low-income workers, a chance to learn new skills without paying a dime upfront

February 8, 2021

“More than half the jobs in the labor market don’t require a college degree, but the cost of training needed for many of them is still out of reach for many people, said Tracy Palandjian chief executive and cofounder of Social Finance.

The training is funded by ‘career impact bonds,’ drawn from a $40 million fund provided by philanthropic investors who care more about making a difference than getting rich, Palandjian said. Investors face a risk if students don’t find jobs and are unable to pay what they owe, but they also get the reward of seeing the good their money is doing, via a quarterly report detailing job-placement rates and average earnings.”

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