The Pasadena City College Foundation and the Posey Family Foundation announced last week the Posey Institutional Loan Program for nursing students, which will provide low-interest rate loans to eligible PCC students enrolled in the registered nursing (RN) or licensed vocational nursing (LVN) programs beginning in Fall 2020.
“First and foremost, the program is designed to be a long-term investment in PCC’s future nurses,” said Bobbi Abram, executive director of the PCC Foundation. “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.”
“In this way, the Program is very much a cyclical investment,” she added.
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. Together, the PCC and Posey Family Foundations have done a great deal of research on institutional loan programs and default rates are the lowest at colleges that require students to complete financial education programs. These programs not only detail the risks and benefits of taking out an institutional loan and agreeing to repayment terms, they also include how any loan could impact overall financial health of an individual or family. Specifically, the Program’s financial education plan will improve students’ financial accountability and responsibility, strengthen community engagement, explain the significance of philanthropy, and help foster future donors.
In April 2020, the Posey Family Foundation made an initial pledge of $250,000 with an intention to add to the program as it progresses. As President of the Posey Family Foundation, Ernest M. Posey, and his wife, Gunde, say, “While nurses have always been respected and revered within our community, now, during this healthcare crisis, their heroic work is even more valued. The Posey Family, with our 75 years in the healthcare industry, is proud to help nursing students graduate through the PCC and Azusa Pacific University program. Nurses are the foundation of compassionate patient care and a healthy society. We are honored to be invited by PCC to assist nursing students in joining this exalted profession.”
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 sources of aid have been exhausted.
Amidst the Coronavirus (COVID-19) pandemic, the world’s need and appreciation for nurses is greater than ever. Providing current and future nursing students with the support they require (and deserve) to complete their education is paramount, and this is what the Posey Institutional Loan Program intends to do.