ASCENT AND THE FORWARD FUND LAUNCH $7 MILLION FUND

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Dec 04, 2024, 07:04 ET

Cape Fear Community College Students will Gain Access to Workforce Training

SAN DIEGO, Dec. 4, 2024 /PRNewswire/ -- Ascent, a leading provider of innovative financial products and student support services that enable more students to access education and achieve academic and economic success, is proud to announce the launch of a $7 million fund in partnership with The Forward Fund. As part of Ascent's growing Impact Program and advancement of its goal to increase income for students by $10 billion in five years, this partnership provides alternative financing solutions for adult learners to increase access to higher education or workforce training, and, ultimately, advance economic mobility.

In the U.S. today, 6 million adults are currently unemployed while 8 million jobs are available, many within skilled trades that aren't always seen as attractive to young adults and their parents. Meanwhile, 181 million Americans do not hold a college degree which often means trade roles are their most viable options. A recent McKinsey & Company report found that the trades with the largest and most critical gaps include construction laborers, electricians, welders, cutters, solderers, and braziers.

Ascent and The Forward Fund began their collaboration on October 28 to provide easier access to these critical trade roles. The partnership will initially support students attending The Cape Fear Community College Electrical Lineworker Training Program. The Carolina Energy Workforce Consortium estimates that the industry will need approximately 800 new linemen each year for the next five years.

In this pilot initiative for Southeastern North Carolina's The Forward Fund, Ascent will provide loan origination and servicing through 0% interest loans. Loan repayments are tied to career and economic outcomes and cycled back into the Fund to "pay it forward" to future learners.

"American adults are struggling to find jobs today while employers are not convinced the applicants' skills meet their needs. While Ascent is already supporting those who need accessible loan offerings, including our Outcomes-Based and Zero-Percent Loans, this partnership enables us to take our mission one step further, combining the power of social, public and private sectors to address the widening gap between high-demand jobs and adult learners who are prepared for the workforce," said Tristan Fleming, Chief Impact Officer of Ascent. "93% of Ascent college loan borrowers and 82% of Ascent bootcamp and career loan borrowers come from low income backgrounds and earn higher salaries upon graduation from their programs. These funds will allow us to provide even more opportunities and stronger durable economic mobility for North Carolinians."

"We are thrilled to collaborate with Ascent Funding, a leader in innovative student financing solutions," said Meaghan Dennison, CEO of The Forward Fund. "As the state's first pay-it-forward fund, we have an incredible opportunity to provide effective and sustainable funding mechanisms for workforce development. By utilizing Ascent's expertise, we can focus on helping our learners secure quality employment, leading to higher wages and greater economic mobility."

This partnership comes on the heels of Ascent's Colorado-based Forward Fund, in partnership with Social Finance, that empowers adult learners attending The Master's Apprentice and CareerDash workforce training programs. As celebrated in its 2023 Impact Report, Ascent's Impact and Zero-Percent Loans have supported more than 2,500 students to date. The Forward Fund partnership will bring Ascent one step closer to fulfilling its mission of increasing student income by $10 billion by 2028.

To learn more about Ascent's commitment to adult learners, visit ascentfunding.com.

ABOUT ASCENT
Ascent is a leading provider of innovative financial products and wrap-around student support services that enable more students to access education and achieve academic and economic success. Everything Ascent offers is designed by leading industry professionals and with advanced technology and innovation to increase every student's ability to plan, pay, and succeed. Ascent's rare Outcomes-based Loan provides funding to credit-invisible borrowers who generally do not benefit from traditional credit. Ascent products also include: Cosigned Loans, Solo Loans, Career Loans, Parent Loans, Graduate Loans, Access Loans, Enterprise Loans and Impact Loans.

For more information, visit www.ascentfunding.com.

SOURCE Ascent Funding