Aspiring nurses facing financial barriers to education can apply for zero-interest loans through The Reinvesting in Nursing Education & Workforce Fund.
Western Governors University
America is experiencing a serious nursing shortage. According to the National Center for Health Workforce Analysis, hospitals nationwide face a shortfall of nearly 300,000 registered nurses and must train 25,000–30,000 more each year to close this gap by 2035.
This talent shortage has major ramifications for hospital systems across the country. Consider Central Health in Austin, Texas. In 2024, this taxpayer-funded hospital district served more than 170,000 mostly low-income patients in Travis County. If Central Health can’t employ enough qualified nurses, its patients and business could suffer.
Fortunately, Central Health, Western Governors University, and Social Finance have a solution that benefits employers and motivated job seekers alike. WGU is a private, online university that educates students seeking to become RNs, while Social Finance is a nonprofit that advances economic mobility. Together, they created an affordable education financing model that can help any industry expand its pipeline of qualified job seekers.
In 2024, WGU and Social Finance launched the Reinvesting in Nursing Education & Workforce Fund, or ReNEW. ReNEW supports eligible WGU students pursuing their RN licenses. In May 2025, Central Health became the program’s first employer partner.
For learners, ReNEW opens pathways to prosperity and personal and professional growth. And for employers like Central Health, it increases the volume of loyal, eager, and well-educated workers to meet their talent needs.
ReNEW’s employer partners make a unique commitment to the program: When a ReNEW graduate joins Central Health and stays for three years, their loan repayments are fully covered. ReNEW graduates who don’t work at Central Health still have the benefit of zero-interest, zero-fee loans that they can defer until they earn at least $60,000 annually. Whether employers or learners repay ReNEW loans, all repayments are reinvested into the fund, creating opportunities for future nursing students and making the program financially self-sustaining.
It’s a model where companies offer an incentive to employees by paying back their educational loans. Yet workers still have the freedom to work elsewhere and repay their loans with no interest.
ReNEW also seeks to widen the nursing talent pipeline and reduce the industry’s cost of vacancies. For example, given that filling each nursing vacancy costs Central Health about $52,000, ReNEW graduates will generate significant savings by providing a steady stream of new nurses to help hospitals fill their open spots.
“The biggest benefit is you’re creating your own pipeline of talent based on what you need,” said Jeannie Virden, Central Health’s executive vice president and chief people officer.
How ReNEW Works
ReNEW is based on the idea that becoming a nurse should be affordable and achievable. It features*:
- Zero-interest loans.
- No loan origination fees.
- The ability to defer repaying the loan until the learner’s income is at least $60,000 annually. Entry-level nursing roles for ReNEW graduates typically offer an average annual salary of at least $62,000.
ReNEW loans are designed to help learners from low-income and moderate-income households cover various expenses during the last two years of their nursing education. Federal student aid often isn’t enough to pay the expenses learners incur in their final four core nursing terms.
For example, third- and fourth-year students travel to and from clinical placements — required coursework that involves working directly with patients in person. Federal aid doesn’t cover the out-of-pocket costs associated with this coursework — but ReNEW loans will.
ReNEW builds on WGU’s longstanding hybrid model of in-person and online education. WGU Vice President Bob Collins says this framework is about “meeting students where they are” so they can learn at their own pace. He notes that 75% of WGU’s students are working learners, with an average age of 33. These individuals often have jobs, mortgages, and children, with responsibilities that make pursuing higher education challenging. For potential nurses, removing financial barriers to access and degree completion under such circumstances is monumental. For Central Health, these students could become valuable local talent.
The Health Care Industry’s Heart
Nurses anchor the nation’s hospitals. When hospitals aren’t adequately staffed, Virden says, they face challenges like:
- Compromised patient care and safety.
- Reduced availability of services.
- Increased staff burnout and churn.
- Stressed and dissatisfied employees.
- Reputational damage.
- Financial strain.
Given the steep demand for RNs, why is America’s supply of them so limited? According to Virden, there are two primary reasons.
First is burnout. Nursing is highly stressful. This is particularly true in hospitals, where the fast pace and demanding workload often lead to physical and emotional exhaustion. In 2025, the nursing turnover rate at hospitals nationwide was 16.4%. In contrast, the average turnover rate across all industries was 13% the same year, excluding retirees, volunteers, and contractors, according to Mercer, a global consulting firm.
Second is the limited supply of nursing school options. Per the American Association of Colleges of Nursing, nearly 66,000 qualified applications weren’t accepted by U.S. nursing schools in 2023 because these institutions lacked the capacity to enroll and educate them. That’s where ReNEW comes in.
“ReNEW creates access to individuals who could not otherwise afford to go into a nursing program,” Collins said.
Progress Through Mutual Benefit
By increasing access to people from untapped communities, ReNEW enables new talent to enter the workforce. It also creates opportunities for local talent to serve the populations in their communities — such as Austin, Texas.
“This is a win for the employer, because it creates a more representative, multicultural workforce,” Collins said.
Employer partners who participate in the ReNEW Fund pay the program’s loans for any participants they hire and retain.
Western Governors University
The benefits for nursing students look equally significant. Many people participating in ReNEW have worked in health care settings and are passionate about their work, but they couldn’t advance due to financial strains.
“I like the idea that we’re creating value for an employer such that it benefits a student,” said Justin Bakule, Social Finance’s vice president of impact investments.
WGU, Central Health, and Social Finance agree that ReNEW offers mutual benefit for employers, nurses, and the communities they serve.
Bakule added that if adopted by other companies and industries, ReNEW’s framework can overcome “pervasive, seemingly unsolvable talent problems” nationwide.
Virden agrees. She’s eager to see how ReNEW opens doors for fresh nursing talent in Austin and the rest of Texas through Central Health’s new relationship with WGU and Social Finance.
“It’s such a great model,” she said. “I wish more employers would learn about it.”
*Eligibility requirements and official terms and conditions apply.
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