Key Highlights
Challenges
The U.S. is in the midst of a nursing shortage: Not enough nurses are trained each year to meet demand. In addition, many prospective nurses from low- and moderate-income backgrounds struggle to afford nursing education. The result is that many health care employers — particularly those in more rural or low-income areas — must turn to costly contract labor to meet the needs of their patients.
Opportunities
The ReNEW Fund — launched by Western Governors University (WGU) and Social Finance in 2024, with Central Health joining as an employer partner in 2025 — uses an innovative financing model to build and sustain a talent pipeline of nurses.
The ReNEW Fund provides zero-interest, outcomes-based loans to nurses from disadvantaged backgrounds to help cover their tuition and critical living expenses for the last two years of WGU’s nursing program. The ReNEW Fund also connects students with health care employer partners like Central Health.
Upon graduation, if the student is hired and agrees to work for a participating employer partner for at least three years, the employer agrees to pay into the ReNEW Fund at key milestones — and that nurse is relieved of any loan repayment obligation. Nurses who do not work for a partner employer, or who leave a job with a participating employer before the end of their three-year commitment, are responsible for repaying the remaining principal balance — but no repayment is required if they earn less than $60,000 annually.
All repayments from employers and/or nursing school graduates are reinvested in the ReNEW Fund, where they will be used to finance education for additional students in the future.
Key Takeaways
- Health care employers’ costs of paying into the ReNEW Fund for a nurse they hire and retain are far lower over time than the costs of recruitment and staffing contract fees to fill nurse vacancies.
- The cycle of repayment and reinvestment makes the ReNEW Fund financially sustainable: It is designed to serve today’s nursing workforce needs and those of the future.
- The ReNEW Fund demonstrates the value of a win-win financing approach that can be replicated with employer engagement in other industries.
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About the Authors
Scott Pulsipher
Scott Pulsipher has served as president of Western Governors University (WGU), the nation’s premier nonprofit competency-based university, since April 2016, leading all academic, operational, and organizational functions. He cultivates a student-centric environment by using technology and data to improve three key measures: completion, return for graduates, and equity in both access and attainment. Pulsipher has been named by EdTech Digest as one of the Top 100 Influencers in EdTech, and also serves on multiple higher education and technology boards, including as board member at the American Council on Education and Jobs for the Future, as well as chairman of the board for Presidents Forum. Prior to joining WGU, Pulsipher led several technology-based, customer-focused businesses, including Amazon, Sterling Commerce, and two successful startups that traverse retail, supply chain, banking, payments, and manufacturing sectors. He holds a bachelor’s degree in management from Brigham Young University and an MBA from Harvard University.
Jeannie Virden
Jeannie Virden currently serves as the Executive Vice President & Chief People Officer for Central Health, which includes CommUnityCare Health Centers and Sendero Health Plans. Her mission-driven approach to Human Resources focuses on designing and executing talent acquisition, management, development, and total rewards strategies that authentically reflect the organization’s culture and values. Dedicated to the people who drive organizational success, she strives to elevate the team member experience and advance workforce excellence.
Before assuming her current role, Virden served as the Vice President of Human Resources at CommUnityCare Health Centers, Central Health’s network of primary care clinics. She brings over fifteen years of healthcare specific experience and holds a Master of Science in Human Resources Management and a Bachelor of Business Administration degree. Her professional affiliations include membership in the Society for Human Resources Management (SHRM), Human Resource Certification Institute (HRCI), and Association for Advancing Physician & Provider Recruitment (AAPPR). Additionally, she holds certifications as a SHRM Senior Certified Professional (SHRM-SCP), Senior Professional in Human Resources (SPHR), and a Certified Physician/Provider Recruitment Professional (CPRP).