Higher Education Student Assistance Authority | State of New Jersey Awards Financial Services Contract to Social Finance (July 2021)
Higher Education Student Assistance Authority | State of New JerseyState · Hamilton, NJ- Approved
- Jul 21, 2021
The 30-second brief
The HESAA Board approved Social Finance as Program Manager for New Jersey’s new Pay It Forward Program. The five-year contract, with options for two additional five-year origination terms, tasks Social Finance with managing the revolving fund, selecting training providers, administering stipends, and originating and servicing zero-interest, income-based Pay It Forward loans until repayment or forgiveness.
Social Finance holds this financial services contract with Higher Education Student Assistance Authority | State of New Jersey. Its other public contracts on record include work for Sierra County and Education and Career Pathways Subcommittee | State of Connecticut.
Term as filed: Origination period of 5 years, with option for up to two successive 5-year extensions; servicing term continues until all Pay It Forward Loans from each origination period are paid in full or forgiven.
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Contract details
- Contract type
- Financial Services
- Document date
- July 21, 2021
- Term
- Origination period of 5 years, with option for up to two successive 5-year extensions; servicing term continues until all Pay It Forward Loans from each origination period are paid in full or forgiven
- Vendor
- Social Finance
- Source document
- nj-hesaa-minutes-fy22-budget-pay-it-forward-program-jul-21-2021_fdb.pdf (Minutes)
Social Finance's other public contracts
More Higher Education Student Assistance Authority | State of New Jersey contracts
Questions about this contract
Who was awarded the financial services contract by Higher Education Student Assistance Authority | State of New Jersey?
Social Finance was awarded this financial services contract by Higher Education Student Assistance Authority | State of New Jersey, as recorded on July 21, 2021.
What type of contract is this?
This is a Financial Services contract, documented as a minutes record.
Where was this contract approved?
This contract appears in nj-hesaa-minutes-fy22-budget-pay-it-forward-program-jul-21-2021_fdb.pdf (Minutes), dated July 21, 2021 from Higher Education Student Assistance Authority | State of New Jersey. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
What other contracts does Social Finance hold?
Social Finance may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
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What is Higher Education Student Assistance Authority | State of New Jersey currently buying?
Explore Higher Education Student Assistance Authority | State of New Jersey's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.