A new way to help some college students: Zero percent, no-fee loans
Jon Marcus
June 10, 2025
Under ‘pay-it-forward’ programs, graduates’ repayments lift up those behind them
HONOLULU — Joshua Alferos was two semesters away from a bachelor’s degree in electrical engineering when he ran out of money.
Because engineering often takes longer than four years, Alferos had used up his financial aid and the savings his family had put aside for him. He was about to change his major or drop out.
Then he heard of a new, experimental program run by philanthropies and private businesses that would loan him what he needed to finish school, at zero interest and with no fees. The debt wouldn’t come due until he earned a minimum salary, and his employer would likely help him pay it off.
One of the best parts, to Alferos: The money would go back into a pool to do the same thing for other young, low-income Hawaii residents who come after him.
