ERIC Number: ED672549
Record Type: Non-Journal
Publication Date: 2025-Apr
Pages: 64
Abstractor: ERIC
ISBN: N/A
ISSN: N/A
EISSN: N/A
Available Date: 0000-00-00
Expanding Access to Skills Training: Final Findings from the Career Impact Bonds Study
Gilda Azurdia; Katerina Galkin; Francesca Ciaramella; Erick Alonzo
MDRC
Skills training offers a promising route to higher-paying jobs and career growth, especially in industries with a demand for skilled workers, such as healthcare, information technology, and advanced manufacturing. However, individuals with low incomes may find it difficult to access skills training programs due to financial barriers, the limited availability of free training programs, and the lack of financial aid options for many workforce development programs. To help address these challenges, Social Finance, a national nonprofit organization that designs workforce and education investments, launched the UP Fund in 2020. The UP Fund created a pilot program of the Career Impact Bond (CIB) model, which provides funding for individuals to enroll in sector-focused skills training programs with access to career and support services. The model allows individuals to finance their tuition without having to pay up-front costs. With support from Strada Education Foundation, MDRC studied early iterations of the UP Fund's CIB model at four training providers that used income share agreements (ISAs) as the central financing mechanism. This report presents the final findings from the CIB study, which included an implementation study and an outcome study, and is among the first to provide evidence on the use of ISAs.
Descriptors: Job Training, Skill Development, Career Development, Tuition, Educational Finance, Models, Access to Education, Outcomes of Education, Employment Level, Low Income, Minority Groups
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Publication Type: Reports - Research
Education Level: N/A
Audience: N/A
Language: English
Sponsor: Strada Education Foundation
Authoring Institution: MDRC
Grant or Contract Numbers: N/A
Author Affiliations: N/A