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MCC Daily Tribune

SUNY Chancellor King Announces First SUNY Maritime Pay It Forward Fund Class

Albany, NY – The State University of New York Chancellor John B. King Jr. Monday announced a cohort of 18 students as the first group to join SUNY Maritime’s Summer Sea Term via financial assistance and supportive services provided by the Pay It Forward Fund initially capitalized with $4 million from the state of New York.

 The fund, established in 2024, is part of SUNY’s efforts to fill maritime workforce gaps and increase access to economic mobility. The Fund helps Pell-eligible New York resident students pay for the costs of Summer Sea Term. In the 2025-2026 Enacted Budget, Governor Kathy Hochul and the State Legislature, with strong support from State Senator Nathalia Fernandez and State Assemblymember Michael Benedetto, secured an additional $1 million to grow the Pay It Forward Fund to $5 million total. The program is expected to benefit up to 200 students over the next four years by providing students with 0% interest, $0 fee outcomes-based loans, with loan repayments from students or employers recycling to support future students.

“SUNY is thrilled to see its first class of students join the Summer Sea Term through support from the Pay It Forward Fund,” said SUNY Chancellor King. “As we continue seeing a national skill gap in licensed mariners, SUNY’s investment in the Maritime Summer Sea Term will not only open doors to students seeking high-paying roles in the maritime industry as part of our commitment to upward mobility, but also support the industry as they look for highly skilled graduates.”

SUNY Trustee Marcos Crespo said, “We are proud of the impact the Pay It Forward Fund is already having for New Yorkers seeking a career as mariners, and we thank Governor Hochul and the State Legislature for their strong support and investment. SUNY Maritime is a campus rich in history, being the first maritime school in the nation, and we look forward to continuing to implement innovative models that support high-value programs, expand opportunities and access our students need to succeed at sea.”

SUNY Maritime President Rear Admiral John Okon said, “The Pay It Forward program offers an outstanding opportunity for Cadets at SUNY Maritime College to meet their Summer Sea Term requirements through an interest-free loan. This initiative empowers Cadets to participate in this critical experiential learning experience, which leads to a USCG Merchant Mariner License without the burden of high-interest private loans. By doing so, the program powers SUNY Maritime's engine of upward mobility, helping Cadets advance both personally and professionally.”

Social Finance Vice President, Impact Investments Jake Edwards said, “The Pay It Forward model is built with students at the center. By providing student-friendly, outcomes-based loans, this program ensures that SUNY Maritime Cadets can complete their required training and earn licenses without financial hardship—empowering the next generation of maritime leaders."

State Senator Nathalia Fernandez said, “Thank you to SUNY Maritime for launching this program and investing in the next generation of maritime professionals. I’m proud to have supported this effort to expand opportunities for all students. Congratulations to the inaugural Pay It Forward Fund class!”

State Assemblymember Michael Benedetto said, “I’m delighted to have helped secure funding for the Pay It Forward Fund alongside my colleagues. This support ensures students don’t miss out on valuable summer training due to its cost. Every student interested should have the chance to continue their experience at sea and stay on track toward a strong career, something SUNY Maritime provides right here in my district.”

Summer Sea Term provides SUNY Maritime students with hands-on experience of working on, sailing, and powering a marine vessel. The training is a requirement for U.S. Coast Guard licenses but can cost close to $30,000 per student over three summers—even after financial aid—and is a major recruitment challenge for the school, and a significant financial challenge for many students from low-income backgrounds.

Under the Pay It Forward model, public and philanthropic funds are used to support education and training and supportive services for learners. After training, learners who land jobs earning above a certain income threshold repay outcomes-based loans, or an employer may repay on their behalf. Then, learner and employer repayments are “paid forward” to support the next cohort of learners, extending the impact of each dollar invested in the Fund and broadening the maritime talent pipeline. By using a recycling loan fund structure, the school will serve more students than a traditional scholarship program.

About SUNY Maritime College
With more than a dozen undergraduate majors—including five ABET-accredited engineering programs, two master's degree options, and a renowned U.S. Coast Guard license program—Maritime College arms you with the skills to navigate, power, and operate the world's maritime industry. Beyond the classroom, Maritime fosters hands-on learning and leadership development with over 50 student clubs and organizations, 13 NCAA Division III teams, independent collegiate sports, and various programs, including the only Naval Reserve Officer Training Corps (ROTC) program in New York City. The College’s global alumni network offers unparalleled career connections and support.

About The State University of New York
The State University of New York is the largest comprehensive system of higher education in the United States, and more than 95 percent of all New Yorkers live within 30 miles of any one of SUNY’s 64 colleges and universities. Across the system, SUNY has four academic health centers, five hospitals, four medical schools, two dental schools, a law school, the country’s oldest school of maritime, the state’s only college of optometry, and manages one US Department of Energy National Laboratory. In total, SUNY serves about 1.4 million students amongst its entire portfolio of credit- and non-credit-bearing courses and programs, continuing education, and community outreach programs. SUNY oversees nearly a quarter of academic research in New York. Research expenditures system-wide are nearly $1.16 billion in fiscal year 2024, including significant contributions from students and faculty. There are more than three million SUNY alumni worldwide, and one in three New Yorkers with a college degree is a SUNY alum. 

Veronica Chiesi Brown
Community Relations
06/17/2025