The FastForward program provides an affordable and innovative pay-for-success approach for students and workers who participate in an eligible, state-funded, short-term training program. Here’s how it works: A Virginia resident signs up for one of the short-term training opportunities offered under the program—all of which are established as in demand by Virginia’s Board for Workforce Development, supported by local employers and approved by the State Board for Community Colleges. Upon enrollment, the student pays one-third of the tuition costs. The remaining two-thirds are paid for by the commonwealth of Virginia upon the student’s successful completion of the program and certification. If the student does not complete the program, the student will be required to pay for the second third of the tuition cost, and the college will be required to pay the last third.
This “skin in the game” approach is an incentive to students to complete the program while also motivating colleges to provide students with the proper guidance and support services necessary for success. Because FastForward programs are ineligible for federal financial aid, the commonwealth also offers state financial assistance to applicants who are unable to pay their third.
Despite launching just two years ago, the FastForward program is already seeing promising results. Currently, 95 percent of the students enrolled have completed their training, 65 percent have earned their related credentials, and a majority of FastForward students have seen wage increases of 20 percent to 50 percent or more. These early successes have led to increased demand for the program, which puts pressure on the state to fund the initiative. However, if the return on investment holds, FastForward will be a wise venture.