Contact:
Bob Spieldenner
bobspieldenner@schev.edu
(804) 718-9443 (cell)
RICHMOND - The New Economy Workforce Credential Grant program, a unique, performance-based means of funding noncredit workforce training in the Commonwealth, saw a 17% increase in student enrollments in fiscal year 2024, an all-time high, according to a report by the State Council of Higher Education for Virginia (SCHEV). In addition, those who completed the program saw their median annual wage increase by 50%.
The first of its kind in the nation, this grant program uses a pay-for-performance model that provides reimbursement payments for costs to community colleges and higher education centers when a student completes training and when they complete a credential in a high-demand field. Students pay one-third of the cost if they successfully complete the program. Financial aid is available to eligible students.
“The New Economy Workforce Credential Grant program is an incredibly effective tool to rapidly increase the number of workers available for high-demand jobs in the Commonwealth,” said Scott Fleming, SCHEV director. “The program’s popularity has grown exponentially since 2017, and we anticipate that growth to continue in the future as the program continues to offer a rapid acceleration of earning power in Virginia’s dynamic economy, preparing students not only for the next step in their career, but for a lifetime of earning and learning opportunities.”
Of the 15,753 enrollments in the past fiscal year, 14,864 (94%) completed training. Of those enrolled, 10,887 went on to earn a credential (69%). The most popular programs in 2024 were commercial driver’s license, medical assistant, construction and phlebotomy technician.
Before enrolling in a program, students earned a median annual wage of $21,300. Twelve months after completing the program, students earned a median wage of $31,851. This $10,551 change represents a 50% increase compared to the median pre-wage.
The New Economy Workforce Credential Grant Program was created by the Virginia General Assembly in 2016. SCHEV is responsible for administering and assessing the program.
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