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1st launched in the 2021, this first-of-its-kind program enables DACA & TPS college students to view loan prices to the level which have prices you to definitely U.S. customers located
BOSTON , /PRNewswire/ — Today, the national nonprofit Personal Money announced the expansion of the Dreamers Scholar Loan System to all eligible Dreamers with Deferred Action for Childhood Arrivals (DACA) or Temporary Protected Status (TPS) status. The expansion builds on a two-year pilot initially launched in 2021 with TheDream.All of us. Public Funds aims to maximize the reach of the program to ultimately serve over 1,000 students, helping Dreamers finance graduate degrees in fields like business, education, medicine, and law and land well-paying jobs in sectors in need of new talent and diverse perspectives.
Unlike federal loan options, which offer no borrowing solution for DACA students, the Dreamers Graduate Loan Program offers student-friendly loans with interest rates equivalent to the federal government’s Direct PLUS loan program that’s available to U.S. citizens and permanent residents. Notably, the Dreamers Graduate Loan Program has no cosigner requirements, no minimum credit score requirements, and no additional fees typically associated with securing a loan. Students can expect simple, straightforward loan terms; flexible repayment options; and zero prepayment penalties, which help ensure they can successfully repay their loans without being overwhelmed by an unmanageable level of debt. All participants also receive free access to individualized financial coaching through a partnership between Social Finance and UnidosUS.
“In the Personal Fund, we solidly accept that degree might be a catalyst having public and you will economic mobility. We’re delighted to build upon the prosperity of our very own pilot program and you may continue moving forward routes having Dreamers to locate their complete monetary possible. Together, we can perform the next in which all of the people, no matter what the records, has equal possibilities to enable it to be,” told you Tracy Palandjian , President and you will Co-Creator out-of Societal Finance.
“This loan changed my situation a lot. I’m very thankful because I honestly didn’t think I’d be able to go to graduate school without it, especially when every other loan program I spoke with said I wasn’t a citizen [and therefore was not eligible for a loan]. I’m really glad that there are people out there who believe in providing opportunities for DACA individuals like me,” said University of Memphis scholarship recipient Ji Wan Child , who was able to further his ambitions of becoming a psychologist through the Dreamers Graduate Loan Program.
“Dreamers enjoys incredible potential and fantasies, nonetheless they have a tendency to face insurmountable barriers in the pursuing the scholar knowledge,” said Donald Graham , Co-Originator out of TheDream.You. “Towards Dreamers Scholar Financing System, develop so you can motivate universities and colleges to open up the doors to any or all Dreamers, providing usage of scholar apps and you will looking at the brand new assortment of ability and point of views it give.”
“Because of the Dreamers Scholar Financing Program loan program, Pre-Health Dreamers players do not have to find a beneficial You.S. Resident co-signer or sign a binding agreement with a high-rates,” said Yadira Ortiz , Government Director of Pre-Wellness Dreamers. “This can be in control credit. Members is actually typing medical and you can oral software with quicker pounds to the the arms, once you understand they could count on which mortgage system to allow them to a target their knowledge and get the health professionals all of our communities need.”
Since its inception, the program has been open to alumni of undergraduate scholarship programs, first from TheDream.US, and then it expanded to Equal Chance of Degree and Fantastic Home Students. It has successfully supported the graduate education of 80 Dreamers, with a 100% graduation rate. Going forward, the Dreamers Graduate Loan Program will be accessible to any individual with DACA or TPS status who is enrolled at least half-time in an eligible degree program at an eligible institution (spanning approximately 1,530 universities and institutions across the U.S. and encompassing a wide range of degrees, such as Doctor of Medicine (MD), Doctor of Law (JD), Master of Business Administration (MBA), Master of Public Health (MPH), and Master of Engineering).
Public Finance Expands Dreamers Graduate Mortgage Program to all or any DACA & TPS Students
The Dreamers Graduate Loan Program is a private loan program managed by Social Finance in collaboration with Financial support U, which serves as the loan originator responsible for managing the application process, and Release Servicing LLC (a subsidiary of Objective Options) which serves as the loan servicer handling student repayments. UnidosUS is providing bilingual and culturally relevant financial coaching for all applicants of the loan program through its national Financial Empowerment Network.
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About Social FinanceSocial Finance is a national impact finance and advisory nonprofit. We work with the public, private, and social sectors to create partnerships and investments that measurably improve lives. Since our founding in 2011, we have mobilized $350 million in new investments designed to help people and communities realize improved outcomes in education, economic mobility, health, and housing. In addition to managing the investment program funded by the Google Career Certificates Fund, our economic mobility portfolio includes the UP Fund, place-based Pay It Forward Funds, and the Dreamers Graduate Loan Fund. Learn more at .
