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Very first revealed in 2021, it basic-of-its-kind system permits DACA & TPS children to gain access to mortgage prices into par having prices one to You.S. customers discover
BOSTON , /PRNewswire/ — Today, the national nonprofit Public 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. Societal Financing 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.
“From the Personal Finance, i solidly believe that studies can be a catalyst getting social and you may monetary flexibility. The audience is happy to build abreast of the prosperity of our airplane pilot program and you may keep continue routes to possess Dreamers to see the full monetary potential. To each other, we can manage a future where all of the pay day loans Perdido Beach Alabama individuals, aside from their background, features equivalent possibilities to enable it to be,” told you Tracy Palandjian , Chief executive officer and you may Co-Originator out of Social Funds.
“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 Young man , who was able to further his ambitions of becoming a psychologist through the Dreamers Graduate Loan Program.
“Dreamers keeps incredible potential and you can fantasies, even so they usually deal with insurmountable barriers inside the seeking the scholar studies,” said Donald Graham , Co-Originator off TheDream.You. “Into Dreamers Scholar Mortgage System, hopefully so you can inspire universities and colleges to start the doorways to all Dreamers, delivering the means to access graduate software and you can turning to brand new diversity of ability and you will point of views they give.”
“Because of the Dreamers Graduate Financing System loan program, Pre-Health Dreamers professionals will not need to look for an effective You.S. Resident co-signer otherwise signal a binding agreement with high-interest levels,” told you Yadira Ortiz , Manager Movie director away from Pre-Wellness Dreamers. “This will be in charge lending. Users try typing medical and you will dentistry software with quicker pounds for the the arms, once you understand they may be able confidence it mortgage system to allow them to a target the knowledge and become the medical masters our very own groups you want.”
Since its inception, the program has been open to alumni of undergraduate scholarship programs, first from TheDream.US, and then it expanded to Equivalent Opportunity for Studies and Wonderful 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).
Personal Money Develops Dreamers Graduate Financing System to any or all DACA & TPS Pupils
The Dreamers Graduate Loan Program is a private loan program managed by Social Finance in collaboration with Resource You, which serves as the loan originator responsible for managing the application process, and Launch Repair LLC (a subsidiary of Purpose Solutions) 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 .
