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First introduced into the 2021, it first-of-its-type system allows DACA & TPS students to access loan pricing toward level having cost one You.S. people located
BOSTON , /PRNewswire/ — Today, the national nonprofit Personal Money announced the expansion of the Dreamers Scholar Loan Program 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 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.
“During the Personal Finance, we completely believe that degree will be a stimulant getting public and monetary flexibility. We’re delighted to create on the success of our very own pilot system and you can continue continue routes having Dreamers to uncover the complete economic possible. To each other, we could carry out the next where the someone, aside from the records, have equivalent opportunities to allow,” said Tracy Palandjian , President and you will Co-Creator away from Societal Fund.
“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 Son , who was able to further his ambitions of becoming a psychologist through the Dreamers Graduate Loan Program.
“Dreamers has unbelievable possible and you may ambitions, but they often face insurmountable traps for the looking for its scholar education,” told you Donald Graham , Co-Originator of TheDream.United states. “Into the Dreamers Graduate Loan System, we hope to help you promote universities and colleges to open up the doorways to all the Dreamers, getting access to graduate applications and looking at the variety from talent and views they promote.”
“Because of the Dreamers Scholar Loan Program mortgage system, Pre-Wellness Dreamers users need-not look for a You.S. Resident co-signer or signal an agreement with high-interest rates,” said Yadira Ortiz , Administrator Manager away from Pre-Health Dreamers. “This is in control financing. Players is typing scientific and you may dentistry programs that have shorter weight into the shoulders, knowing they are able to confidence that it loan program to let all of them to a target its knowledge and start to become medical masters all of our organizations 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 Window of opportunity for Knowledge and Golden Door Scholars. 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 Money Grows Dreamers Graduate Loan Program to all 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 Launch Upkeep LLC (a subsidiary of Purpose 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 .
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