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Initial introduced in 2021, this basic-of-its-form system permits DACA & TPS college students to view loan rates towards par that have rates that U.S. residents receive
BOSTON , /PRNewswire/ — Today, the national nonprofit Personal Loans announced the expansion of the Dreamers Graduate Financing 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. Personal Finance 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.
“At Personal Finance, we solidly accept that education will be a stimulant getting personal and economic versatility. The audience is happy to create on the success of all of our airplane pilot system and you can continue going forward paths getting Dreamers to uncover its complete monetary potential. To each other, we could perform the next in which most of the someone, despite its history, enjoys equivalent opportunities to allow it to be,” told you Tracy Palandjian , Chief executive officer and you can Co-Inventor out-of Public 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 Wisconsin loans 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 buck , who was able to further his ambitions of becoming a psychologist through the Dreamers Graduate Loan Program.
“Dreamers provides unbelievable prospective and you may aspirations, nonetheless they usually face insurmountable traps during the seeking the scholar knowledge,” told you Donald Graham , Co-Founder out of TheDream.Us. “Into the Dreamers Graduate Mortgage Program, develop to inspire colleges and universities to open their doorways to all or any Dreamers, taking usage of graduate software and you may turning to the fresh new diversity off skill and point of views it give.”
“Due to the Dreamers Graduate Mortgage Program mortgage program, Pre-Wellness Dreamers members need not select an effective U.S. Citizen co-signer otherwise sign a binding agreement with a high-rates,” said Yadira Ortiz , Government Manager off Pre-Fitness Dreamers. “This will be responsible credit. Users was entering medical and you can oral software with reduced pounds toward their arms, once you understand they may be able trust it loan system so that all of them to a target the degree and start to become the health gurus all of our organizations you would like.”
Since its inception, the program has been open to alumni of undergraduate scholarship programs, first from TheDream.US, and then it expanded to Equivalent Chance for Studies and Fantastic Doorway 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).
Social Fund Expands Dreamers Graduate Mortgage Program to any or all DACA & TPS Youngsters
The Dreamers Graduate Loan Program is a private loan program managed by Social Finance in collaboration with Funding U, which serves as the loan originator responsible for managing the application process, and Release Maintenance LLC (a subsidiary of Goal 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 .