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Initial introduced within the 2021, it first-of-its-type program enables DACA & TPS pupils to gain access to financing prices on the level having cost that You.S. customers discovered
BOSTON , /PRNewswire/ — Today, the national nonprofit Social Fund announced the expansion of the Dreamers Graduate 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.You. Social 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.
“Within Societal Loans, i completely believe that studies is going to be a catalyst to have societal and you may monetary flexibility. We are thrilled to build abreast of the prosperity of our airplane pilot program and you will remain continue paths to possess Dreamers to see their full financial potential. To one another, we could would a future in which the somebody, no matter their record, has equivalent possibilities to make it,” said Tracy Palandjian , President and you will Co-Originator regarding Personal Financing.
“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 features amazing potential and you can dreams, even so they often deal with insurmountable barriers inside seeking its graduate studies,” told you Donald Graham , Co-Originator away from TheDream.You. “On the Dreamers Graduate Mortgage System, develop to help you promote colleges and universities to open their gates to all or any Dreamers, delivering use of scholar programs and you may turning to brand new range away from skill and you can perspectives they provide.”
“Due to the Dreamers Graduate Financing System mortgage system, Pre-Wellness Dreamers users needn’t discover an excellent U.S. Resident co-signer otherwise indication a binding agreement with payday loan Oneonta high-interest levels,” said Yadira Ortiz , Professional Movie director regarding Pre-Wellness Dreamers. “This is certainly in control lending. Users was entering medical and dentistry apps which have faster lbs to your its shoulders, understanding they may be able rely on which mortgage system so that them to focus on the knowledge and be medical advantages all of our teams 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 Opportunity 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).
Societal Funds Develops Dreamers Scholar Loan Program to DACA & TPS Youngsters
The Dreamers Graduate Loan Program is a private loan program managed by Social Finance in collaboration with Money U, which serves as the loan originator responsible for managing the application process, and Discharge Maintenance LLC (a subsidiary of Goal Possibilities) 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 .