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Very first released in the 2021, this earliest-of-its-kind program allows DACA & TPS college students to gain access to loan rates with the par with rates one to You.S. residents discovered
BOSTON , /PRNewswire/ — Today, the national nonprofit Social Loans 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.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 americash loans Point Clear. All participants also receive free access to individualized financial coaching through a partnership between Social Finance and UnidosUS.
„In the Societal Funds, we firmly believe that degree can be a stimulant having societal and you may financial freedom. Our company is thrilled to create up on the prosperity of the airplane pilot program and you can continue going forward pathways to have Dreamers to locate their complete monetary potential. To each other, we can do another in which all people, aside from their history, have equivalent possibilities to ensure it is,“ said Tracy Palandjian , Chief executive officer and you will Co-Maker away from Personal Money.
„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 possess incredible possible and you will ambitions, nonetheless they have a tendency to deal with insurmountable barriers during the pursuing their scholar studies,“ said Donald Graham , Co-Originator away from TheDream.United states. „With the Dreamers Graduate Financing Program, we hope to convince universities and colleges to open their doorways to any or all Dreamers, delivering accessibility graduate applications and you will embracing the fresh variety from ability and you will views it give.“
„Due to the Dreamers Graduate Financing Program financing system, Pre-Fitness Dreamers users don’t need to pick a good You.S. Resident co-signer or sign an agreement with high-rates,“ said Yadira Ortiz , Government Movie director out-of Pre-Fitness Dreamers. „That is in charge lending. Participants was typing medical and you may dental programs that have reduced lbs to the their arms, knowing they are able to rely on so it financing system so that all of them to target its studies and stay the benefits the groups 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 Window of opportunity for Education 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 Funds Expands Dreamers Scholar Loan System to DACA & TPS Pupils
The Dreamers Graduate Loan Program is a private loan program managed by Social Finance in collaboration with Investment You, which serves as the loan originator responsible for managing the application process, and Release Repair LLC (a subsidiary of Mission 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 .