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Very first released inside the 2021, which earliest-of-its-kind system allows DACA & TPS college students to access financing costs for the par that have pricing one to U.S. people discover
BOSTON , /PRNewswire/ — Today, the national nonprofit Personal Funds announced the expansion of the Dreamers Scholar Financing 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.You. Societal Fund 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 https://clickcashadvance.com/personal-loans-wi/dallas/ 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 Funds, we solidly believe that degree is going to be a catalyst to own public and economic mobility. We have been delighted to build through to the prosperity of the airplane pilot system and you may continue going forward paths to own Dreamers to discover their full monetary prospective. To each other, we could manage the next where all of the individuals, regardless of the records, has equivalent chances to allow,» said Tracy Palandjian , President and you can Co-Creator regarding Social 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 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 have unbelievable potential and you will dreams, nevertheless they often deal with insurmountable barriers during the getting the scholar degree,» told you Donald Graham , Co-Creator away from TheDream.You. «To the Dreamers Scholar Mortgage Program, hopefully in order to inspire universities and colleges to start the gates to any or all Dreamers, delivering the means to access scholar apps and you will embracing the newest diversity from skill and viewpoints it provide.»
«Thanks to the Dreamers Graduate Financing Program mortgage program, Pre-Fitness Dreamers users need not pick good U.S. Resident co-signer or indication a contract with a high-interest levels,» said Yadira Ortiz , Government Movie director out of Pre-Health Dreamers. «This is certainly in control credit. Users is actually entering medical and you may dental software with faster weight towards the their shoulders, knowing they are able to rely on so it loan system to allow all of them to a target their studies and stay the experts all of our teams 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 Equal Chance of Degree and Fantastic 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).
Social Financing Expands Dreamers Graduate Mortgage Program to DACA & TPS Pupils
The Dreamers Graduate Loan Program is a private loan program managed by Social Finance in collaboration with Financing U, which serves as the loan originator responsible for managing the application process, and Release Upkeep 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 .