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Initial circulated in 2021, this very first-of-its-type program allows DACA & TPS people to view loan pricing with the level with cost one U.S. citizens discovered

BOSTON , /PRNewswire/ — Today, the national nonprofit Public Fund 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. Societal Money 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 Delaware payday loans unmanageable level of debt. All participants also receive free access to individualized financial coaching through a partnership between Social Finance and UnidosUS.

“From the Societal Funds, i completely believe that studies might be a catalyst to have public and you may financial mobility. We have been happy to create upon the prosperity of our pilot program and you may keep advancing routes for Dreamers to find the complete economic possible. To one another, we can carry out a future where every some body, aside from their history, has actually equivalent possibilities to allow,” told you Tracy Palandjian , President and Co-Creator out of Societal Funds.

“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 amazing possible and you will goals, nonetheless have a tendency to deal with insurmountable traps when you look at the searching for the graduate studies,” told you Donald Graham , Co-Maker regarding TheDream.You. “To the Dreamers Graduate Mortgage System, hopefully so you can convince colleges and universities to start their doorways to Dreamers, delivering access to scholar applications and turning to the latest range of talent and you will point of views they promote.”

“Thanks to the Dreamers Graduate Mortgage Program financing program, Pre-Health Dreamers professionals will not need to look for good U.S. Citizen co-signer otherwise signal an agreement with high-interest rates,” told you Yadira Ortiz , Manager Manager of Pre-Health Dreamers. “This will be responsible lending. Members is typing medical and you may dentistry applications with less weight into the arms, once you understand they’re able to believe which loan program so that all of them to a target its education and stay the health experts our very own teams you desire.”

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 for Degree and Fantastic Home 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 Financing Grows Dreamers Graduate Financing Program to DACA & TPS Students

The Dreamers Graduate Loan Program is a private loan program managed by Social Finance in collaboration with Capital You, which serves as the loan originator responsible for managing the application process, and Discharge Repair LLC (a subsidiary of Mission 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.

Disclaimer: The information in this file isn’t an offer otherwise solicitation to the purchase or revenue of every defense or an advice or approval of any security or any issuer, otherwise investment pointers of any kind. It is sent to informational intentions merely that will be at the mercy of change any moment.

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 .