*The application for the 2024-2025 academic year is currently closed. Please be aware that the terms and eligibility criteria for this loan program are subject to change without notice. Funding is limited and subject to availability at the time of application. Availability of funds is not guaranteed* Updated on July 16, 2024
A student-friendly loan program for Dreamers with DACA or TPS status provides graduate school loans with interest rates based on those available to U.S. citizens. There are no fees to take out a loan, no cosigner or minimum credit score requirement, and no prepayment penalty, and borrowers have access to free 1:1 financial coaching.
ABOUT THE LOAN PROGRAM
The Dreamers Graduate Loan Program supports Dreamers with Deferred Action for Childhood Arrivals (DACA) or Temporary Protected Status (TPS) status who want to pursue professional degrees to achieve their career aspirations but do not have access to affordable financing options. This loan program provides loans to individuals with DACA and TPS status with interest rates based on the annual percentage rate (APR) available via the federal government’s Direct PLUS loan program. This loan program is a private loan program, with Funding U as the loan originator and Launch LLC as the loan servicer.
The program takes a student-centric approach—there are no cosigner requirements, no minimum credit score requirements, and no additional fees to take out a loan. In addition, students accepted into the loan program will have access to free 1:1 financial coaching and support throughout the life cycle of the loan from application through to repayment. Student repayments to this loan program help finance additional loans for Dreamers in the future.
The eligibility criteria for this program have been designed to identify institutions and graduate degree programs that prepare students for in-demand jobs with starting salaries high enough to support the debt burden.
Students also receive:
- Free access to culturally sensitive 1:1 financial coaching sessions provided by the national nonprofit UnidosUS
- Free access to financial education to understand the loan terms and evaluate the return on investment of graduate school
- A Student Bill of Rights to explain what students are entitled to as borrowers
You can find additional detail on key loan terms, a glossary of loan terminology, and frequently asked questions on Social Finance’s website.
HOW TO APPLY:
The application for the 2024-2025 academic year is closed. Interested students can view eligibility criteria and loan terms here. Loan application is subject to funding availability.To apply, visit Funding U’s website at: https://www.funding-u.com/graduate_loan_applications/new.
APPLICATION QUESTIONS?
Is the Dreamers Graduate Loan Program right for you? We’re here to support you as you explore financing options for graduate school. For questions on the eligibility of the loan program, please email Social Finance at dreamersgradloan@socialfinance.org. For questions about the application process, please email Funding U at dreamers@funding-u.com.
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The Dreamers Graduate Loan Program is a private loan program managed by the national nonprofit Social Finance, in partnership with Funding U as the loan originator managing the application process and Launch LLC as the loan servicer managing student repayments.