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The application for the 2023-2024 academic year is now live. Interested students can view eligibility criteria and loan terms below and apply at Funding U. |
The Dreamers Graduate Loan Program supports Dreamers with Deferred Action for Childhood Arrivals (DACA)1 or Temporary Protected Status (TPS)2 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)3 available via the federal government’s Direct PLUS loan program.4 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.
The eligibility criteria for this program have been designed using a student-centered approach to identify institutions and graduate degree programs that prepare students for in-demand jobs with starting salaries high enough to support the debt burden.
The information on this page is provided for informational purposes and is representative of past loan terms and repayment scenarios. The actual loan issued by the loan originator, Funding U, will dictate a student’s actual loan terms and payment options.
| Students |
|---|
| DACA or TPS immigration status |
| Have a Social Security Number |
| Resident of an eligible state5 |
| Enrolled at least half-time in an eligible degree program at an eligible institution, including co-terminal or 4+1 degree programs |
| Pass a credit history check (no credit scores required)6 |
| Graduate Degree Programs |
|---|
| Degrees with historical average debt-to-income ratios less than or equal to 15% |
| High labor market value with earnings high enough to support the debt burden |
| Institutions |
|---|
| Institutions with 5-year average Cohort Default Rates less than or equal to 8%, unless an existing partner institution of select scholarship programs7 |
For additional information on the terms of loans taken out through the Dreamers Graduate Loan Program, please refer to the overview of key loan terms.
![TheDream.US students gathered.](https://socialfinance.org/wp-content/uploads/2023/04/Screen-Shot-2023-04-07-at-2.44.25-PM-1000x956.png")
Photo courtesy of TheDream.US.
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 us at dreamersgradloan@socialfinance.org. For questions about the application process, please email Funding U at dreamers@funding-u.com.
References:
1 Consideration of Deferred Action for Childhood Arrivals (DACA)
2 Temporary Protected Status (TPS)
3 APR refers to the annual rate of interest charged to borrowers. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan. This includes any fees or additional costs associated with the transaction, but it does not take compounding into account.
4 Direct PLUS Loans are offered through the U.S. Department of Education and are available to U.S. citizens, permanent residents, and select eligible noncitizens who are pursuing eligible graduate or professional degrees and certificates.
5 The following states are ineligible: Alaska, Idaho, Maine, Mississippi, Montana, Nevada, New Hampshire, North Dakota, Rhode Island, South Dakota, Wyoming, and Washington, D.C.
6 Credit knockout criteria for academic year 2023-2024 include i) default on any past loan; ii) more than two accounts/trades with previous or current report of being >90 days past due; iii) collection items/liens/judgments >$500 (except medical); iv) involvement in any current or prior bankruptcy proceedings; v) open, active, or unresolved public record item; vi) charged off account with a balance >$500; vii) a student debt debt-to-income ratio greater than 30% (includes graduate and undergraduate student loans); viii) with limited exceptions, all past due/collections amounts must be resolved prior to approval.
7 Select scholarship programs include TheDream.US, Golden Door Scholars, and Equal Chance for Education.
Header photo courtesy of Golden Door Scholars.
