TheDream.US and Social Finance Create One-of-A-Kind Loan Fund to Help Dreamers Attend Graduate School

0

WASHINGTON & BOSTON – (COMMERCIAL THREAD)–Today, TheDream.US and Social Finance announced a $ 100 million graduate student loan pilot program for Deferred Action for Childhood Arrivals (DACA) and Temporary Protected Status (TPS) recipients who wish to sue professional studies but cannot access public loan programs due to their immigration status.

Ninety-eight thousand Dreamers graduate from K-12 public schools every year, but they are virtually excluded from college. They can’t access Pell scholarships or federal student loans, and in 14 states they’re not eligible for in-state tuition, paying three times or more than their peers.

This one-of-a-kind impact investment fund aims to provide loans to more than 1,500 TheDream.US scholars to help them achieve economic and social mobility. Through the fund, dreamers can access loans at interest rates comparable to those available to US citizens through the federal government’s Direct PLUS loan program. The program will help students fund professional degrees in fields such as business, education, medicine, and law, allowing them to land well-paying jobs in industries that are desperate for new talent and diverse perspectives.

“TheDream.US paid 7,500 Dreamers to go to college. But like other students, many of the brightest want a college education, and the lack of federal loans has made that impossible. Now we can. We are grateful to Social Finance, Funding U and our other partners who helped create this unique program, ”said Donald Graham, Co-Founder of TheDream.US and Chairman of the Board of Graham Holdings Company.

“TheDream.US provides the resources and necessities for someone like me to truly achieve their dreams. Through the scholarship and loan program, I was able to get my bachelor’s degree in biomedical science and attend medical school,” he said. said Homero Coss, 23, currently enrolled in the College of Osteopathic Medicine at the University of North Texas Health Science Center.

“We have built this loan program with student outcomes at the center to ensure that dreamers can prepare for professional jobs with significant advancement potential, while also taking on a manageable level of debt,” said Tracy Palandjian , CEO and co-founder of Social Finance. “As an immigrant myself, I am delighted that we are helping motivated young people achieve their own versions of the American Dream. ”

TheDream.US, a college entry and success program for immigrant youth, will connect students with the loan program. Social Finance, a nonprofit consulting and impact finance organization, will raise capital and manage the fund to achieve optimal results for students. And Funding U, an education lending platform serving top performing and underrepresented students, will process applications and grant loans. A student bill of rights underpins the program, ensuring that dreamers who participate in it have the right to financial education, transparency, privacy, and student-centered funding.

“We are proud to have supported the educational opportunities of Dreamers and are delighted to be a part of this innovative new initiative to provide access to higher education to dedicated, highly talented and inspiring young people,” said Bill Ackman, co-trustee of the Pershing Square Foundation.

Graham and the Pershing Square Foundation provided grant funds and a money back guarantee for the program along with several other philanthropists and impact investors. The Ford Foundation provided grants to develop the program.

Disclaimer: The information in this document does not constitute an offer or a solicitation to buy or sell any security or a recommendation or approval of any security or any issuer, or investment advice from whatever nature. They are provided for informational purposes only and are subject to change at any time.

About TheDream.US

TheDream.US is the nation’s largest college and career success program for immigrant youth, having provided more than 7,500 college scholarships to dreamers attending more than 75 partner colleges in 19 states and Washington, DC. We believe that all young Americans, regardless of their birthplace, should have the opportunity to pursue a university education and pursue meaningful careers that contribute to the future of our country.

About social finance

Social finance is a national non-profit impact fundraising and advisory organization. By working with the public, private and social sectors, we create partnerships and investments to measurably improve lives. Over the past decade, we have mobilized more than $ 225 million to help more than 35,000 people achieve better outcomes in education, economic mobility, health and housing.


Source link

Leave A Reply

Your email address will not be published.