Other Loan Companies
All information on loan products offered through other loan companies was taken from the respective websites. The information shown is current as of the date of its writing without
regard to the date on which this information is accessed. Loan products offered through other loan companies may be subject to change at any time and for any reason.
Remember private loan programs require you to repay these loans usually as soon as you graduate. Some programs require you to make payments while you are in school. Scholars are obligated to repay the loan in full, including any interest accrued, according to the terms and conditions outlined in your Promissory Note at the time of signing.
DACA students can apply for an Ascent loan with or without a cosigner. Ascent helps you cover up to 100% of your cost of attendance and other school-related expenses (up to $200,000*) at over 2,200 colleges nationwide by offering DACA student loans for undergraduate and graduate students. For more information you can visit their website: https://www.ascentfunding.com/college-loans/daca/.
To qualify for a student loan with Discover, DACA students will need to apply with an eligible cosigner (U.S. citizen or permanent resident). Discover offers loans with variable or fixed rates that cover 100% of the school-certified cost of attendance for students that are enrolled at least half-time in a graduate program at an eligible school. A cashback reward is offered for students that keep a GPA over 3.0. For more information you can visit their website: https://www.discover.com/student-loans/graduate.html.
Self-Help offers loans for medical or law school students with DACA status that attend full-time certain qualifying universities in Miami-Dade County, Florida; Chicago, Illinois; and in California. A co-signer is required for borrowers that do not have sufficient income at application to qualify. Loans have a fixed rate based on the Federal Direct Grad PLUS Loan Program and cover the total cost of attendance (up to $300,000 for medical school and $180,000 for law school). For more information you can visit their website https://www.self-help.org/dreamer-graduate-student-loan.
DACA students may be eligible for an Earnest loan if they apply with a cosigner who is a U.S. citizen or permanent resident. The cosigner must have a Social Security Number, a minimum FICO score of 650, 3 years of credit history and make a minimum of $35,000 annually. Earnest offers loans with variable or fixed rates that cover 100% of the school-certified cost of attendance and an up to 9-month grace period before borrowers have to begin making full payments on their loans. For more information you can visit their website https://www.earnest.com/student-loans/graduate.
June 2022 Financial Education Workshop
Watch the recording of the Financial Education Workshop (June 2022) here:
Evaluating Graduate School as an Investment
1.Roadmap to Evaluating Graduate School as an Investment of Money & Time
2.Researching your Career Path
3.Choosing your Degree Program
4.Selecting your Institution
5.Financing Graduate School with Loans
G O A L S
▪Provide insight into how to determine whether graduate school is worth the cost
▪Discuss ways to finance graduate school, including whether private loans would be appropriate
List of Resources for Choosing a Degree and Institution
|Podcast||Wall Street Journal||Is Graduate School Worth the Price?||https://podcasts.apple.com/us/podcast/the-journal/id1469394914?i=1000529013786||A WSJ podcast episode that explains why some graduates of elite universities seem to have low post-school earnings and struggle to pay back their student loans.|
|Article||Wall Street Journal||Is a Graduate Degree Worth the Debt? Check It Here||https://www.wsj.com/articles/is-a-graduate-degree-worth-the-debt-check-it-here-11626355788?mod=searchresults_pos10&page=1||WSJ built a tool where you can enter the graduate program you want to pursue and compare the debt-to-income ratios of all of the schools that offer that program in the US for which there is sufficient data.|
|Article||Wall Street Journal||Graduates of Elite Master’s Programs Don’t Earn Enough to Pay Down Loans||https://www.wsj.com/articles/graduates-of-elite-masters-programs-dont-earn-enough-to-pay-down-loans-11625838158?mod=searchresults_pos19&page=1||Four key takeaways on why some graduates of elite master’s programs have difficulty repaying their student loans.|
|Article||Wall Street Journal||‘Financially Hobbled for Life’: The Elite Master’s Degrees That Don’t Pay Off||https://www.wsj.com/articles/financially-hobbled-for-life-the-elite-masters-degrees-that-dont-pay-off-11625752773?mod=searchresults_pos1&page=2||An in-depth investigation into the master’s programs at some of the top universities in the US and the graduates who fear they won’t earn enough to pay off their six-figure loans.|
|Article||ABA Journal||This law school had the widest gap between student debt and graduate earnings||https://www.abajournal.com/news/article/this-law-school-had-the-widest-gap-between-student-debt-and-graduate-earnings||An analysis of the debt levels law school students assume and their ability to begin to repay that debt 2 years after graduation based on their earnings.|
|Article||The Chronicle of Higher Education||The Great Masters Degree Swindle||https://www.chronicle.com/article/the-great-masters-degree-swindle||Examines the business motivations behind masters degrees for higher education institutions, which lead to high debt and low earnings for many masters degrees.|
|Article||The Atlantic||A Crimson Tide of Debt||https://www.theatlantic.com/ideas/archive/2021/08/public-universities-debt/619546/||Analyzes the steeply rising costs of public universities using the University of Alabama as a case study and the mounting debt they require students to take on regardless of earnings post-graduation.|
|Article||CNBC||Is a master’s degree worth it?||https://www.cnbc.com/2021/08/13/is-a-masters-degree-worth-it.html||Investigates under what conditions master’s degrees are worth the investment through a series of individual case studies.|
1:1 Financial Coaching
The Dreamers Graduate Loan Program strongly believes in offering continuous financial coaching and education. This includes financial education workshops, links to resources and the free coaching offered in partnership with Change Machine, which many scholars have already leveraged.
There are a few changes coming to the 1:1 financial coaching that we currently offer. Change Machine has undergone programmatic changes and will no longer be offering 1:1 financial coaching as of July 1, 2022.
For Scholars who have already attended a financial coaching session, Change Machine will be reaching out to provide alternative coaching options (all options will still be free of cost) so Scholars can continue to access coaching supports. Please make use of the coaching referrals!
For all Scholars, regardless of whether they have attended a session or would like to in the future, the Dreamers Graduate Loan Program is working to identify another financial coaching provider as soon as possible. Updates will be provided as available, but in the meantime, Scholars should continue to access the existing financial education resources included here or reach out to Funding U with any questions on the loan program or application process.