NYC DREAMer Loan Fund
The NYC DREAMer Loan Fund supports DREAMers in New York City who are applying for Deferred Action for Childhood Arrivals (DACA). The Loan Fund is available to DREAMers and their families who need assistance to cover the $465 DACA application fee.
"Before deferred action, I was always saying, 'I wish.' Now I can say, 'I can.'"
- Alex B., 16 years old
DREAMer Loan features include:
- Loans up to $465 per DACA applicant
- Low monthly payments ($38.75 per month for 12 months)
- 0% interest rate
- $20 loan processing fee
Other benefits for DREAMers include:
- Opportunity to establish a positive credit history
- Credit union membership and savings account
- $25 savings bonus when loan is repaid
- Access to all credit union services, including free tax preparation and financial counseling
- Family members qualify for credit union membership
Family members may co-sign or apply for loans on behalf of DREAMers.
New Economy Project has partnered with two community development credit unions to make DREAMer Loans: the Lower East Side People's FCU and Brooklyn Cooperative FCU. Community development credit unions are not-for-profit, financial cooperatives that reinvest in local NYC communities.
HOW TO APPLY: INFORMATION FOR DACA APPLICANTS
DREAMers must contact a DACA screening organization for free assistance and a referral to the NYC DREAMer Loan Fund. Let the organization know that you are interested in applying for a DREAMer Loan, and they will give you a Referral Form and all the information you need to apply.
Once you have received a Referral Form, you will be able to make an appointment at a partner credit union to process your application for a DREAMer Loan (generally in one hour). If approved, you will receive a check on the same day, payable to U.S. Department of Homeland Security, which you will include with your Deferred Action application.
To learn more, please email us or call 212-680-5100.
How to Make Referrals: Information for Organizations
New Economy Project is working with a referral network of nonprofit organizations and attorneys in NYC that provide free screening and assistance in applying for Deferred Action. These DACA screening organizations may refer DREAMers and their family members to the NYC DREAMer Loan Fund, after DREAMers have been screened and deemed eligible for Deferred Action, and their application packages are complete.
Organizations must complete a Referral Form for each loan applicant. If your organization would like to participate in the referral network, please contact us.
What is Deferred Action?
On August 15, 2012, the Obama Administration began a new policy of “Deferred Action for Childhood Arrivals” (or DACA). Deferred Action allows qualifying young immigrants (popularly known as DREAMers) to obtain protection from deportation and work permits. An estimated 110,000 New Yorkers qualify for Deferred Action.
For more information on DACA, see:
New Economy Project (formerly NEDAP) launched the NYC DREAMer Loan Fund with support from an anonymous donor, and operates it in collaboration with the Lower East Side People's Federal Credit Union, Brooklyn Cooperative Federal Credit Union, New York Immigration Coalition, and Grantmakers Concerned with Immigrants and Refugees.