2022 Annual Report
Self-Help Federal Credit Union is pleased to offer financing for medical students with Deferred Action for Childhood Arrival (DACA) status attending certain qualifying universities. Students will be approved for a line of credit of to cover the total cost of attendance for medical school with rates and fees based on the Federal Direct Grad PLUS loan.
We are currently serving DREAMER full-time students enrolled in the following health science graduate degree programs: MD and DO.
"Medical education is rightfully known as a challenging and rigorous marathon of advanced clinical training. Students can expect long hours in the classroom, the hospital, and additional time outside of these formal spaces for self-dedicated
studying. For immigrant students with DACA status, finding accessible and non-predatory financial aid can be equally as challenging. Financial uncertainty detracts from DACA students’ ability to focus on their studies and clinical
I was fortunate to have been a DACA recipient with access to equitable private loans. Low interest loans for DACA students are exceedingly rare, not to mention the stringent co-signer requirements. Self Help offers a very
needed accessibly financial resource. I continue to feel supported by Self Help as they accommodate my unique financial circumstances with respect to loan repayment beyond medical school and I am excited as to the opportunities that their
financial services will open for the immigrant community." - Boss P.
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Applicants will need to submit the following documents to Self-Help Federal CU:
Federal Direct Grad PLUS rate as published by the U.S. Department of Education on July 1, 2023. The current rate is 8.05%, which will change on or before July 1, 2024. This is a fixed interest rate for the life of the loan, regardless of when funds are drawn.
Federal Grad PLUS fee as published by the U.S. Department of Education on October 1. The current fee is 4.228%, which may change on or before October 1, 2023. The fee can be financed at the time of each draw or can be eliminated by increasing the interest rate by an additional 1.00%.
Students will be eligible to borrow up to $65,000 per academic year divided into two equal installments and to refinance any graduate school debt. The total annual amount that students may draw is equal to the total cost of attendance, as calculated by the university, less scholarship funds.
Funds are disbursed to the university, which will first apply all proceeds to tuition, fees and other school charges. The university will then provide the remaining funds to the student to assist with other attendance costs, including living expenses.
Applicants must have DACA status and be full-time students at a qualifying medical school.
Required for borrowers that do not have sufficient income at application to qualify. Co-signer must have a valid social security number or individual taxpayer identification number. 2
*APR = Annual Percentage Rate
1. If the student withdraws from school or otherwise fails to complete their education and/or residency, full principal & interest payments will begin the month following.
2. Self-Help does not inquire as to the immigration status of co-signers.