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“DREAMer LOAN PROGRAM” Frequently Asked Questions

1. What is the objective of the DREAMer Loan Program?
The application ling fee for consideration of Deferred Action for Childhood Arrivals (DACA) is $465. This can be a costly fee for many young adults, especially students. There are currently only a couple of loan programs available to assist individuals with these types of loans. Our objective is to provide an additional lending source for people eligible for DACA. Individual loans would be made for the sole purpose of paying for the application fee of $465 for DACA.

2. What are the bene ts?

There are low monthly payments that young adults and students can a ord. A typical loan of $465 for a term of 6 months would have payments of $81 per month with a total of $21 in interest paid over the life of the loan. The loan also o ers the opportunity to build a positive credit history.

3. Who are checks made payable to?

Checks will be made payable directly to Department of Homeland Security for the sole purpose of paying for deferred action application fees. Borrower will be responsible for mailing payment along with all applicable paperwork.

4. How do borrowers know what they owe and how do they make payments?

Borrowers will be sent monthly statements. Monthly payments can be made via automatic payments from the member’s savings account, an account at a di erent institution, by mailing a check or money order, or in cash in person at the credit union.

5. Do borrowers have access to other nancial services as a member of the credit union?

To borrow, you must be or become a member of the credit union, which costs $5.00. As a member, borrowers will have access to all other services o ered including free check cashing, an ATM card, CD accounts, money orders, cashiers checks, wire transfers, direct deposit, free income tax preparation, payday advance, and other consumer & business loan products.

6. What if the borrower is under 18?

Minors (under 18) may have their own savings account provided a person over 18 is a signer on the account as well. It will be possible to assist families with little or no banking/credit history. Minors may not be a “borrower” on the loans; in such cases, we can have the minor’s closest available (and willing) relative apply for the loan on their behalf.

7. Why do we require the Individual Taxpayer Identi cation Number (ITIN)?

Most nancial institutions require the ITIN. We need it as a means of tracking and reporting. The ITIN serves as a path to not only le income tax returns, but to establish credit history as well. For borrowers without an ITIN, we can print out ITIN application and provide contact information for service providers. We can direct borrowers to income tax preparation services at the same time.

8. Can borrowers choose a longer repayment plan?

The usual repayment term is 6 months but if there is more than one applicant per family this may be extended to 12 months so that it does not cause nancial hardship.

9. What is proof of income?

Proof of income can be paycheck stubs, tax returns, bank statements, copies of checks (for individuals who may get paid from personal checks) or veri cation of employment with employers. If using a family member as the borrower, can use that family members proof of income to ful ll this requirement.

How to Apply STEP 1:

Get a referral letter from an approved DACA screening organization listed below

(213) 977-7500 www.apalc.org

(213) 385-7800 www.carecen-la.org

(213) 251-3400 www.catholiccharitiesla.org

(562) 570-4722 www.centrocha.org

(213) 353-1344 http://chirla.org

(866) 772-6336 www.cofem.org

(310) 635-8181 www.community-lawyers.org

http://dreamteamla.org

(213)394-6020 www.esperanza-la.org

(213) 614-1165 http://icwclaw.org

http://krcla.org/blog/c/l/english/

(323) 937-3718

(323) 980-3500 www.laclj.org

(213) 629-2512 www.maldef.org

(213) 747-7606 www.naleo.org

(213) 639-3900 www.nilc.org

(213) 385-2977 www.publiccounsel.org

http://labor.ucla.edu/programs/drc.html

(310) 794-5983

How to Apply STEP 2:

Bring your referral letter to any of these locations to complete your $465 loan application

13168 Van Nuys Blvd. Pacoima, CA 91331 Tel: (818) 899-8506 Fax: (818) 899-8516 www.pacoimadfcu.org dreamer@pacoimadfcu.org

530 S. Boyle Avenue Los Angeles, CA 90033 Tel: (323) 269-4214 Fax: (323) 261-1065 www.elacc.org workingtogether@elacc.org

1000 N. Avalon Blvd. Wilmington, CA 90744 Tel: (310) 835-6132 Fax: (310) 835-0656 www.familyfcu.org information@familyfcu.org

AVOID SCAMS!
1) Do not pay for your application forms; the forms are free and are available to download on the USCIS website: www.uscis.gov. 2) Do not pay a fee for “speedy processing.” There is no “expidited” process 3) For more information on how to avoid scams visit: www.uscis.gov/avoidscams