Low-Cost Student Lending Program to Provide Boost to DACA Students Attending Med School

CHICAGO–(BUSINESS WIRE) – The Northern Trust and Self-Help Federal Credit Union today announced a $ 5 million investment to fund loans to students with Deferred Action for Childhood Arrivals (DACA) attending medical school or were recorded.

DACA was founded in 2012 by order of the President to protect undocumented immigrants who were brought to the United States as children, who once obeyed the law here, went to school or entered the military. However, undocumented students with a migrant background are still not entitled to traditional sources of credit for student loans provided by the federal government.

“This investment will benefit talented young people who have been accepted into medical school but do not have access to traditional student loan sources,” said Connie Lindsey, director of corporate social responsibility and global diversity, equity and inclusion, Northern Trust. “This is a powerful and innovative way to provide access to capital and increase the diversity of medical professionals, and we are delighted to be supporting these efforts financially.”

“Thousands of DACA recipients serve on the front lines of health care and other basic services, but often students are not eligible for government funding. Providing affordable, low-cost funding options to these students fills a critical void, “said Rudy Media, president of Second Federal, a division of the Self-Help Federal Credit Union. “Expanding access to low-interest credit helps students avoid expensive predatory financial products. We hope that more universities and colleges will take part in this rewarding program that enables DACA students to continue giving back to society as they pursue higher education. ”

Specifically, Northern Trust is loaning $ 5 million to the Self-Help Ventures Fund, which in turn lends DACA medical students at rates pegged to federal student loan rates – far lower than otherwise available. The effort builds on a previous Northern Trust funded DACA medical student program with The Resurrection Project, a Chicago-based community development organization.

The Self-Help Ventures Fund is a 501 (c) (3) charitable loan fund that is capitalized with loans and grants from foundations, religious organizations, corporations and government sources. It manages Self-Help’s higher risk business loans, student loans, real estate development and home loan secondary market programs. The Self-Help Ventures Fund is rated AAA, 4-Star Plus by Aeris, an independent credit rating agency that specializes in evaluating non-custodian financial institutions for community development.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset management, asset management, and banking services to businesses, institutions, wealthy families, and individuals. Northern Trust was founded in Chicago in 1889 and has a global presence with offices in 22 US states and Washington, DC, as well as 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2021, Northern Trust had $ 14.8 trillion in assets under custody / management and $ 1.4 trillion in assets under management. For more than 130 years, Northern Trust has earned an industry leader in exceptional service, financial expertise, integrity and innovation. Visit our website or follow us on Twitter.

Northern Trust Corporation, headquartered at 50 South La Salle Street, Chicago, Illinois 60603 USA, registered with limited liability in the USA Please read our global and regulatory information.

About the self-help federal credit cooperative

The Self-Help Federal Credit Union was founded in 2008 to build a network of branches that serve working families and underserved communities. With 19 branches in California, 10 branches in Illinois, two branches in Wisconsin, and six branches in Washington, assets of over $ 1.6 billion, and more than 99,000 members, Self-Help Federal is one of the fastest growing low income designated credit unions in the country. It is part of the national self-help group of non-profit organizations whose joint mission is to create and protect property and economic opportunities for all. For 41 years, the Center for Community Self-Help and its affiliates have provided nearly $ 9.9 billion in funding to help over 185,000 high net worth borrowers buy homes, start and build businesses, and strengthen resources in the Community to help. Further information can be found at www.self-helpfcu.org and www.self-help.org.

source https://collegeeducationnewsllc.com/low-cost-student-lending-program-to-provide-boost-to-daca-students-attending-med-school/