The California DREAM Loan Program provides eligible undocumented AB 540 undergraduates with the option to borrow loans to help cover the cost of attending UC.
Beginning in Fall 2016, undocumented undergraduate/AB540 students will be able to file for loans under the DREAM Loan Program. Applicants who submit their California DREAM Act will automatically be considered for the loan options.
The DREAM Loan interest rate is 4.29% in 2015-16 (matches the Federal Direct Subsidized Stafford Loan). If you borrow through the DREAM loan program in 2015-16, the interest rate will not change for that loan. However, the interest rate for future loans may be different.
Interest will not accrue on the loan as long as you’re a student enrolled at least half time.
Once you graduate (or you cease being at least a half-time student), there is a 6-month “grace period” before you have to start paying back the loan.
For more information, please click here: http://admission.universityofcalifornia.edu/paying-for-uc/whats-available/dream-loan-program/index.html
Image Credit: Courtesy Rene Amel Peralta