Finance in the U.S. as a DREAMer: Support & Resources

The Deferred Action for Childhood Arrivals (DACA) program was introduced in 2012 during President Barack Obama's administration. DACA is intended to shield young undocumented immigrants from deportation. There are many ways, such as buying a home and homeowners insurance, and traveling, recipients can embark on their financial journey in the United States.

Like other first-generation immigrants, DACA recipients are often forced to navigate the United States' financial system on their own for the first time. This guide explains how recipients can carve a financial path to obtain a loan, find tuition assistance and get a credit card, among other things.

Many DACA recipients are located in states with high costs of living, such as California and New York. Before moving to another state, it may be a good idea to estimate and calculate the cost of living. Even with gainful employment, DACA recipients face challenges due to having little or no credit, expensive filings and costly school tuition.

People with zero to no credit are often the target of predatory scams. These range anywhere from immigration-related falsehoods to loans with high interest rates and new credit scams. Below are issues to take into account:

The current fee for DACA applications and renewals is $495. There is currently no waiver for this fee, but there are other ways you can find financial help.

Building credit is a way to let creditors, lenders and other financial institutions know you can be trusted with financial responsibilities. This is especially important if you'd like to own a home, buy a car or get a low-interest credit card.

DACA recipients are often cut off from common ways to start building credit, such as asking their parents if they can become an authorized user on a credit card. However, there are still ways to build good credit as an immigrant. Below are some steps you can take.

Up to 19 states allow undocumented immigrants in-state tuition. This allows DACA recipients to attend state college or university while paying the same tuition as fellow green-card holders and U.S.-born citizens.

At least seven states also offer state financial aid to undocumented students: California, Texas, New Mexico, Colorado, Minnesota, Oregon and Washington. Additionally, many private universities provide both merit and need-based scholarships. Below are additional resources that can help.

• Scholarships.com: This website lists all scholarships available and allows you to set parameters that will make your search easier. It also offers a list of private scholarships for undocumented and DACA recipients.
• TheDream.us: Organizations such as TheDream are dedicated solely to providing scholarships for undocumented immigrants and DACA students. Additionally, there are directories of immigration advocacy organizations that either offer scholarships or work with partner organizations. Check their blogs for due dates and requirements.
• Consulates: Some consulates, embassies or external affairs offices may offer scholarships to DACA recipients who wish to pursue their studies in the United States. For example, the government of Mexico has Institute of Mexicans Abroad (IME) scholarships for Mexican immigrants living in the U.S. It doesn't hurt to ask if the consulate of your country of origin has scholarships you can apply for.

The prospect of buying a house can be intimidating for DACA recipients. However, it is possible to purchase a home as long as you meet your lender's requirements, have a stable job and present a decent credit score. Below are additional steps you should take into account.

Domestic travel isn't a problem for DACA recipients. An unexpired work permit and/or a state ID are sufficient documentation for travel within the country via bus, train or airplane. But traveling abroad can get more complicated. Take note of the following:

There are many additional resources that can be useful for DACA recipients planning their financial journey, living in the U.S., and protecting themselves from scams and fraud.

• Consumer Financial Protection Bureau (CFPB): The CFPB monitors financial developments that affect consumers, such as changes to federal and state policy, financial literacy and credit. It also monitors scams and can help you obtain redress if you are unfairly targeted by unfair business practices.
• American Bar Association: As a DACA recipient, you will likely need to work with a lawyer to continue renewing your permit, among other things. The American Bar Association keeps a state directory of bar associations so you can look for and vet lawyers offering immigration services.
• Stop Notario Fraud: The American Immigration Lawyers Association (AILA) created this website to monitor common scams targeting immigrants. It posts educational blog posts, news and resources you can use to educate yourself.
• U.S. Citizenship and Immigration Services (USCIS) forms: Be aware of site where you have to pay for forms. You shouldn't have to pay for immigration forms. USCIS keeps a list of all immigration forms you may need to file at any given time. This list can help you find them easily — and even show you how to file them online.

• Credit Unions Online: Banks are a great place to open an account or obtain loans. However, credit unions may offer more flexibility when dealing with DACA recipients. This website provides a credit union locator.
• Bridging Refugee Youth & Children’s Services (BRYCS): Originally founded for refugees, BRYCS now offers financial literacy information aimed at helping immigrants of all backgrounds. Services include a podcast and insight into money management for immigrants.
• Mission Asset Fund: MAF is a San Francisco Bay area organization that helps immigrants understand their finances, and it even offers immigration loans to help pay for DACA and naturalization fees. The organization's scope is limited to San Francisco and California, but they maintain a resource database you can search to find help in other states.
• FPA Planner Search: A certified financial planner can help you maximize your finances, navigate loans and create a sound budget plan. This website helps you find a planner who has experience working with immigrants, especially DACA recipients.
• American Institute of Certified Public Accountants (AICPA): A certified public accountant (CPA) who is skilled in dealing with taxes can help you stay on track and be aware of certain deductions and financial considerations you should keep in mind. This directory can help you find someone who is focused on working with DACA recipients.

• United States Department of Housing and Urban Development: The Department of Housing and Urban Development recently changed its rules so that DACA recipients become eligible for FHA home loans. The website explains requirements, eligibility and important terms. Note that not all HUD services are available to DACA recipients.
• USAgov: A comprehensive website that lists every resource in the USA, USAgov is a directory of all government services, including those related to immigration and housing. You can also call 1-844-872-4681 between 8 a.m.-8 p.m. (EST) Monday-Fridays, except during federally recognized holidays.

• United We Dream: This national immigration advocacy organization monitors programs such as DACA, posts scholarship information and offers toolkits that can help you make a financial plan.
• Coalition for Immigrant Mental Health (CIMH): Financial responsibilities can impact your mental health. CIMH offers a comprehensive list of resources to deal with any mental health issues associated with finances.
• My Undocumented Life: This lifestyle website covers issues that affect undocumented immigrants, such as applying to graduate school, searching for jobs and internships and much more. It also offers webinars and stories from inspiring undocumented/DACA recipients.