And what happens after the work permit? Will we be able to apply for residency? Or do we have to leave the country after the 2 years are over?
If you're granted deferred action, you don't have to leave the country. Deferred action means that the U.S. government will delay any immigration efforts for at least 2 years subject to renewal. In addition, you will be eligible to apply for a work permit, subject to renewal. Again, the Obama policy will NOT confer any status. This means that you will not get a green card under the new Obama policy.
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