Ibrahim Gardner
MPOWER Financing offers international student loans for those studying in the US and Canada. The company was founded by international students and provides funding for global students in the form of scholarships and loans. MPOWER offers loans to international students and DACA recipients, with no credit history or co-signer required. The company assesses the student's potential and ability to work in the US and repay the loan.
| Characteristics | Values |
|---|---|
| Target Borrowers | International students, DACA recipients, U.S. citizens, refugees, or asylum-seekers |
| Student Type | Undergraduate or graduate students |
| Student Program | 1- or 2-year program or within two years of graduating |
| School Location | U.S. or Canada |
| School Eligibility | Must be one of the eligible schools in the lender's network (400+ or 500+) |
| Interest Rate | As low as 9.99% (10.89% APR or 11.16% APR) |
| Interest-Only Payments | Required while in school and for six months after graduation |
| Loan Term | 10 years |
| Grace Period | 6 months |
| In-School Deferment | Up to 24 months |
| Forbearance | Up to 24 months |
| Maximum Loan Amount | $50,000 per academic period; $100,000 lifetime total borrowing limit |
| Application or Origination Fee | 5% origination fee |
| Cosigner or Collateral | Not required |
| Visa Support | Visa support letters provided at no cost |
What You'll Learn
MPOWER loans are for international students in the US and Canada
MPOWER Financing offers loans to international students in the US and Canada. The company was founded by international students and is a public benefit corporation. MPOWER provides quick, no-collateral, no-cosigner loans for international students in eligible US or Canadian universities. The loan application can help students understand their financial plan and how much money to request. Students can request a maximum of US$100,000 per application, with no more than US$50,000 allocated per term, and the total outstanding loan amount cannot exceed US$100,000 at any given time.
MPOWER makes loan decisions based on the student's future potential, rather than their past. They consider the borrower's earning potential rather than their credit history or that of a cosigner. The company offers scholarships and additional services designed to meet the unique needs of students and graduates. MPOWER also provides visa guidance support.
MPOWER student loans are available to undergraduate or graduate students within two years of graduating or about to begin a one- or two-year program. Students must be admitted to or attending one of the 400-500+ approved schools in the US or Canada. The schools served by MPOWER include colleges in all 50 states, Washington, D.C., and Canada.
MPOWER Financing has received positive reviews for its smooth application process, responsiveness, and customer satisfaction. The company has received an "excellent" rating on Trustpilot and an A+ rating from the Better Business Bureau.
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MPOWER does not require a co-signer or collateral
MPOWER Financing offers international student loans for students in the U.S. and Canada. MPOWER does not require a co-signer or collateral, making it a more accessible option for international students. This is because international students often face challenges when trying to secure a loan, such as not having a co-signer or a U.S. credit history.
MPOWER looks at other factors, including the student's future earning potential, to make its underwriting decisions. This empowers students to achieve their academic and career goals. MPOWER also provides visa guidance support and scholarships, making it a reliable and trustworthy funding partner for international students.
The loan application process is straightforward and quick, with a conditional offer provided within three business days. MPOWER's commitment to customer satisfaction, clear communication, and efficient processing has made the loan process hassle-free for many students.
MPOWER's goal is to support international students in reaching their goals and make their international education journey a success. With no co-signer or collateral required, MPOWER offers a unique opportunity for international students to secure funding for their education and build a credit history in the U.S.
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MPOWER considers the borrower's earning potential
MPOWER Financing is a public benefit corporation founded by international students to help global students reach their goals. MPOWER offers education loans for international students attending eligible U.S. or Canadian universities. The company also offers refinancing options for international students with education loans from abroad.
MPOWER considers dozens of data points, such as future income potential and GPA, to determine creditworthiness and make a lending decision. The company reviews credit history, but credit scores are not a factor in its decision since most international students do not have U.S. credit scores. MPOWER also offers non-cosigned loans to borrowers from more than 190 countries and 400+ schools.
The minimum loan amount is $2,001, and the maximum is $50,000 per academic period, with a lifetime total borrowing limit of $100,000. The interest rate is as low as 9.99% (11.16% APR), and there is also a 0.25% discount for automatic recurring payments. However, borrowers are required to make interest-only payments while in school and for six months after graduation. The repayment term is 10 years, and there is a 5% origination fee added to the loan balance.
MPOWER's loan application process is quick and easy, with an initial review period of three business days. The company also provides visa support letters at no cost to assist applicants. Overall, MPOWER is a great option for international students seeking financing for their education in the U.S. or Canada.
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MPOWER offers scholarships and additional services
MPOWER Financing offers scholarships and additional services to international students and students with Deferred Action for Childhood Arrivals (DACA) status. MPOWER provides education loans for international students attending eligible schools in the US and Canada. The company was founded by international students and is on a mission to help global students reach their goals.
MPOWER offers scholarships for international students and DACA students, including women in STEM, with the aim of helping as many students as possible. The scholarships are designed to support future leaders and provide the funding needed to soar academically. MPOWER also offers unique monthly scholarship opportunities, with a different theme each month. For example, past themes have included "Back to School Advice" and "Embracing and Overcoming Challenges".
In addition to scholarships, MPOWER provides a range of services to support international students. They offer visa guidance and support, including providing visa support letters at no cost to assist applicants with their visa applications. MPOWER also has a quick and smooth loan processing system, with a fast application process and low-interest rates. The company makes loan decisions based on the student's future potential, rather than their past, and does not require collateral or a co-signer.
MPOWER also provides clear communication and efficient processing, with systematic and timely disbursements. They offer a dedicated student loan advisor and the option to request forbearance of up to 24 months. The company is committed to customer satisfaction, as evidenced by the high percentage of customers who report being "happy" or "satisfied" with their level of service.
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MPOWER provides visa support letters
MPOWER Financing is a public benefit corporation founded by international students to help global students secure funding for their education. MPOWER provides international student loans for students attending eligible U.S. or Canadian universities. The company also provides visa support letters to assist applicants with the visa process.
MPOWER Financing offers quick, no-collateral, no-cosigner loans for international students in the U.S. and Canada. The loan application process is straightforward and fast, and MPOWER makes loan decisions based on the applicant's future potential rather than their past. The interest rate for MPOWER loans starts at 9.99% (11.16% APR), and the total outstanding loan amount cannot exceed US$100,000 at any given time.
Upon final credit approval, MPOWER issues support letters to help applicants with their visa applications. The support letter is provided to the school to receive the I-20 form, which is then included in the visa application with the U.S. or Canadian government. The support letter includes details about the approved loan amount, the name of the university, and the intended use of the funds. MPOWER also provides visa guidance and a free visa support course to help students prepare for their visa interviews.
In addition to visa support letters, MPOWER offers scholarships and additional services to meet the unique needs of international students and graduates. The company has a strong commitment to customer satisfaction, clear communication, and efficient processing, making the loan process hassle-free for students. MPOWER's visa support letters and additional services provide valuable assistance to international students navigating the complex visa application process.
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Frequently asked questions
No, MPOWER student loans are not only for international students. They are also available to DACA recipients, U.S. citizens, refugees, or asylum seekers. However, MPOWER student loans are specifically designed with international students in mind.
To be eligible for an MPOWER student loan, you must be an undergraduate or graduate student within two years of graduating or about to begin a one- or two-year program. You must also be admitted to or attending one of their 400+ approved schools in the U.S. or Canada.
No, MPOWER does not require a cosigner or collateral for its international student loans. This makes it a more accessible option for international students, who often face challenges finding a cosigner and borrowing from a lender that works with international students.
You can request a maximum of US$100,000 per application, with no more than US$50,000 allocated per term. The total outstanding MPOWER loan amount cannot exceed US$100,000 at any given time.
