Janice Lozano
MPOWER Financing is a private lender that provides education loans for international students pursuing higher education in the US and Canada. MPOWER loans are available to students at 500+ schools across the US and Canada. The company was founded by former international students and assesses applications based on a student's future earning potential. MPOWER loans can be used for university-related expenses, including tuition, books, meal plans, housing, and health insurance. Students can borrow anywhere from USD 2,001 to 100,000 total, with fixed interest rates and no requirement for a cosigner or collateral.
| Characteristics | Values |
|---|---|
| Target Customers | International students |
| Loan Provider | MPOWER Financing |
| Loan Type | No-collateral, no-cosigner, fixed-rate loans |
| Loan Amount | $2,001 to $100,000 |
| Interest Rate | 12.99% to 13.99% |
| Origination Fee | 5% |
| APR | 13.98% to 15.01% |
| Discount | 0.25% for automatic recurring payments |
| Repayment | Interest-only payments while in school and for 6 months after graduation; 10-year loan term with full interest plus principal payments after the grace period |
| Application | Online |
| Documents | Passport or other legal documents |
| Additional Services | Scholarships, visa support, career guidance, pre-qualification for a credit card and bank account |
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What You'll Learn
MPOWER loans are available to non-US citizens
MPOWER Financing provides loans for international students pursuing higher education in the US and Canada. MPOWER loans are available to non-US citizens, including international students, US residents, DACA recipients, refugees, and asylum seekers.
MPOWER assesses loan applications based on a student's future earning potential, rather than their credit history or cosigner. This makes MPOWER a more accessible option for international students, who may not have had the opportunity to build a credit history in the US or find a cosigner. MPOWER offers fixed-rate loans ranging from USD 2,001 to 100,000 total, with interest rates ranging from 12.99% to 15.01%.
MPOWER loans can be used to cover university tuition costs and living expenses, including books, meal plans, housing, and health insurance. The loan application process is entirely online and can be completed in 20 minutes. MPOWER also provides additional services such as visa support letters and career guidance to help students with their move abroad.
To be eligible for an MPOWER loan, students must be attending one of the 400+ approved universities in the US or Canada. Students can check their loan eligibility and the complete school list on the MPOWER website. MPOWER Financing is subject to credit approval, and loans are made by Bank of Lake Mills or MPOWER Financing, PBC.
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MPOWER loans are based on future earning potential
MPOWER Financing provides loans for international students in the US and Canada. MPOWER loans are unique in that they are based on a student's future earning potential, rather than their creditworthiness or past. This means that MPOWER assesses the student's ability to work in the United States and repay the loan.
MPOWER's future credit model means that the company does not require collateral or a cosigner for their loans. Instead, they offer no-cosigner loans of up to $100,000 total ($50,000 per academic period) at fixed interest rates. Students can borrow as little as $2,001. MPOWER also provides visa support letters at no additional cost.
MPOWER Financing is a public benefit corporation founded by international students. The company offers scholarships and loans to meet the unique needs of students and graduates. MPOWER provides funding for students at 500+ schools across the US and Canada. Students can use the funds for university-related expenses, including tuition, books, meal plans, housing, and health insurance.
MPOWER Financing has been praised by students for its commitment to customer satisfaction, clear communication, and efficient processing. The company's loan processing system is reportedly fast and smooth, and it provides visa guidance support and scholarships.
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MPOWER loans do not require a cosigner or collateral
MPOWER Financing provides loans for international students who are looking to study in the US and Canada. MPOWER loans do not require a cosigner or collateral. This is because MPOWER assesses the student's potential and their ability to work in the US and repay the loan.
MPOWER Financing was founded by international students and is, therefore, a mission-driven lender that understands the unique challenges faced by international students when securing funding for their studies. MPOWER's unique future credit model is unique in that it gives loans to students based on their future earning potential. MPOWER also provides visa support letters and career services at no additional cost.
MPOWER loans can be used for university-related expenses, including tuition, books, meal plans, housing, and health insurance at most schools in the US. Students studying in Canada can apply funding to their tuition costs. Students have the flexibility to borrow what they need, from as little as $2,001 up to $100,000 total ($50,000 per academic period). MPOWER also provides funding for living expenses for schools in the US.
To be eligible for an MPOWER loan, students must be admitted to or attending one of the 500+ approved schools in the US or Canada. Students can apply for a loan a maximum of 12 months before they need the money for school. The loan application process is quick and smooth, and students can expect to receive an offer support letter within 4-5 days of completing their application.
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MPOWER offers scholarships and visa support
MPOWER Financing provides international student loans for students attending eligible universities in the U.S. and Canada. MPOWER offers scholarships and visa support to its customers, in addition to its loan services.
MPOWER offers monthly scholarships to international students to help them fund their educational dreams. These scholarships are worth US$1,000 each, and three are awarded each month. To be eligible, applicants must be enrolled in or accepted to a full-time program at one of the 500+ MPOWER-eligible universities in the U.S. and have a valid student visa. MPOWER also offers scholarships specifically for DACA students, women in STEM, and international students from specific countries, such as India.
MPOWER also provides visa support to its customers. If a loan is approved, MPOWER can provide a visa support letter if requested. This is offered at no additional cost and is one of the features that makes MPOWER the preferred choice for students.
MPOWER's scholarships and visa support, in addition to its loan services, make it a comprehensive resource for international students seeking financial assistance and support in pursuing their educational goals.
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MPOWER loans can be used for tuition and living expenses
MPOWER Financing provides loans for international students pursuing higher education in the US and Canada. MPOWER loans can be used for various university-related costs, including tuition and living expenses.
MPOWER loans can be used for tuition and university-related fees, such as books and supplies. They can also be used to cover living expenses like housing, transportation, and meal plans. MPOWER suggests that students reach out to their school with any concerns about how their funds may be allocated.
MPOWER provides funding for students at 500+ schools across the US and Canada. The loan amounts can range from as little as $2,001 up to $100,000 total, with no more than $50,000 allocated per term. MPOWER loans have fixed interest rates, which means the rate of interest stays the same during the entire loan tenure.
MPOWER also offers scholarships and additional services designed to meet the unique needs of students and graduates. They provide visa support and career guidance services to help students with their move abroad. MPOWER loans are not disbursed directly to the student. Instead, the funds are coordinated with the university's financial aid office.
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Frequently asked questions
Yes, MPOWER loans are available to US citizens and residents, including DACA recipients, refugees, and asylum seekers.
MPOWER loans are unique in that they do not require a cosigner, collateral, or credit history. They also offer interest rate discounts, visa support letters, and scholarships.
MPOWER loans can be used for university-related expenses, including tuition, books, meal plans, housing, and health insurance.
You can apply for an MPOWER loan online through the MPOWER Financing application page. You will need to provide basic personal details and may be asked for additional documents to support your application.
