MPOWER Financing: Study Abroad Loans for International Students

MPOWER Financing is a private lender that provides education loans for international students pursuing higher education in the US and Canada. They assess applications based on a student’s future earning potential from the degree or program they attend.

Read on to learn more about how MPOWER works and if it is the right fit for you.

What does MPOWER offer international students?

Started by former international students, MPOWER Financing is a digital-first company offering international students with fixed-rate loans.

Study Abroad Loan without a Cosigner or Collateral

MPOWER Education Loans are available for post-secondary degree programs abroad. Since they assess your future earning potential to evaluate the application, you do not need to provide them with any co-signer or collateral security for the loan.¹

An MPOWER Education Loan for an American University can also help build your US credit history through on-time repayments during your loan tenure.

MPOWER Financing Supported Universities

MPOWER Education Loans are available to international students to pursue higher education in eligible Canadian colleges and US universities. MPOWER Financing supports more than 400 colleges and universities in these two countries.²

Loan Amount Available through MPOWER Finance

MPOWER offers education loan amounts ranging from USD 2,001 to USD 100,000, with a maximum of USD 50,000 per academic period. The total lifetime borrowings from MPOWER cannot be more than USD 100,000.³

While MPOWER loans are available to cover the university tuition costs, international students in the US can also request coverage for living expenses.

Interest Rates for MPOWER Financing Education Loan

MPOWER Education Loans have a fixed interest rate, which means your loan’s rate of interest stays the same during the entire loan tenure.

The current interest rates on MPOWER Education Loans range from 12.99% to 13.99%. MPOWER charges a 5% origination fee that does not have to be paid upfront and is instead added to your loan amount. After all the costs, the APR on your loan can range from 13.98% to 15.01%.⁴

Enrolling in Autopay could reduce your interest by up to 0.25%. You may lose this discount if you cancel your Autopay, make an invalid payment, request forbearance, or enter into a modified payment plan.

MPOWER Loan Repayment terms

MPOWER offers a moratorium, or a grace period during which loan repayments aren’t required, for the duration of the course plus an additional six months after graduation. Students can repay the interest charged to the loan account during the course period and benefit from discounts.

After the moratorium, you’ve to start making the monthly repayments to MPOWER and are offered up to 10 years to clear the loan.⁵ There is no prepayment penalty for paying off the loan early.

MPOWER Loan Eligibility Criteria

MPOWER student loans are available for an undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year program. Besides international students, MPOWER also accepts US residents including DACA recipients, refugees, and asylum-seekers. The loans are available for those accepted into or already attending one of the 400+ approved universities in the US or Canada.⁶

Here’s a list of documents you’ll need to support the application for the MPOWER student loan. They have a right to ask you for additional documents to help make a decision on your application.

How to Apply for MPOWER Financing Loan

Applying for the MPOWER Education Loan is entirely online, and can be completed in 20 minutes if you have all your information ready:

1. Start your application on the MPOWER Financing application page
2. Enter your basic details, with your first and last name exactly as they appear on your passport or other legal documents.
3. Continue with the educational qualification information.
4. Complete the employment page (if applicable) and the financial information page.
5. Click on the Submit option and allow MPOWER Financing marketing officers to contact you and complete the process.

If you pass the initial review process, which can take around 10 days, you will then be asked to submit your documents. The final review can take another 10 days to complete.⁷

Getting Money from MPOWER Financing

Once you have been approved for an MPOWER loan, the funds will be sent directly to the college or university. The loan is generally not disbursed until up to 90 days before the program start-date for US schools. Loan disbursement for Canadian colleges takes around 2 to 4 business days.⁹

MPOWER is not able to disburse any amount directly to you. So if the loan includes living costs as well, you will need to coordinate with your university’s financial aid office to receive funds for your daily expenses.¹⁰

Additional Benefits of MPOWER Loans

In addition to student loans, MPOWER offers various scholarship opportunities for students. They further provide visa support and career guidance services to help you with your move abroad.

All international student borrowers can also pre-qualify for a Credit Card and Bank Account through Zolve.¹¹

Our Review of Zolve account 👉

Start your international journey with Wise: the world’s most international account¹²

Opening an overseas account is one of the first things you will need to figure out when you arrive abroad for your studies. Check out the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.