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MPOWER Student Loans: Interest Rates, Eligibility & Benefits

MPOWER Financing Education Loan

MPOWER Financing is on a mission to make it easier for students to study abroad by reducing financial obstacles. The company, based in Washington DC, has been focusing on this goal for almost ten years. They provide online education loans for higher studies in the USA and Canada. The MPOWER student loans application process is entirely online, offering convenience to users. MPOWER can financially assist with over 400 educational institutions. Unlike other lenders, MPOWER keeps the interest rate fixed, providing an extra advantage to borrowers.

MPOWER Student Loans Overview
MPOWER Loan FeaturesMPOWER Financing stands out by offering education loans without collateral or co-applicants. It maintains fixed interest rates, providing an advantage to borrowers. The loan amounts are provided in CAD or USD, depending on the university. Autopay enrollment can offer a 0.25% interest discount.
Interest Rates OverviewMPOWER Education Loans have fixed interest rates, ranging from 12.99% to 13.99%, with an additional origination fee. Autopay enrollment can potentially reduce interest by 0.25%.
Country-Wise Loan FeaturesMPOWER offers education loans for studying in the USA and Canada. Both countries have similar loan limits, interest rates, and processing fees. The repayment tenure is also consistent.
Loan Eligibility CriteriaMPOWER Financing’s eligibility criteria include enrollment in approved universities in the USA or Canada, applicable to international students and U.S. residents, including DACA recipients.

MPOWER Stydent Loans Features 

MPOWER Financing is one of the best education loan providers for abroad studies that gives loans without requiring collateral or a co-applicant. They offer reasonable interest rates on these loans. It’s important to note that MPOWER only extends education loans for institutions in the USA or Canada. The loan amount is given in either CAD or USD, depending on your university. Below is a table highlighting additional features of MPOWER loans for international students that can be advantageous for you. Let’s understand some of the key features of MPOWER Financing Education Loans.  

ParameterValues
Loan Limit Up to $100,000
MPOWER education loan Interest rateGraduate – up to 13.98% USDUndergraduate – up to 15.01% USD A discount of 0.25% is provided for auto-signing up
Processing Fee5% of the loan amount
Moratorium Period / Grace PeriodCourse duration + 6 monthsPartial simple interest needs to be paid
Repayment Duration10 years
Co-applicant / Co-signer Not required

Interest Rates For MPOWER Student Loans

MPOWER Education Loans come with a fixed interest rate, meaning that the interest rate remains constant throughout the entire duration of your loan.

As of now, the interest rates for MPOWER Education Loans range from 12.99% to 13.99%. Additionally, MPOWER applies a 5% origination fee, which you don’t have to pay upfront but is instead added to your loan amount. Taking all costs into account, the Annual Percentage Rate (APR) for your loan can vary from 13.98% to 15.01%.

If you choose to enrol in Autopay, you could potentially lower your interest rate by up to 0.25%. It’s important to note that you may lose this discount if you decide to cancel Autopay, make an invalid payment, request forbearance, or enter into a modified payment plan.  

Country Wise MPOWER Student Loan Features 

As mentioned earlier, MPOWER financing provides education loans for studying in the US and Canada. The table below shows the comparison of the interest rates and loan amounts for both countries at MPOWER. This will be helpful for you if you are someone who’s aspiring to study in any of these countries. 

ParametersUSACanada
Loan LimitUp to 100,000 USDUp to 100,000 USD
Interest RatesGraduate – up to 13.98% USD
Undergraduate – up to 15.01% USD
Graduate – up to 13.98% USD
Undergraduate – up to 15.01% USD
Processing Fee 5% of the loan amount5% of the loan amount
Moratorium PeriodCourse duration + 6 months
Partial simple interest needs to be paid
Course duration + 6 months
Partial simple interest needs to be paid
Repayment Tenure7 to 10 years7 to 10 years

MPOWER Student Loans- Eligibility Criteria

MPOWER Financing eligibility criteria for individuals seeking education loans is pretty straightforward. To be eligible for an MPOWER loan, applicants typically need to meet the following education loan terms and conditions:

  • MPOWER student loans are open to both undergraduate and graduate students who are within two years of graduating or are about to start a 1-year or 2-year programme.

  • In addition to international students, MPOWER extends its loan services to US residents, including DACA recipients, refugees, and asylum-seekers.

  • Eligibility for these loans is applicable to individuals who have been accepted into or are already attending one of the 400+ approved universities in the United States or Canada.

List Of Approved Courses By MPOWER Student Loans 

MPOWER Financing approves education loans for a diverse range of academic goals, recognising the uniqueness of each individual’s educational pursuits. The supported degree types include:

  • Master’s
  • MBA
  • Ph.D.
  • Bachelor’s
  • J.D. (Juris Doctor)
  • LL.M. (Master of Laws)
  • M.D. (Doctor of Medicine)
  • D.D.S. (Doctor of Dental Surgery)
  • Diploma and Associates (Canada only)

Apart from this list of courses, there is a list of schools in Canada and USA supported by MPOWER financing. You can check on their website if your university is MPOWER eligible or not or connect with UniCreds executive to find your university’s eligibility. 

Documents Required For MPOWER Student Loans 

While MPOWER Financing does not have an exhaustive list of document requirements compared to traditional banks, the documents given below are essential for processing your education loan application. 

  • Resume/CV: This should detail the educational and employment history of the applicant.
  • Proof of Home Country Address: Any utility bill, banking statement, or signed lease can be submitted as evidence of your home country address.
  • Secondary Photo ID: A government-issued ID is required.
  • Standardised Test Scores: For graduate studies, you’ll need to submit GRE/GMAT scores. International students must also provide language proficiency test scores, such as TOEFL/IELTS.
  • Valid Passport and Photo Identification: Include identification from your country of origin along with a valid U.S. visa.
  • Current University Transcripts or Admission Letters: If you’re already attending a university, provide current transcripts. If you’re applying, submit admission letters from the university you plan to attend.
  • Past Academic Transcripts: Include transcripts from your previous academic history.
  • Target University Financial Summary: Provide a summary of the fees from the university, including estimated costs. 

How To Apply For MPOWER Financing Education Loans? 

To apply for an MPOWER Education Loan, follow these steps for an entirely online application that takes approximately 20 minutes, provided you have all your information ready:

  • Step 1: Start your application on the designated MPOWER Financing application page.
  • Step 2: Input your basic details, including your first and last name exactly as they appear on your passport or other legal documents.
  • Step 3: Provide information about your educational qualifications.
  • Step 4: Complete the employment page if it applies to your situation.
  • Step 5: Fill in the details on the financial information page.
  • Step 6: Allow Contact from MPOWER Financing:
  • Step 7: After submission, allow MPOWER Financing marketing officers to contact you to facilitate the completion of the process.
  • Step 8: If your application passes the initial review (which may take around 10 days), you will be asked to submit the necessary documents.
  • Step 9: The final review process may take an additional 10 days to complete.

MPOWER Financing Loan Disbursement Process 

Disbursement refers to the process of sending funds to your school, and with MPOWER Financing, this is done directly. Here’s what you need to know about the disbursement process:

  • MPOWER disburses funds directly to your school on your behalf.
  • You can access your disbursement schedule on your MPOWER dashboard once you have signed your final loan documents.
  • After signing your final loan documents, your loan will enter a 4-day rescission period. During this time, you have the opportunity to reconsider and make any necessary changes.

MPOWER Disbursement Process For U.S. Schools:

Your school will request disbursement dates, and these dates will be visible under the Scheduled Disbursement Date section on your dashboard.

If needed, you can contact MPOWER Financing to adjust the Scheduled Disbursement Date. Your Relationship Manager will assist you with your request. Note that your school may request a date in the past, in which case MPOWER will send the payment as soon as possible.

MPOWER Disbursement Process For Canadian Schools:

Disbursement dates for Canadian schools are set based on the academic period(s) you selected in your application.

If your payment deadline is approaching, it’s important to inform your Relationship Manager. They will be able to assist you in ensuring timely disbursement.

After final credit approval, MPOWER issues a sanction letter for an education loan to assist applicants for the US Visa application. 

MPOWER Financing Education Loan Repayment 

MPOWER provides a moratorium or grace period where loan repayments are not mandatory throughout the course duration and an extra six months post-graduation. During this time, students have the option to repay the interest accrued on the loan, with the possibility of receiving discounts.

Following the moratorium, monthly repayments to MPOWER commence, and borrowers are given up to 10 years to settle the loan. Importantly, there is no prepayment penalty, allowing individuals to pay off the loan early without incurring additional charges. 

The advantages of an education loan are plenty. Education loans fully fund your study abroad journey so that you can focus on your goals. Like MPOWER Finance, many other NBFCs provide education loans at competitive interest rates and give many benefits to the applicants. UniCreds has partnered with these NBFCs and financial institutions that help you get the best education loan that fits your financial needs. Check it out now!  

FAQs

Q1. Who is eligible for MPOWER Financing?

Ans: Any student aspiring to study in the USA or Canadian schools or universities is eligible for MPOWER Financing. 

Q2. Is MPOWER Financing only for the US and Canada?

Ans: Yes, MPOWER financing provides loans for students who want to study in the US and Canada. 

Q3. Does MPOWER require collateral?

Ans: No, MPOWER does not require any collateral security and funds 100% of your education loan. 

Q4. What is the interest rate for an MPOWER education loan?

Ans: The interest rate for an MPOWER education loan ranges between 13-15% 

Q5. How long does it take to get the MPOWER education loan?

Ans: The typical timeframe for the disbursement process is approximately 2 weeks. During this period, MPOWER processes the request and sends the funds directly to the educational institution.

Q6. What is the repayment period for the MPOWER loan?

Ans: MPOWER gives up to 10 years for an education loan repayment. 

Q7. What Canadian schools are eligible for MPOWER loans?

Ans: York University, Brock University, Dalhousie University, and Queens University are a few of the eligible schools for MPOWER loans. However, there are many more universities from Canada and the USA eligible for MPOWER loans. 

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MPOWER Financing Education Loan

MPOWER Student Loans: Interest Rates, Eligibility & Benefits

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