Question 1

What interest rates can I expect with an MPOWER loan?

Accepted Answer

MPOWER offers fixed interest rates starting at 12.99%. Going up to 13.98% (13.98% APR). You have the option to reduce your interest rate by 0.25% if you opt for payments. It's important to examine rates, compare them with lenders and consider your individual circumstances and future earnings potential.

Question 2

Is MPOWER a good option for Indian students?

Accepted Answer

Yes, MPOWER represents a viable channel for Indian students interested in receiving funds for their college programs in the US and Canada at both undergraduate and postgraduate levels. The loans are granted solely on the basis of future income potential, hence, co-signer (general requirement for traditional loans) is not needed. While you might, it’s crucial to compare interest rates and terms of other loan companies to see the fit better for your requirements.

Question 3

How does MPOWER loan repayment work?

Accepted Answer

MPOWER provides a grace period that extends beyond your program by 6 months. During this period you can opt to make interest payments. Repayment of the principal loan amount commences after the grace period concludes. They allows borrowers up to 10 years to repay the loan without any penalties for repayment.

Question 4

What documents do I need to apply for an MPOWER loan?

Accepted Answer

The specific documents required for an MPOWER loan application may vary, but generally include:

- Proof of identity (passport, government ID)
- Proof of acceptance to your program
- Academic transcripts
- Proof of financial resources (bank statements, scholarships)

Question 5

How Does A Student Receive The Funds For Living Expenses?

Accepted Answer

The applicant must have been admitted to a school and program supported by MPOWER. Remember, one can apply for a quote before getting an admittance letter. An admission letter is asked for at the time of loan approval. The applicant must be a citizen of one of the countries supported by them.

Question 6

What is the average processing time for MPOWER education loans?

Accepted Answer

The average processing time is typically up to 7  business days, though it may vary depending on the student's profile.

Question 7

What are the eligibility requirements for an MPower loan?

Accepted Answer

To be eligible for an MPOWER loan, you should generally be:

1. An undergraduate or graduate scholar within 2 years of graduation or admitted to a 1-2 year program.
2. An international student, DACA recipient, US citizen, or refugee/asylum seeker.
3. Enrolled in one of MPower's partner universities in the US or Canada.

Question 8

How do I apply for an MPOWER Financing loan?

Accepted Answer

Start by confirming your eligibility through us by filling out the online application & upload the necessary documents, after receiving approval, the amount is directly disbursed to your school.

Question 9

How much can I borrow with an MPOWER loan?

Accepted Answer

MPOWER provides loans ranging from a minimum of $2,001 to a maximum of $50,000, per term with a borrowing limit set at $100,000. These loans can be utilized for costs. Qualifying school related expenses in the United States or solely for tuition in Canada.

Features	Education Loan Details
Loan amount	Minimum Loan Amount - $2,001 Maximum Loan Amount - $100,000
Margin money	Nil
Interest rate	MPOWER financing Interest rate starting at 12.99%
Processing fee	5.0% onwards
Processing time	7 Days (Up to)
Loan tenure	10 Years
Prepayment charges	Nil
Countries covered	USA, Canada

Type	Requirement
Recent Graduates or Incoming Students	Be within two years of graduation or enrolled in a 1-2 year program (any field/degree)
University Acceptance	Secure admission to an approved university within the MPOWER Financing Universities network.

Type	Documents Required
Personal Documents	- Proof of Identity (Aadhaar Card, PAN Card, Voter ID, etc.) - Proof of Address (utility bills, rental agreement, etc.)
Academic Documents	- Acceptance letter from your chosen university abroad - Most recent academic transcripts (including mark sheets and degrees) - Standardised test scores (if required by the university, like GRE, GMAT, TOEFL, IELTS)
Financial Documents	Income tax returns, for the applicant. If applicable, the co applicant for the three years. Additionally submit revenue slips for both the applicant and their co applicant, for the six months. Bank statements covering the six months are also required from both the applicant and if relevant, the co applicant. Lastly please include a statement sheet outlining the expected cost of attendance at your university encompassing tuition fees, accommodation expenses and other relevant costs.

MPOWER Financing - Education Loan

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