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MPOWER Financing Student Loans Review – Application Process, Eligibility, Repayment, Pros and cons

MPOWER Financing aims to bridge this gap by offering specialized student loans designed to empower international students in their educational journey. In this article, we will dive into a comprehensive review of MPOWER Financing student loans, exploring their features, benefits, application process, and how they contribute to shaping the aspirations of global students.

Introducing MPOWER Financing

MPOWER Financing is a fintech company dedicated to providing student loans specifically tailored for international students pursuing higher education in the United States and Canada. Understanding the unique challenges these students face in terms of funding their education, MPOWER offers loans that consider factors beyond traditional credit scores.

Key Features and Benefits

MPOWER Financing’s student loans come with a range of features and benefits that set them apart:

  1. No Cosigner Required: One of the standout features of MPOWER loans is that they don’t require a cosigner, which can be a significant relief for international students who may struggle to find a suitable cosigner.
  2. Focus on Potential: MPOWER evaluates applicants based on their future earning potential, academic performance, and career prospects, rather than relying solely on credit history.
  3. Flexible Repayment Plans: MPOWER offers flexible repayment plans, including interest-only payments during school and a grace period post-graduation before full repayment begins.
  4. International Student Support: MPOWER provides additional resources and support for international students, helping them navigate their educational journey and build a strong financial foundation.
  5. No Prepayment Penalty: Borrowers can make early payments or pay off their loans without facing any prepayment penalties.

Application Process and Eligibility

Applying for an MPOWER Financing student loan is a straightforward process:

  1. Complete Application: Start by submitting an online application with essential personal, academic, and financial information.
  2. Loan Offer and Review: Once your application is reviewed, you’ll receive a loan offer outlining the terms, interest rates, and repayment options.
  3. Provide Documentation: MPOWER may request additional documentation to verify your information, such as proof of enrollment and income.
  4. Loan Approval: After thorough review, MPOWER will approve your loan and provide final terms.
  5. Loan Disbursement: Once you accept the loan terms, the funds will be disbursed directly to your educational institution to cover tuition and other approved expenses.

Pros and cons of MPOWER student loans

MPOWER student loans can be a great alternative to help you cover the costs of college when other types of financial aid fall short. Still, it’s important to weigh the pros and cons before you apply to ensure this is the best option for you.


  • Open to noncitizens without a co-signer. Most lenders issue loans exclusively to U.S. citizens or permanent residents. MPOWER focuses on international students and DACA students — and doesn’t require students to have a co-signer, collateral or credit history to be approved for a loan.
  • Generous rate discounts. MPOWER offers rate discounts up to 1.5 percent for graduate and undergraduate loans and up to 1 percent for student loan refinancing.
  • Multiple currencies supported. Although you will be charged a fee for currency exchange, you can repay your loans using your local currency if you’re living abroad.
  • Apply in advance. MPOWER allows you to apply for a loan up to 12 months prior to your start date.

Plenty of resources available. There is a dedicated team that assists international students with their visa process in addition to career support for those looking to find a job in the U.S. MPOWER also sponsors a variety of scholarships of up to $10,000 to help students reduce their borrowing costs

Considerations and Responsible Borrowing

While MPOWER Financing offers a promising solution for international students, responsible borrowing remains essential:

  1. Understand Terms: Thoroughly understand the loan terms, interest rates, and repayment plans before accepting the loan.
  2. Plan for Repayment: Consider how you will manage loan repayment after graduation. Explore potential job prospects and income opportunities in your field.
  3. Explore All Avenues: While MPOWER provides a no-cosigner option, explore other financial aid options, scholarships, and grants available to international students.

POWER student loan requirements

To apply for MPOWER’s private student loans, you must:

  • Be admitted to or enrolled in one of the U.S. schools supported by MPOWER.
  • Be within two years of your expected graduation date.
  • Be enrolled in a degree-seeking program.
  • Be a citizen of one of MPOWER’s approved countries.
  • Reside in the U.S. while completing the program.

To apply for a student loan refinance, you must:

  • Be a college graduate.
  • Have worked in the U.S. for at least three months.
  • Have a valid visa or be a DACA recipient, U.S. citizen, refugee or asylum-seeker.

Student Loans Offered by MPOWER Financing

Undergraduate Student Loans

If you’re a U.S. citizen, DACA recipient, refugee, asylum seeker, or international student, you may be able to get approved for an undergraduate loan with MPOWER.1 All loans come with an upfront origination fee, which is added to your balance. Note that international students will pay higher interest rates. You can only borrow up to $50,000 per academic term, but you can apply for multiple terms at the same time and qualify for up to $100,000 in total loans.

Terms for Undergraduate Loans
Fixed APR 15.01%
Loan Amounts $2,001–$100,000
Loan Terms 10 years

Graduate Student Loans

Graduate students, including U.S. citizens, DACA recipients, refugees, asylum seekers, and international students, can take advantage of lower interest rates compared to MPOWER’s undergraduate loans.1 However, there’s still an origination fee, and international students will pay higher rates. Once again, you can only borrow up to $50,000 per academic term, but you can apply for multiple terms at the same time and qualify for up to $100,000 in total loans.10

Terms for Graduate Loans
Fixed APR 13.98%
Loan Amounts $2,001–$100,000
Loan Terms 10 years

Refinance Student Loans

If you’ve already graduated, you can refinance existing student loans with an MPOWER refinance loan, and that includes loans obtained in other countries. There’s a lower origination fee compared to in-school loans, and the interest rate doesn’t change for international borrowers.

Terms for Refinance Loans
Fixed APR 12.95%
Loan Amounts $2,001–$100,000
Loan Terms 10 years


Interest rates and terms

MPOWER has three discounts of 0.5 percent each:

  • Signing up for automatic payments
  • Making six consecutive payments with autopay
  • Submitting proof of graduation and employment
Its advertised rates reflect these discounts. However, only discounts for autopay are available for student loan refinancing.
Loan product Variable rate Fixed rate
Undergraduate student loans N/A 9.56% to 13.63% APR
Graduate student loans N/A 7.52% to 11.59% APR
Student loan refinancing N/A 7.44% APR

Fees and penalties

MPOWER has an origination fee of 5 percent for graduate and undergraduate student loans. If you refinance a previous student loan, there is a smaller origination fee of 2 percent.

There is also a late payment fee and a returned check fee, although the costs for these are not specified.

Loan Eligibility and Approval

Unlike many private student loan companies, MPOWER Financing doesn’t require a credit score or history to approve your application. If you have a credit file in the U.S., Canada, or your home country, the lender will review it, but only to evaluate your payment history—your credit score won’t be factored into MPOWER’s decision.5

With that said, MPOWER Financing loans are available to students at select schools in the U.S. (all 50 states and D.C.) and Canada. If you’re not attending an eligible school, you’ll need to find another lender. Check MPOWER’s list of supported schools to see if you’re eligible.9

Other eligibility requirements and limitations include:

  • You can get approved if you’re a U.S. citizen, permanent resident, DACA recipient, asylum seeker, refugee, or visa holder.
  • You must be a student—parent loans aren’t available.
  • You’ll need to maintain half-time enrollment at an eligible school.
  • You must be the age of majority in your state of residence.
  • You need to be in your last two years of school or just starting a one- or two-year program.1
  • MPOWER’s in-school loans are not available for Canadian residents studying in Canada. Additionally, Canadian citizens and permanent residents are not eligible for the lender’s refinance loans.3

Are Co-Signers Required?

MPOWER Financing does not require a co-signer to get approved for a loan

While co-signers aren’t required, students with a creditworthy co-signer could get better terms with a different lender.

Is Loan Pre-Qualification Available?

MPOWER does offer loan pre-qualification, but not in the same way other private lenders do. Instead of a short pre-qualification application, MPOWER requires you to fill out a full application. If you’re pre-qualified based on the information you provide, then the lender will run a credit check in the U.S. or Canada and your home country, if applicable.1112

How To Apply For A Loan With Mpower

The application process is done 100 percent online and takes about 30 minutes to complete.

To apply, you’ll need the following:

  1. Two valid photo IDs (passport, driver’s license, national ID, voter’s ID or another government-issued photo ID).
  2. A copy of your CV.
  3. Proof of home country address (bank statements, a letter from the university, utility bills, signed lease agreement, etc.).
  4. Standardized test scores or a waiver from your university if none is required.
  5. English proficiency test scores or a waiver from your university if none is required.
  6. Letter of acceptance or past transcripts.
  7. Estimated cost of attendance (this can be a screenshot from your school’s website).
  8. Proof of DACA status (if applicable).

Once you fill out the application, you’ll receive a conditional offer within three business days. Then you’ll have three additional days to upload copies of the documents listed above in MPOWER’s website for a final review.

If your application is approved, MPOWER will send the documents over to your school for certification, after which the money will be disbursed. This last part is dependent on your school and can take anywhere from two to 10 weeks.

Length of Time for Loan Approval and Disbursement

For in-school loans, it takes roughly 30 minutes to fill out the application. After that, the timeline can vary depending on the student. The lender disburses funds directly to your school.

For refinance loans, it takes less than 30 minutes to complete your application. After reviewing it, MPOWER will send you an email with the next steps within two or three business days. At that point, you’ll undergo a credit check, provide the necessary documentation, watch an introductory video, and complete a short assessment.

Once you’ve completed that step, MPOWER will take another five to seven business days to perform a final review. After you’re approved and agree to the terms, there’s a four-day rescission period, and then it usually takes three to five business days to pay off your existing loans.

Loan Fees and Repayment Options

Loan Fees

MPOWER Financing charges an upfront 5% origination fee on in-school loans and 2% on refinance loans. Instead of deducting it from your loan proceeds, however, the lender adds it to your balance.78

There’s also a late fee of 4% of the unpaid amount or $5, whichever is less, and if you have a returned payment, the fee is $5.

Loan Discounts

MPOWER Financing offers three interest rate discounts, which can add up to 1.5% in total discounts:

  • Autopay: You’ll get a 0.50% discount if you set up automatic payments from a U.S. bank account.
  • On-time payments: You can get a 0.50% discount once you’ve made six consecutive on-time payments through automatic withdrawals.
  • Graduation: You’ll get a 0.50% discount once you provide proof of graduation and full-time employment.

Refinance loans do not qualify for the graduation discount.

Repayment Options

MPOWER Financing only offers one repayment option, aside from full interest and principal payments. For in-school loans, students must make interest-only payments while they’re in school and during the six-month grace period after graduation. Once you enter full repayment, your term will be 10 years.4

For refinance loans, full repayment begins immediately, and your only option is 10 years.

Loan Forbearance and Discharge Options

MPOWER Financing doesn’t disclose specific forbearance options publicly but says it’s willing to help borrowers who are struggling with their payments. Contact the lender to learn about your options.14

The lender also doesn’t provide details about whether it offers discharge if the borrower dies or becomes permanently disabled.

Is Student Loan Refinancing Available?

As mentioned above, MPOWER Financing offers refinance loans for U.S.-based and international student loans, up to $100,00.16

Customer Service

Loans are originated by MPOWER or its partner Bank of Lake Mills.15 If you have questions about MPOWER Financing, you can submit your information online and request an email response or phone call. Alternatively, you can call (202) 417-3800. The lender doesn’t disclose its operating hours, however.

The Consumer Financial Protection Bureau did not receive complaints about MPOWER Financing in 2021. It has an average rating of 4.6 out of 5 stars over more than 1,000 customer reviews on Trustpilot.

Alternative Choices

MPOWER Earnest  Discover
Loan Types Offered Undergraduate; graduate Undergraduate; graduate; parent; medical Undergraduate; graduate; parent; professional
Undergraduate Fixed APR 13.98% or 15.01% (before discounts) 4.42%–14.90% 4.49%–14.99%
Undergraduate Variable APR N/A 5.73%–16.20% 6.37%–16.62%
Origination/Administrative Fee 5% for school loans; 2% for refinances None None
Repayment Options Interest-only; full payment Deferment; fixed; interest-only; full payment Deferment; fixed; interest-only; full payment
Refinancing Available Yes Yes Yes


MPOWER Financing’s student loans provide a lifeline to international students aspiring to study in the United States and Canada. By considering factors beyond traditional credit scores, offering flexible repayment options, and providing a supportive community for international students, MPOWER Financing addresses the unique challenges faced by global learners.

As you navigate the path of higher education, carefully review the terms of the loan, explore your financial aid options, and make an informed decision that aligns with your academic goals and future financial success. MPOWER Financing’s commitment to empowering international students serves as a testament to the importance of accessible and inclusive education.

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