We enable high-promise global citizens to further their academic and financial aspirations because we believe that socio-economic mobility should be borderless. To accomplish this mission, MPOWER works with investors and universities to lend to students coming from all parts of the globe. What makes us unique is our fixed-rate loans do not require a co-signer, collateral, or a U.S. credit history. We also offer interest rate discounts, visa support letters, and loans that range from $2,001 - $100,000 USD. And our $5,000 Global Citizen Scholarship is open to any international student accepted at one of MPOWER's 350+ partner schools. Neat, right? Let me tell you a bit more. Here’s our quick pitch to international and DACA students seeking financial support for school.
MPOWER student loans believe socioeconomic mobility should be borderless. Higher education is key to this mobility but, unfortunately, millions of students struggle to get into or through school due to financial constraints. They are expanding the U.S. and Canadian higher education market to serve more of the planet’s highest-potential individuals, regardless of income, family background, or gender. In the process, they’re enabling tomorrow’s doctors, lawyers, scientists, engineers, and business and government leaders to realize their full potential and make powerful contributions to the U.S. and Canadian economies–as well as emerging markets around the world.
MPOWER student loans have student loans for international students, U.S. citizens, and Deferred Action for Childhood Arrivals (DACA) students. They require interest-only payments while you’re in school and for 6 months after graduation, after which you’ll have a 10-year loan term with full interest plus principal payments. Interest rates vary by loan type.
Features Of MPOWER Financing Abroad Education Loan
| Sr. No | Features | Education Loan Details |
|---|---|---|
| 1 | Loan amount | Minimum Loan Amount - $2,001 Maximum Loan Amount - $100,000 (lifetime limit and $50K per academic term) |
| 2 | Margin money | Nil |
| 3 | Interest rate | The Mpower student loan interest rate starts at 11.99%; however, it is likely for the interest rates to change based on multiple factors. Students who use Mpower Financing benefit from competitive interest rates in addition to its flexible repayment terms and easy application process. |
| 4 | Processing fee | 5.0% onwards It's a loan origination fee that is charged only on the disbursed amount and it's fixed at 5% |
| 5 | Processing time | Depends on student profile. |
| 6 | Loan tenure | 10 Years |
| 7 | Prepayment charges | None |
| 8 | Countries covered | USA, Canada |
Benefits of MPOWER Financing Abroad Education Loan
Fixed interest rates with flexible loan amounts
($2,001 to $100,000 USD total) that can cover tuition, school supplies, and living expenses for future semesters or past due balances.
No requirement for a cosigner, collateral, or credit history
Supports all majors and degrees.
6-month post-graduation grace period
Enjoy interest-only payments while in school and during the 6-month post-graduation grace period.
Earn up to 1.50% on your interest rate
Earn up to 1.50% off your interest rate and build your U.S. credit history to bridge your way to future financing.
No prepayment penalties
Repay your loan online in any currency or location around the world, plus no prepayment penalties if you want to pay your loan off early.
Benefits Of Getting Your MPOWER Financing Abroad Education Loan Through AfriCred
Higher Chance Of Approval
By applying for your education loan through AfriCred, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With AfriCred, we will immediately reach out to the Education Loan officials and find the best solution.
Online Service
With AfriCred, there’s no need to visit the branch to submit your documents. Simply visit the AfriCred website and upload your documents from the comfort of your home. You can also enjoy step-wise updates via notifications.
No Cost To You
All our education loan services are completely free of cost.
Quicker Sanctions
Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 7 Business days.
Eligibility Criteria For MPOWER Financing Abroad Education Loan
| Sr. No | Type | Requirement |
|---|---|---|
| 1 | Eligibility- | 1. You must currently be admitted to or enrolled in a school in the U.S. or Canada that MPOWER student loans support. 2. You must be within two years of graduating from your program. For example: if your anticipated graduation date is May 2022, then your program must have started in May 2020 or later. 3. You can apply as far as 12 months prior to your program’s start date. 4. You must reside in the country of your program (the U.S. or Canada) while you’re in school. 5. Your program must be degree-seeking. |
| 2 | Eligible Countries For Mpower Education Loan | The eligible countries for Mpower Financing student loan are listed below. These are the prime destinations where students choose to study abroad. Check them out! 1. USA 2. Canada |
Documents Required for MPOWER Financing Abroad Education Loan
| Sr. No | Type | Documents Required |
|---|---|---|
| 1 | International Student: | 1. Resume or CV 2. Proof of home country address 3. Standardized test scores (GRE, GMAT, LSAT, MCAT, NBDE) 4. English proficiency exam scores (TOEFL / IELTS) or waiver from university 5. Admission letter 6. Past transcripts and/or diplomas from previous universities 7. Estimated cost of attendance or program financial summary 8. Passport 9. Secondary photo ID from your home country; this is in addition to your passport 10. Supporting evidence for the funds you listed in your application 11. MPOWER student loans video and quiz (please click this link to watch the video and take the quiz) 12. References 13. If you already have your I-20 letter of acceptance for the applicants in Canadian schools. - I-20 (first two pages) / Letter of Acceptance (Canada) 14. If you already have your US/Canadian Visa: - Visa on your passport page 15. If you are already in the US/Canada: - Proof of US/Canadian address 16. If you are already attending classes: -School invoice dated within the last 30 days -Current transcripts (unofficial is acceptable) 17. If you have any debt: -Copy of any existing debt 18. If someone will be supporting you financially -Have them fill out our letter of financial support and include evidence 19. Optional -Paystub or previous salary evidence |
| 2 | DACA Student: | 1. Resume or CV 2. Proof of DACA Status 3. Standardized test scores (GRE, GMAT, LSAT, MCAT, NBDE) 4. English proficiency exam scores (TOEFL / IELTS) or waiver from university 5. Admission letter 6. Past transcripts and/or diplomas from previous universities 7. Estimated cost of attendance or program financial summary 8. Secondary photo ID from your home country; this is in addition to your passport 9. Supporting evidence for the funds you listed in your application 10. MPOWER student loans video and quiz (please click this link to watch the video and take the quiz) 11. References 12. If you are already attending class- -School invoice dated within the last 30 days -Current transcripts (unofficial is acceptable) 13. If you have any debt- -Copy of any existing debt 14. If someone will be supporting you financially- -Have them fill out our letter of financial support and include evidence 15. Optional -Paystub or previous salary evidence |
| 3 | Domestic Student: | 1. Resume or CV 2. Proof of US address 3. Standardized test scores (GRE, GMAT, LSAT, MCAT, NBDE) 4. English proficiency exam scores (TOEFL / IELTS) or waiver from university 5. Admission letter 6. Past transcripts and/or diplomas from previous universities 7. Estimated cost of attendance or program financial summary 8. Birth certificate or Passport 9. Secondary ID 10. Supporting evidence for the funds you listed in your application 11. MPOWER student loans video and quiz (please click this link to watch the video and take the quiz) 12. References 13. If you are already attending class- -School invoice dated within the last 30 days -Current transcripts (unofficial is acceptable) 14. If you have any debt- -Copy of any existing debt 15. If someone will be supporting you financially- -Have them fill out our letter of financial support and include evidence 16. Optional -Paystub or previous salary evidence |
Loan Repayment For MPOWER Financing
- You will be ready to finance off your home mortgage and discharge your cosigner and collateral when you refinance your MPOWER student loans.
- Waive off your student debt from a bank in the United States or abroad.
- Benefit from cheaper, more convenient payments while building your credit history in the United States.
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