International undergraduate and graduate students within two years of graduating or about to enter a one or two-year program at one of the 350+ approved schools in the United States or Canada are eligible for MPOWER private student loans.
The best lender for international students, MPOWER offers loans and scholarships to more than 190 nationalities. MPOWER also provides free visa support letters and exclusive career strategy services.
Students are expected to make interest-only payments while in school for the first six months and for six months after graduating. After this period, borrowers make full repayments (including interest and principal) until the debt is paid. While there are no application or prepayment fees, each loan comes with a 5% origination cost.
International Student Qualifications
Although MPOWER Financing is committed to providing loans from students around the world, certain restrictions prevent them from lending to citizens of a small number of countries. To see if you are eligible to apply, check your eligibility here.
Currently, the lender offers loans to students from more than 190 countries. To qualify, international students have to attend one of the approved schools in the US or Canada.
Eligible programs: Bachelor’s, Masters, Doctorates, PhD, MBA, JD, DDS, Post-Graduate Dental Certificates, LL.M, Harvard Business School’s Online CORe
Ineligible programs include: Certificates/Licenses – except for Post-Graduate Dental Certificates, English Language Prerequisites, Exam Prep, Boot camps—except for CORe, Pilot Training
To qualify for a loan, you must be accepted to an eligible program at one of the approved schools. Online programs are eligible if you are residing in the country of the school while completing the program.
Note: Students must be within 2 years of graduation. For instance, if you are pursuing a 4-year Bachelor’s degree, you’ll only be eligible in your last 2 years.
Eligibility Requirements
To qualify for an MPower Financing student loan you must:
- Be enrolled or admitted at one of the 350 approved schools in the U.S. or Canada
- International students must be enrolled in a one or two-year program or within two years of graduation.
- International students are not required to have a cosigner or run a credit check.
- Not be a citizen of a restricted country or subject to individual sanctions.
International Student Loans From MPower Financing
Here are some features of MPower Financing loans to consider as you do your research.
- Loan Amounts: $2,000–$100,000
- Repayment Terms: 10 years
- Application or origination fees: 5%
- Late fees: 4% of the unpaid amount or $5, whichever is less
- Cosigner requirements: Not required
- Repayment options: Only one available
- Discounts: You can reduce your interest rate by 1.5% if you take advantage of all 3 discounts available
- Loan Refinancing: Available
- Forbearance: If experiencing financial hardship, borrowers can call customer service to discuss options
- Loan discharge: Sallie Mae will discharge (waive) loan balance if a borrower becomes permanently and totally disabled.
Types of International Student Loans Offered by
- International Student Undergraduate Loans: Fixed rates of 13.99% (14.98% APR)
- International Graduate School Loans: Fixed rates of 11.99% (12.94% APR)
- U.S. Citizen, Permanent Resident, and DACA Undergraduate Student Loans: Fixed rates of 9.99% (10.91% APR)
- U.S. Citizen, Permanent Resident, and DACA Graduate Student Loans: Fixed rates of 7.99% (8.89% APR)
Best Features of MPOWER Student Loans
- Accessible to international students without a cosigner
- Doesn’t require credit check, making it accessible to students without credit
- Provides free visa support letters for international students
- Multiple interest rate discounts available including automatic payment discount, on-time payment discount, and graduation and employment discounts. You can reduce your interest rate by 1.5% in total
Repayment Options
MPOWER Financing offers only one repayment option for borrowers. In the period while in school and during the first 6 months after graduation—your grace period—you’re expected to make interest-only payments on your loan. Once the grace period ends, your 10-year repayment term commences, and you have to start repaying the interest and principal.
Discounts
If you apply for a student loan from MPOWER Financing, you can qualify these discounts:
- Interest rate reduction by 0.50% for automatic payments.
- Interest rate reduction by 0.50% for six monthly on-time payments with automatic payments
- Interest rate reduction by 0.50% for proof of graduation and employment
You can reduce your interest rate by 1.5% if you take advantage of all 3 discounts.
Rewards
MPOWER Financing has a referral program. If you refer friends, through MPOWER Financing’s referral program, and they’re successful in their loan application, you may qualify for cash bonuses, airline tickets, cruises, and merchandise. The referrals must mention you on their application.
How to Apply for an MPOWER Financing Student Loan
To complete the MPOWER student loan application, you need the following information:
- List of school expenses (such as tuition, housing, and textbooks)
- Standardized test scores (for graduate students)
- Resume or CV (for graduate students)
- English proficiency exam scores
- Past transcripts or diploma
- College admissions letter
- Supporting evidence of funds (such as bank statements or pay stubs)
- Passport
- Secondary photo ID (from your home country)
- References (such as family or friends)
The application process takes about 30 minutes to complete. Once you’ve submitted all the required documents and information, MPOWER Financing will review your application. If your application is successful, MPOWER Financing will work with your school to certify the loan. It takes up to six weeks for student loans to be disbursed.
