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MPower Financing Lender Review

Updated on 28th August 2024

* Editorial Note: At 8B Education Investments, our mission is to provide clear, reliable guidance to help African students make informed decisions about their education financing. While we may receive compensation from our lending partners, our evaluations and opinions are independently crafted.

Our Verdict

MPower Financing is a solid option for international students who need a loan without a co-signer. Their fixed rates, combined with additional resources like scholarships and career support, make them a well-rounded choice for students seeking financial assistance for their education.

Pros

  • No co-signer or collateral needed
  • Fixed interest rates provide repayment predictability
  • Available to both international and DACA students
  • Additional resources such as scholarships and career support

Cons

  • Limited to students attending specific U.S. and Canadian institutions
  • Loan amounts might not fully cover tuition and living expenses for some students

MPower Financing Overview

Who Are They?

MPower Financing offers student loans specifically designed for international and DACA students who are studying in the U.S. or Canada. They aim to bridge the financial gap for students who might not qualify for traditional loans due to the lack of a U.S. co-signer or credit history.

Key Features


  • No Co-Signer Required

    MPower Financing does not require a co-signer, making it accessible to international students who may not have a strong financial network in the U.S. or Canada.


  • Fixed Interest Rates

    MPower offers fixed interest rates, providing certainty about your repayment amounts throughout the life of the loan.


  • Scholarships Available

    In addition to loans, MPower provides access to scholarships designed to further support international students.


  • Support Beyond Loans

    MPower offers career support services, helping students navigate post-graduation job searches, which can be crucial for staying on top of loan repayments.

Eligibility

Who Can Apply?

International students studying in the U.S. or Canada. MPower Financing does not require a U.S. credit history, co-signer, or collateral, making it a viable option for students who might not qualify for traditional loans.

Application Process

The process is fully online, with initial approval decisions often provided quickly. Final approval requires additional documentation and review.

Repayment Options

  • Grace Period: Repayment begins 6 months after graduation or upon leaving school.

  • Early Repayment: MPower allows for early repayment without penalties, which can help reduce overall interest costs.

  • Fixed Payments: With fixed interest rates, your monthly payments remain consistent, making it easier to budget.

How It Works


  • Step 1:

    Apply online by providing your academic and financial information.


  • Step 2:

    Receive a preliminary loan offer based on your eligibility and the information provided.


  • Step 3:

    Submit additional required documentation for final approval.


  • Step 4:

    Upon approval, the loan is disbursed directly to your school for tuition, with any remaining amount sent to you for living expenses.

Final Thoughts

MPower Financing is a solid option for international students who need a loan without a co-signer. Their fixed rates, combined with additional resources like scholarships and career support, make them a well-rounded choice for students seeking financial assistance for their education.

Apply with MPower

You’ll be redirected to the official MPower website to complete your application. If you have any questions or need assistance, we're here to help!

Frequently Asked Questions

Yes, MPower offers loans to students who are already enrolled in their programs.

MPower provides career support services to help you secure employment, but it’s important to reach out to them if you anticipate challenges in making payments.