MPOWER Financing – MPOWER Financing Student Loans

This serves students who want to study in North America and beyond. Remember it has not been easy to find student loan lenders to support students willing to study in North America and this is profuse when the candidate is not a citizen or even a permanent resident. MPOWER Financing is a platform that deploys a funding solution for students all over the globe. They make loans available to borrowers studying in the U.S. or Canada without employing cosigners or credit check.

Moreover, not all student is qualified for the MPOWER Financing, couple with strict loan limits. This is why you should be sure of the loan and how it works before you can apply so that you can know your eligibility level.

MPOWER Financing - MPOWER Financing Student Loans

WHAT YOU SHOULD KNOW

  • Firstly, do you know that loans are obtainable in MPOWER Financing without credit check requirements? The issue of checking credits of the borrower is common among private lenders but there is no credit check for MPOWER before you can qualify for a loan.
  • Secondly, it is an international lender made available for an international student even without a cosigner. More of private lenders will require a cosigner either as a citizen or someone who is a resident of the U.S. But with MPOWER Financing, no call for cosigner as a qualification strategy.
  • Also, the promise of interest rate discount. There are multiple interest rate discounts such as automatic payment discounts, on-time payment discounts, and graduation and employment discounts. It cost for discount to reduce your interest by a rate of 1.5%. Sign up for automatic payment discounts for 0.50%, on-time payment has the same 0.50%, and the graduation and employment discount by a rate of 0.50%, making it a total of 1.5% interest rate discount.
  • Fourthly, do you know that origination fees are paid? MPOWER Financing allows a 5% origination fee charged, it will be added to your loan balance and paid over the loan’s repayment term.
  • Furthermore, do you also know you’ve got one repayment option? Having one repayment plan is the downside of MPOWER because other lenders give room for multiple plans and loan terms upon the high interest.
  • Then, it has a low loan maximum. Students can borrow $25,000 per year and %50,000 lifetime limit.
  • Finally, It is a loan with high-interest rates. Interest in MPOWER Financing is significantly high.
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Student Loans offered by MPOWER Financing

MPOWER Financing student loans are fashioned for U.S citizens, international students, and Deferred Action for Childhood Arrivals students. You can pay interest-only while you’re in school and for six months after graduation. You are left for just 10 years loan term with full interest and principal payments completed.

U.S. Citizen, Permanent Resident, and DACA undergraduate student Loans

U.S. citizens, permanent residents, and DACA students after bachelor’s degrees are eligible for undergraduate loans of MPOWER Financing, with multiple loan discounts.  However, there is no prepayment penalty. Check out the box for loan terms and rates for this category.

LOAN TERMS FOR DOMESTIC UNDERGRADUATE LOANS
Fixed Rates9.99% (10.91% APR)
Loan Amounts$2,001 to $25,000
Loan Terms10 years

U.S. Citizen, Permanent Resident, and DACA Graduate Student Loans

This loan option is for graduate students in the range of leaving school. So U.S citizens, permanent residents, and DACA students are entitled to enjoy the below range of terms and rates. This has the lowest interest rates among all other loans offered in MPOWER Refinancing.

So the below box will show the loan terms for domestic graduate loans.

LOAN TERMS FOR DOMESTIC GRADUATE LOANS

Fixed Rates7.99% (8.89% APR)
Loan Amounts$2,001 to $25,000
Loan Terms10 years

 

International Student Undergraduate Loans

International students with two years of graduation may be eligible for an undergraduate student loan. You must be admitted already before applying or attending one of the MPOWER Financing’s partner schools in the United States.

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LOAN TERMS FOR INTERNATIONAL UNDERGRADUATE STUDENTS

Fixed Rates13.99% (14.98% APR)
Loan Amounts$2,001 to $25,000
Loan Terms10 years

 

International Graduate School Loans

Students enrolled in a program with less than two years of graduation can qualify for MPOWER international graduate school loans. There is room for multiple interest rate discounts and no prepayment penalties when you pay off t the loan early.

LOAN TERMS FOR INTERNATIONAL GRADUATE STUDENTS

Fixed Rates11.99% (12.94% APR)
Loan Amounts$2,001 to $25,000
Loan Terms10 years

 

Verdict

  • Firstly, You can obtain eligibility by enrolling in a school in the U.S or Canada where MPOWER Financing supports.
  • Secondly, Students within two years of graduating from your program can easily enroll for financial assistance from MPOWER.
  • Also, If you must apply for assistance from MPOWER, you must reside in the U.S. or Canada while you are in school.
  • Finally, Once you are not a citizen of a restricted country or subject to individual sanctions are eligible for a loan.

Contact the customer service

United States: 202-417-3800

Canada: 647-503-4607

India: 91-974-099-3115

How to Apply for MPOWER Financing Student Loan

  • Provide the list of school expenses involved such as tuition, housing, and textbooks.
  • Résumé or CV ( optional for undergraduates )
  • Standardized test scores (for graduate students)
  • English proficiency exam scores
  • College admissions letter
  • Past transcripts or diploma
  • Passport
  • Secondary photo ID (from your home country)
  • Supporting evidence of funds e.g. bank statements

Before now ensure that you have to fill out the free application for federal student aid and exhaust all federal, state, and institutional aid before finding private student loans as an alternative.

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