20 Facts About MPOWER Financing

What is MPOWER Financing?

MPOWER Financing is a public benefit corporation that provides student loans to international and DACA students. They aim to make education accessible to students who might not qualify for traditional loans.

1. Founded in 2014: MPOWER Financing was established by Manu Smadja and Michael Davis, who were inspired by their own experiences as international students.

2. Headquarters in Washington, D.C.: The company operates from the U.S. capital, making it accessible to many educational institutions.

3. No Cosigner Required: Unlike many traditional loans, MPOWER Financing does not require a cosigner, making it easier for international students to secure funding.

4. Loans for Over 350 Schools: MPOWER Financing offers loans to students attending more than 350 schools across the U.S. and Canada.

How MPOWER Financing Works

Understanding how MPOWER Financing operates can help students navigate their loan options more effectively.

5. Fixed Interest Rates: MPOWER Financing provides loans with fixed interest rates, which means the rate remains the same throughout the loan term.

6. Loan Amounts: Students can borrow up to $50,000 per academic period, with a maximum aggregate loan limit of $100,000.

7. Grace Period: There is a six-month grace period after graduation before students need to start repaying their loans.

8. Interest-Only Payments: While in school, students are required to make interest-only payments, which helps manage the overall debt.

Benefits of MPOWER Financing

MPOWER Financing offers several benefits that make it an attractive option for students.

9. Scholarship Opportunities: MPOWER Financing provides various scholarships to help reduce the financial burden on students.

10. Career Support: The company offers career support services, including job search assistance and resume reviews.

11. No Prepayment Penalties: Students can repay their loans early without any penalties, allowing them to save on interest.

12. Credit Building: By making regular payments, students can build their credit history in the U.S., which can be beneficial for future financial endeavors.

Eligibility Criteria

Knowing the eligibility criteria can help students determine if MPOWER Financing is the right fit for them.

13. International and DACA Students: MPOWER Financing specifically caters to international and DACA students who may not qualify for traditional loans.

14. Enrollment in Eligible Schools: Students must be enrolled in one of the 350+ eligible schools in the U.S. or Canada.

15. Undergraduate and Graduate Programs: Loans are available for both undergraduate and graduate programs, providing flexibility for students at different educational levels.

Application Process

The application process for MPOWER Financing is straightforward and designed to be student-friendly.

16. Online Application: Students can apply for loans online, making the process convenient and accessible.

17. No Collateral Required: MPOWER Financing does not require any collateral, simplifying the application process.

18. Quick Approval: The company offers quick approval times, often within a few days, so students can secure funding promptly.

19. Document Submission: Applicants need to submit various documents, including proof of enrollment and identification, to complete the application.

20. Loan Disbursement: Once approved, the loan amount is disbursed directly to the school, ensuring that funds are used for educational expenses.

Final Thoughts on MPOWER Financing

MPOWER Financing offers a lifeline for international students. With no cosigner or collateral required, it opens doors for many who might otherwise struggle. Their loans cover tuition, housing, and other expenses, making it easier to focus on studies. Plus, their interest rates are competitive, and they offer flexible repayment options.

MPOWER also provides career support, helping students land jobs post-graduation. This holistic approach sets them apart from traditional lenders. Their commitment to social impact is evident through their scholarships and partnerships with various organizations.

In short, MPOWER Financing is more than just a lender; it's a partner in your educational journey. If you're an international student looking for financial support, MPOWER could be the right choice. Consider all your options, but don't overlook the unique benefits MPOWER offers.