Find the Best Student Loans for You

MPower Financing has student loan options for undergraduate and graduate degree programs. You may be eligible to refinance your loan if you have graduated and worked in the U.S. or Canada for at least three months.

Applying for an MPower loan starts with checking whether your school and your program are eligible. Then you will complete and submit an initial application and a valid photo ID online. You could receive a conditional offer either immediately or within three business days.

If you get a conditional offer, the lender will ask you to watch a video, complete an assessment and upload documents. MPower Financing verifies these documents for loan approval, which can take up to three business days, and provides a visa support letter if necessary. Lastly, the lender certifies costs and then disburses funds to your school, a timeline that can stretch up to 10 weeks.

If you qualify to refinance a loan, your APR with all discounts will be fixed at 7.99%. You can borrow the same $2,001 minimum and $100,000 lifetime amount and then repay it over 10 years. A 2% origination fee will be added to the loan amount, plus international borrowers pay a foreign currency exchange rate fee and a premium conversion charge.

Borrowers can qualify for three interest rate discounts of a half percentage point each by:

  • Signing up for autopay. You will receive the rate discount as long as you remain enrolled.
  • Making consistent payments. Your rate will drop another half percentage point after you make six consecutive full payments with autopay.
  • Keeping a full-time job. After you graduate and start working a full-time, salaried job, you can get one more half percentage point discount.

MPower Financing doesn’t require a credit history, co-signer or collateral. Instead, the lender considers your academic success and career path to determine your creditworthiness.

International students, DACA recipients, refugees or asylum-seekers are eligible to apply. Undergraduate or graduate students must be starting a one- or two-year program or within two years of earning a degree at one of more than 400 schools in the U.S. or Canada. Graduates who have worked in the U.S. or Canada for at least three months may be eligible for refinancing.

If you have a credit history in the U.S. or your home country, the lender will verify your record and look for delinquencies, collections or tax liens. These are important factors considered during MPower Financing’s credit review.

Borrowers can contact customer service by chat, email or phone.

The lender recommends reaching out by email before calling because of high volume. You can reach MPower Financing at 202-417-3800 in the U.S. or 647-503-4607 in Canada, and borrowers from India and Nigeria should contact the U.S. number or request a callback online.

Borrowers can access digital tools for tasks such as setting up autopay, uploading documents and checking basic loan eligibility. You can apply for a loan, search and apply for scholarships, and use loan calculators to estimate payments on the lender’s website.

The MPower dashboard allows you to arrange loan payments and to view your monthly payments and due dates, as well as your loan servicer’s information.

MPower Financing provides a Support Center with answers to FAQs on topics such as applying for a loan, refinancing and repaying a loan. The lender also offers immigration, career, financial empowerment and other resources for students.

MPower Financing doesn’t provide any details about discharge options.

  • International students, DACA recipients, refugees and asylum-seekers.
  • Students who need to borrow without a credit check or co-signer.
  • Students starting a one- or two-year program or who are within two years of graduating.

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By Richard

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