What is MPOWER Financing/Loan

MPOWER Financing is a financial technology (fintech) company that specializes in providing loans and financial services to international students studying in the United States and Canada. The company focuses on helping students from emerging markets who may face challenges in obtaining traditional loans due to a lack of credit history or collateral.

Each year, close to a million international students choose to pursue their education in the United States. For these students, managing finances becomes a crucial aspect of their academic journey away from their home countries. Balancing the financial responsibilities while adapting to the challenges of living in a new country can be demanding.

To fund their education, students often rely on a combination of scholarships/grants, loans, and personal funds. The initial step involves exploring available scholarships and grants, which, unlike loans, do not require repayment post-graduation (though certain conditions for acceptance may apply). Effectively tracking awarded scholarships may demand some time, so it’s essential to maintain organization, perhaps by using a spreadsheet.

In addition to scholarships and grants, international students can consider private student loans. Although these loans necessitate repayment, they serve as a valuable resource for covering educational expenses. It’s important to verify eligibility with private student loan lenders, as U.S. Federal loans are not accessible to international students.

These loans not only assist in covering tuition and fees but also provide financial support for living expenses, such as room and board or off-campus housing rent, when studying in the U.S. MPOWER goes beyond by offering additional support, including visa assistance, career advice, and more.

Unlike many lenders that mandate international students to have a cosigner, MPOWER stands out by not requiring one. Typically, lenders may demand a cosigner with good or excellent credit who is also a U.S. citizen or permanent resident. While having a cosigner can increase your chances of qualifying for a private student loan, it comes with the risk that if you struggle with payments, both your credit score and your cosigner’s credit score may suffer. With an MPOWER loan, however, you can secure financial assistance without the need for a cosigner, and there’s no requirement for collateral.

MPOWER loan terms

Rely on low rates and high limits

• Loans from US$2,001 to US$100,000
• Fixed and competitive interest rates that will never increase
• 0.25% interest rate discount with automatic payments

Loans that fit your life

• Quick conditional loan offer 
• No prepayment penalty 
• Students supported at 400+ U.S. and Canadian schools 

Benefits that go beyond funding

• Visa support
• Career development guidance and resources on the topics that matter most to international students

Who’s eligible for MPOWER funding?

You could be eligible for an MPOWER student loan if you’re:

• Accepted or enrolled in a full-time degree program at a U.S. or Canadian school that MPOWER supports
• An undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year program.
• An international student, DACA recipient, U.S. citizen, refugee, or asylum-seeker.
• Admitted to or attending one of our 400+ approved schools in the U.S. or Canada.

Summary

1. Target Audience: MPOWER primarily targets international students pursuing higher education in the U.S. and Canada. These students often face difficulties in securing loans through traditional financial institutions, as they may not have a local credit history or a co-signer.
2. Loan Products: MPOWER offers education loans tailored to the unique needs of international students. The loans may cover tuition, housing, books, and other educational expenses. The company aims to make education financing more accessible and flexible for students.
3. No Co-Signer Option: One distinctive feature of MPOWER Financing is its ability to offer loans without requiring a co-signer. This can be particularly advantageous for international students who may not have a U.S. or Canadian co-signer to support their loan application.
4. Credit Scoring Model: MPOWER uses its own credit scoring model that takes into account factors beyond traditional credit history, allowing it to assess the creditworthiness of international students more comprehensively.
5. Technology Platform: Being a fintech company, MPOWER leverages technology to streamline its loan application and approval processes. This can result in faster and more efficient services for borrowers.
6. Social Impact: MPOWER has a mission to empower students globally by providing them with access to education financing. The company emphasizes the social impact of education in driving positive change and economic development.
7. Partnerships: MPOWER collaborates with educational institutions and organizations to reach a wider audience and offer its services to more international students.