MPOWER Financing

MPOWER Financing offers its student loans to students who cannot typically qualify for a loan from other banks or lenders unless they have a co-signer or collateral. MPOWER Financing lends to students who are within 2 years from graduation and uses a proprietary credit model that considers borrowers’ academic success and career path. Students who benefit from these services typically are international students or domestic students whose parents do not have the credit history to cosign, as well as recipients of DACA. The company lends to 190+ nationalities, including Americans. MPOWER Financing's services are available at 350 university and college programs as of March 2018. Around 90% of its borrowers are in graduate school. MPOWER Financing offers 10-year, fixed-rate loans ranging from $2,000 to $50,000 and charges an administrative fee of 5%, which is added to the total loan amount. Interest rates range between 7.99 and 13.99 percent and can go down as low as 6.49% after interest rate discounts. The funds can be used for tuition fees, housing, meals, health insurance, and other expenses certified by the university. MPOWER reports student payments to the U.S. Credit Bureau, which helps international students build a U.S. credit history. MPOWER is integrated with global collection agencies so that students can pay from their phones or make payments online with their local banks. Applicants also receive support letters that can be used to apply for a US visa, career support during school, and can pay off their loan early without incurring prepayment penalties. In 2019, MPOWER added personal career coaching to its list of applicant benefits through its Path2Success program. The program offers resume reviews, interview training, and networking opportunities. A second program,  MPOWER’s Peer-to-Peer mentoring program, matches graduate students and alumni with first-year graduate students to provide mentoring and career preparation advice.