Did you know International students can get no cosigner loan from MPower Financing?
There were no private loan providers like Mpower Financing when I came to study in the US.
Student loans originate from nationalized banks in India (traditional banks).
I’m pretty sure anyone who got loan approval from nationalized banks (in India) knows the long and stressful process you would have to go through.
There’s no standard set of documents, checklists, and everything is fluid.
It can take over a month and after several trips back and forth, to get a nod from the manager to get the student’s loan approval to study abroad.
But, companies like Mpower financing are transforming the International student loan marketplace along with other loan providers like Prodigy Finance.
Let’s focus on an international student loan from Mpower Financing in this article.
Features of MPower International Student Loan
Here are some of the features and benefits of Mpower International student loans.
- International Student loan without co-signer, collateral or credit history
- Available to pay for past, current or future semesters expenses
- Fixed Interest Rate Loan (up to $50,000)
- Provides Student visa support letter
- Career Strategy Support
- Available for students from over 190 countries
- Available for students studying in the USA and Canada
To apply for the Mpower student loans:
- you must be admitted to universities that Mpower currently supports
- or studying at the University that MPower supports
And, once you graduate from the college, you may not qualify to get Mpower student loans.
#1 Reason to Use MPower Financing Student Loan
Of all the benefits, here’s #1 reason to use MPower Financing student loan.
- Fixed-Rate Loan offered to International students without collateral and cosigner.
The fixed-rate loan would benefit a specific category of student loan applicants.
I graduated and purchased a car and a new home. I would have a mortgage and a car loan payment.
And, If I had a student loan as well, I would prefer to have a fixed-rate loan.
Maybe you have higher interest rates loan to pay off (like maxed out credit cards).
I will write another article to compare Mpower vs. Prodigy Finance.
Things to Remember About MPower Student Loans
Mpower sends the money directly to the university.
So, check with your university on how you can get the money from the loan for your living expenses.
- You can apply for the Mpower student loan even before you come to the USA.
- The student loan amount is disbursed directly to the University (not to you).
- The school would have to refund the balance to you via check.
If you are going to use the loan money for your living expenses, then do the following:
- Talk to your school’s financial aid office
- Ask how the money will be sent to you for living expenses
- Ask when thy money will be sent
This is a common practice, but you should know how this process works.
- If Mpower does not support your school, then you do not qualify for Mpower student loan yet.
- There’s 5% Origination Fee added to your loan, which is to be repaid with your monthly payments.
- No Pre-Payment Penalty for paying off the Mpower student loan early.
- For up to 6 months after graduation, you would pay just the interest (not the principal)
- Your Interest + Principal payments will start six months after your graduation.
- Your fixed interest rate can vary from 6.49% to 14.97% (with discounts)
- The loan is issued in Dollars, and you will earn and payback in dollars (not dependent on currency fluctuations).
Interest rate discounts?
Yes. It’s a unique feature of Mpower student loan.
You can get up to 1.50% discount on the Interest rate as follows:
- 0.50% for autopay enrollment (i.e., automatic deduction from a US bank account)
- 0.50% for 6 consecutive autopay payments
- 0.50% for graduation and proof of employment
MPower International Student Loan Application Process
Mpower Financing International student loan approval process is pretty straight forward and clearly defined.
I think the process to apply for Mpower international student loan is pretty straight forward as described in the above chart.
- Find a list of eligible schools
- Complete the Application
- Receive a conditional loan offer
- Upload required documents
- Receive Final loan approval
- School confirms your enrollment
- The loan is directly paid to the school
- Request Interest rate discount
Eligible List of Universities in the USA and Canada
Here’s the latest count (number of universities that are eligible for Mpower financing student loan).
- USA – 340
- Canada – 22
If your university is listed as eligible for an International student loan through Mpower Financing, then you can fill out the simple student loan application.
- Receive a conditional loan offer
- Check the monthly payment while you are in the school
- Check the monthly payment after graduation
- Check how much total interest you will pay for the loan term
- Decide if you want to go with Mpower student loan
Do you know what impressive thing about this process is?
You can get to know your loan approval and interest rate in just matter fo days, not weeks or months!
No trips to the local bank and waiting for the bank manager to talk to you and approve the loan.
What Documents are Required for MPower Student Loan?
- International Students
- Valid passport from country of origin (AND)
- Valid U.S. Visa AND National ID card from country of origin.
- If you do not have a National ID, please provide a second form of photo ID.
- Verification of your U.S. address:
- Utility bill, a copy of your lease, a letter from your school, etc
- Current university transcripts or admission letter from the school you’ll be attending.
- Standardized entrance exam scores (SAT, ACT, GRE, GMAT, LSAT or MCAT; TOEFL or IELTS for international applicants)
- Most recent university invoice or a university financial summary
- If you are beginning your program, a list of fees from the university is acceptable.
- I-20: Certificate of Eligibility for Nonimmigrant (F-1) Student Status
- Personal savings: most recent bank statements
- Family savings: family member’s most recent bank statements AND signed and a dated intent letter confirming that they will be supporting your educational expenses
- Scholarship: award letter (if available)
- Income-related: pay stubs, tax returns, job offer letter.
- Loan-related: detailed loan statement that includes balance, term, payments and interest rate
MPower Student Loan Financing Reviews – Yes or No?
Let’s face it.
As an international student studying (or planning) to study in the USA, education is expensive!
And you want to save money as much as you can!
Any educated student looking for an International student loan would have to shop for the “Best-Fit” loan for your needs.
And, while you are looking for an International student loan to study in the USA or Canada, include Mpower international student loan to your comparison list.
You can get a fixed-rate loan estimate in a few minutes and use that to compare with other loan providers.
You could be eligible to receive $1,000 to $50,000 per year in student loan.
Some international students admitted to top universities in the USA, and they don’t have the collateral to get a loan from traditional banks.
In such an instance, you have limited options, and Mpower student loan could come in handy to give the loan approval.
You may have the required collateral, but do you want to deal with making loan payments by transferring money back to home country (which could take several days to be credited to your account).
If it takes an additional ten days after you have sent the money is credited to your loan, that’s 120 days extra interest paid!
With smooth, auto-pay option with Mpower student loan, foreign currency fluctuations and transactions fees are no more!
Note: At this time, international student’s with an existing student loan can’t use Mpower to refinance to lower rates. Check Prodigy Finance to Refinance International Student Loan with Prodigy Finance.
Disclosure: Please note that if you apply for MPower Studne loan through our link, we will earn a commission if you apply for a mortgage refinance at no additional cost to you. Please understand that I recommend the products because I believe in them. And I recommend them because they are helpful and useful, not because of the small commissions I make if you decide to buy something.
Want to see if you qualify for MPower Student Loan, Click Here to Check if Your School is Eligible for MPower Student Loan >>