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Help us with a few details
Need a quick loan assistance? Call Our Experts:
+91 7088 855 855, +91 7088 844 844
We Fund Your Future GuaranteeMPOWER student loans have student loans for international students, U.S. citizens, and Deferred Action for Childhood Arrivals (DACA) students. They require interest-only payments while you’re in school and for 6 months after graduation, after which you’ll have a 10-year loan term with full interest plus principal payments. Interest rates vary by loan type.
| Features | Education Loan Details |
|---|---|
| Loan amount | Minimum Loan Amount – $2,001 Maximum Loan Amount – $100,000 (lifetime limit and $50K per academic term) |
| Margin money | Nil |
| Interest rate | The Mpower student loan interest rate starts at 11.99%; however, it is likely for the interest rates to change based on multiple factors. Students who use Mpower Financing benefit from competitive interest rates in addition to its flexible repayment terms and easy application process. |
| Processing fee | 5.0% onwards It’s a loan origination fee that is charged only on the disbursed amount and it’s fixed at 5% |
| Processing time | Depends on student profile. |
| Loan tenure | 10 Years |
| Prepayment charges | None |
You are eligible to apply for the Mpower student loan only if you’ve met the following requirements:
You must plan to attend a school and course it supports. At present, Mpower funds over 400+ schools in USA and Canada, but its services are limited to the professions of business, public policy, law, medicine, science, technology, engineering and math (STEM)
| Type | Requirement |
|---|---|
| For Unsecured / Non-Collateral Loan without Co-Applicant |
|
| Type | Documents Required |
|---|---|
| Applicant Documents |
– I-20 (first two pages) / Letter of Acceptance (Canada)
– Visa on your passport page
– Proof of US/Canadian address
-School invoice dated within the last 30 days -Current transcripts (unofficial is acceptable)
-Copy of any existing debt
-Have them fill out our letter of financial support and include evidence
-Paystub or previous salary evidence |
Monthly EMI: 0
Principal Amount: 0
Total Interest: 0
Total Amount: 0
Mpower often provides loans without requiring a cosigner. The loan approval is generally based on the student’s future earning potential.
Mpower loans may cover not only tuition but also living expenses, depending on the terms and conditions of the specific loan.
The applicant must have been admitted to a school and program supported by MPOWER. Remember, one can apply for a quote before getting an admittance letter. An admission letter is asked for at the time of loan approval. The applicant must be a citizen of one of the countries supported by MPOWER student loans.