Mpower Financing – All you should know
MPOWER Financing is a public benefit corporation that provides student loans to international students who are attending accredited universities in the United States. The company was founded in 2014 by Manu Smadja and Michael Davis, two former international students who were motivated to create a more equitable financial system for international students.
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MPOWER Financing offers a variety of student loans that are designed to meet the needs of international students. Loans can be used to cover tuition, fees, living expenses, and other education-related costs. MPOWER loans also offer a number of benefits that are not typically available to international students.
How do I apply for a Mpower Financing Loan?
- Check your eligibility. Mpower Financing loans are available to international students who are enrolled in eligible degree programs at accredited U.S. or Canadian schools. You can check your eligibility on the Mpower Financing website.
- Gather your documents. You will need to gather the following documents to apply for a loan:
- Valid passport
- Proof of U.S. or Canadian residency (if applicable)
- Proof of enrollment in an eligible degree program
- Official transcripts
- Proof of income (if applicable)
- Credit report (if applicable)
- Complete the application. You can complete the application online at the Mpower Financing website. The application process takes about 20 minutes to complete.
- Upload your documents. If you are approved for a conditional offer, you will need to upload the requested documents to your Mpower Financing dashboard.
- Sign the loan documents. Once your documents have been reviewed and approved, you will be asked to sign the loan documents electronically.
- Receive your funds. Once the loan documents have been signed, Mpower Financing will disburse the funds to your school.
Here are some additional things to keep in mind when applying for a Mpower Financing Loan:
- Interest rates for Mpower Financing loans range from 11.99% to 13.99%.
- There is a 5% origination fee for school loans and a 2% origination fee for refinances.
- Mpower Financing loans have a repayment term of up to 15 years.
- You can defer your loan payments for up to 6 months during your studies.
In Conclusion:
securing a loan with Mpower Financing can provide you with the necessary funds to pursue your education. With competitive interest rates ranging from 11.99% to 13.99%, you can rest assured that you are getting a fair deal. Additionally, it is important to note that there is a 5% origination fee for school loans and a 2% origination fee for refinances. This fee helps cover administrative costs and ensures the smooth processing of your loan.
