MPOWER Financing student loan calculator: Plan your funding with MPOWER
Are you dreaming of studying in the U.S. or Canada and looking at funding options? If you’re considering applying for a student loan through MPOWER Financing, you can use the MPOWER student loan calculator to see how much funding you qualify for at specific colleges and universities.
Using the tool, you can compare funding options for your master’s or MBA program with up to eight schools at a time – in a matter of minutes. There are more than 500 MPOWER-eligible schools to choose from.
How to use MPOWER’s student loan calculator
Assessing a student loan is an important aspect of funding your postgraduate STEM or MBA education. MPOWER’s student loan calculator is here to make this process smooth and simple. Whether you’re exploring options for your postgraduate education in the U.S. or navigating repayment plans, this helpful tool offers flexibility and insight. Here’s how to make the most of it:
- Enter loan amount: Decide how much you need. Enter amounts from US$2,001 to US$100,000.
- Choose repayment option: Select how you’d like to repay during school, either principal + interest or interest only.
- Select interest rate: Look at the fixed interest rates, from 9.99% to 16.99%.
- Set loan term: Choose a repayment term from one to 10 years post-completion.
- Calculate monthly payment: The calculator will show your estimated monthly payment instantly. It uses the Annual Percentage Rate which includes all fees, ensuring transparency and an easy way to compare different loan offerings
- Experiment with factors: Adjust different variables like loan amount, interest rate and term to see various monthly payment options.
Ready to take control of your student loan future? Check out the MPOWER student loan calculator now and see how simple planning your finances can be. It’s your first step to turning financial calculations into achievable realities.
Compare your student loan funding options
Once you’ve completed all these steps, the tool will show you how much you qualify for at each school you listed. You can also add more schools to compare (up to a total of eight at a time).
Our tool will show you your estimated cost of attendance, as well as the prequalification amount for each school. You can see if your prequalified amount will cover your full cost of attendance. If your prequal amount falls short, you may have to explore other sources of funding, such as savings, scholarships or grants.
This tool also helps you compare the cost of attendance at multiple schools. As you consider what school to attend, think about which one would make the most sense for your finances.
MPOWER offers no-collateral loans for international students
MPOWER’s student loan prequalification tool takes the guesswork out of planning for your program in the U.S. and Canada Once you receive your acceptance letters, you can take steps to secure the funding you need with an MPOWER student loan.
MPOWER offers fixed-rate, no collateral loans between US$2,001 to US$100,000. MPOWER doesn’t ask you to back your loan with collateral and doesn’t require a cosigner, instead allowing you to take out the loan in your name alone.
Here are the student loan eligibility requirements you will need to meet to borrow from MPOWER:
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- Be admitted to or attending an eligible school (There are more than 500 MPOWER-eligible schools in the U.S. and Canada).
- Be an undergraduate or graduate student within two years of graduating.
- A graduate student about to start a one- or two-year program.
- Be an international student, DACA recipient, U.S. citizen, refugee or asylum seeker.
- Be admitted to or attending an eligible school (There are more than 500 MPOWER-eligible schools in the U.S. and Canada).
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If you’re looking for options for financing your education, check out MPOWER’s study abroad education loans with competitive, fixed rates and 10-year repayment terms.
FAQS
When should I apply for a loan with MPOWER?
You can apply for a loan a maximum of 12 months prior to when you need the money for school. It is recommended to apply at least six months before school starts, so you can lock in your funds and focus on the rest of the exciting study abroad journey.
Check out this video for more tips.
What can the loan be used for?
MPOWER loans can be used for education-related expenses, including but not limited to tuition, books, meal plans, housing, and health insurance at most schools when studying in the U.S. We suggest reaching out to your school with any questionss about how your funds may be allocated.
I’m not sure how much I need to borrow? How much is appropriate to ask for?
Here’s a helpful tip: Request what you need by estimating the total cost of attendance, found on most program websites, and subtracting the funds you have available from scholarships and family funds. Try not to request more than your anticipated starting salary after graduation. If you’re still unsure of the amount you’ll need, our education loan application can help you better understand your financial plan and how much money to request. You can request a maximum of US$100,000, with no more than US$50,000 allocated per term.
Which U.S. and Canadian schools are eligible?
MPOWER has supported over 20,000 students at 500+ schools across the U.S. and Canada. View the complete school list and check your loan eligibility to see if the school you’re admitted to or enrolled in is one of them.
