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REPAYMENT TERMS

Loan Repayment Examples

  • Students: International students in the U.S. or Canada, U.S. citizens, U.S. permanent residents, and DACA recipients
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  • Refinance applicants: International applicants in the U.S., U.S. citizens, U.S. permanent residents, and DACA recipients

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Students in the U.S. or Canada

Note: MPOWER Financing student loans do not support Canadian citizens studying in Canada.

International students, U.S. citizens, U.S. permanent residents and DACA recipients in the U.S. or Canada

“International” means you are a non-U.S. citizen or U.S. nonpermanent resident studying at a university in the U.S., or you are a non-Canadian citizen or Canadian nonpermanent resident studying at a university in Canada. 

“DACA” means the Deferred Action for Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA student, you must have applied for and have been granted DACA status by the United States Citizenship and Immigration Services (USCIS).

“Annual percentage rate” or “APR” means the cost you pay each year based on the loan’s interest rate and fees, expressed as a percentage. An APR provides an “apples-to-apples” comparison across available loan products and providers.

When you borrow from MPOWER, the lowest available interest rate without any discount or promotion is 10.24% (11.15% APR), and the median interest rate for loans is 14.24% (15.57% APR).¹ The interest rate you qualify for will be a fixed rate and will not increase for the life of the loan. MPOWER also offers borrowers a way to qualify for a 0.25% rate discount by making your loan payments through automatic withdrawal from your bank account.

If you qualify for this discount and the median interest rate given above, your effective interest rate would be 13.99% (15.31% APR).²

Monthly loan payment examples for interest rates without a discount for a loan amount of US$10,000:

    • If your interest rate is 10.24%, which equates to an APR of 11.15% including an origination fee of 5%, the monthly payment amount is US$89.60 for the first 30 months. For the next 120 months, the monthly payment amount is US$140.16.
    • If your interest rate is 14.24%, which equates to an APR of 15.57% including an origination fee of 6.5%, the monthly payment amount is US$126.38 for the first 30 months. For the next 120 months, the monthly payment amount is US$166.90.
    • If your interest rate is 16.99%, which equates to an APR of 18.88% including an origination fee of 8.5%, the monthly payment amount is US$153.62 for the first 30 months. For the next 120 months, the monthly payment amount is US$188.50.

Monthly loan payment examples for interest rates with a discount for a loan amount of US$10,000:

If the borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, the interest rate declines by 0.25%.

    • If your interest rate is 9.99%, which equates to an APR of 10.89% including an origination fee of 5%, the monthly payment amount is US$87.41 for the first 30 months. For the next 120 months, the monthly payment amount is US$138.70.
    • If your interest rate is 13.99%, which equates to an APR of 15.31% including an origination fee of 6.5%, the monthly payment amount is US$124.16 for the first 30 months. For the next 120 months, the monthly payment amount is US$165.29.
    • If your interest rate is 16.74%, which equates to an APR of 18.62% including an origination fee of 8.5%, the monthly payment amount is US$151.36 for the first 30 months. For the next 120 months, the monthly payment amount is US$186.79.

¹[International student interest rate without the discount] The annual percentage rate (APR) is the interest rate plus any additional fees calculated as an annual percentage. For example, a loan is approved in the amount of US$10,000 with a 6.5% origination fee of US$650. Therefore the APR would be calculated as the interest rate plus the 6.5% origination fee and expressed as an annual percentage. The student begins their program of up to 30 months until graduation and maintains full-time enrollment to graduate in that exact period. The student will start making payments 45 days after loan disbursement. During the in-school period and grace period that follows the in-school period, students are required to make interest only payments. The total duration of this period may not exceed 30 months (2.5 years). Once the grace period ends, borrowers make interest and principal payments each month to repay the loan in 10 years. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on time; a forbearance or deferment is never used; and there is no prepayment of any principal.

²[International student interest rate with the discount] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 6.5% origination fee of US$650. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%.

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Refinance in the U.S. 

International students, U.S. citizens, U.S. permanent residents, and DACA recipients in the U.S.

“International” means you are a non-U.S. citizen or U.S. nonpermanent resident studying at a university in the U.S.

“DACA” means the Deferred Action for Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA borrower, you must have applied for and have been granted DACA status by the United States Citizenship and Immigration Services (USCIS).

“Annual percentage rate” or “APR” means the cost you pay each year based on the loan’s interest rate and fees, expressed as a percentage. An APR provides an “apples-to-apples” comparison across available loan products and providers.

When you borrow from MPOWER, the available interest rates without any discount or promotion are 10.24% (11.77% APR³), 11.24% (12.80% APR³), and 12.24% (13.84% APR³). The interest rate you qualify for will be a fixed rate and will not increase for the life of the loan. MPOWER also offers borrowers a way to qualify for a discount – a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account.

If you qualify for this discount, your rates will be 9.99% (11.52% APR⁴), 10.99% (12.55% APR⁴), or 11.99% (13.58% APR⁴).

³ [Refinance applicant with regular interest rate] The annual percentage rate (APR) is the interest rate plus any additional fees calculated as an annual percentage. For example, a loan is approved in the amount of US$10,000 with a 6.5% origination fee of US$650. Therefore the APR would be calculated as the interest rate plus the 6.5% origination fee and expressed as an annual percentage. The borrower will start making payments 45 days after loan disbursement. The repayments are calculated using a 120-month amortization schedule. All payments are made on time; a forbearance is never utilized; and there is no prepayment of any principal.

Monthly loan payment examples for interest rates without a discount:

    • If your interest rate is 10.24%, which equates to an APR of 11.77%, the monthly payment amount is US$142.16 for 120 months.
    • If your interest rate is 11.24%, which equates to an APR of 12.80%, the monthly payment amount is US$148.15 for 120 months.
    • If your interest rate is 12.24%, which equates to an APR of 13.84%, the monthly payment amount is US$154.28 for 120 months.

⁴ [Refinance applicant with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 6.5% origination fee of US$650. The borrower will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%.

Monthly loan payment examples for interest rates with a discount:

    • If the borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, the interest rate reduces by 0.25%.
    • If your interest rate is 9.99%, which equates to an APR of 11.52%, the monthly payment amount is US$140.68 for 120 months.
    • If your interest rate is 10.99%, which equates to an APR of 12.55%, the monthly payment amount is US$146.64 for 120 months.
    • If your interest rate is 11.99%, which equates to an APR of 13.58%, the monthly payment amount is US$152.74 for 120 months.
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*Rates as low as 9.99% (10.89% APR). This interest rate and APR includes a 0.25% discount for automatic recurring payments.

DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

2025 © MPOWER Financing, Public Benefit Corporation NMLS ID #1233542

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1101 Connecticut Ave. NW Suite 900, Washington, DC 20036 The Cube at Karle Town Center, 9th Floor, 100 Ft, Nada Prabhu Kempe Gowda Main Road, Next to Nagavara, Bengaluru, Karnataka 560045, India

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