Although the interest rate on all MPOWER loans is fixed, we do offer three incentives that could potentially reduce your interest rate by up to 1.50%! That's more cash back in your pocket over the lifetime of paying back your loan:
a)Signing up for autopay: Autopay debits your loan payment each month automatically so you never have to worry about missing a payment. We'll give you a 0.50% deduction on your interest rate just for enrolling in autopay!
b)6 consecutive payments: Once we receive 6 consecutive payments from you via autopay, we'll automatically reduce your interest rate by an additional 0.50%.
c)Proof of employment: After you graduate and receive full-time, salaried employment, you'll get another 0.50% deduction on your interest rate. Just send us proof of employment (i.e., pay stub or offer letter) and proof of graduation (i.e., official or unofficial transcripts or copy of diploma) to firstname.lastname@example.org.