Can I reduce my interest rate?

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

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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.