Additional Questions

Can I apply for an MPOWER loan before I'm accepted into a school?

In order to be eligible for a loan and to proceed with your application, you must have been accepted into the school for which you are requesting funds. For support in your college application process, please consider some of the options below:

  • Mentorverse: Expert mentors who provide one-on-one help for international students applying to U.S. colleges
  • Globalizers: India-based education consulting firm
  • Fortuna Admissions: MBA admissions consulting firm with strong personal focus
  • GMAT Club: An information sharing and resource center that can improve the business school application process

Can I find out my interest rate before I apply?

All circumstances are unique. In order to truly understand your potential and accurately calculate your rate, we’ll need to look over your submitted application. If you submit an application and find that you no longer wish to take out a loan with MPOWER, you can turn down the terms at no cost.

Is my interest rate reduced if someone can co-sign?

Having an available co-signer will not affect the interest rate you receive. Our loan process was created so students wouldn’t have to worry about having a co-signer or credit score. Several options are in place to help you lower your rate, from our auto-withdrawal payment option (0.50% rate discount) to our on-time payment discount (0.50% discount for 6 consecutive on-time payments) to proof of graduation and employment (0.50% rate discount). You can receive a total discount of 1.50% on your interest rate.

I have already taken out a loan from another company. Can I use an MPOWER loan to repay my current loan?

Not at this time. Loans from MPOWER are disbursed directly to the university to pay for university-related expenses.

What do you mean by automatic withdrawal?

Automatic withdrawal, or auto-ACH, is the electronic method we use to collect payments from our borrowers on a recurring basis. You provide us with your U.S. bank account information through our secure portal, and when it’s time to pay your loan, your bank will automatically transfer the money to us. You’ll see these withdrawals reflected in your bank statements.

I’m not sure how much I need to borrow. What’s an appropriate loan amount to request?

If you are unsure of the loan size that will be needed to cover the cost of your education, we suggest that you request the maximum amount of $25,000. During the application process, you will have the opportunity to decrease the amount of funds initially requested. For example, if you initially applied for $25,000, but then realize that you only need $10,000, your loan amount can be reduced. However, If you apply for a smaller loan and want to increase the amount later in the process, you may be required to fill out a new application as our credit analytics team will need to re-review your application.

If I apply for $25,000 but my university only requires $10,000, do I pay for the whole loan?

MPOWER certifies your outstanding expenses with the university and only disburses the amount required to pay your balance. You only pay back the amount that was disbursed.

What type of career strategy services do you provide?

As a supplement to your school’s career services and alumni network, we offer a range of exclusive professional development tools including resume review, networking opportunities, mock interviews, informational interviews, and a private message board for full-time and internship opportunities.

© MPOWER Financing, Public Benefit Corporation

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.