Application

What documents and personal information should I have prepared when applying?

Typically, we require a combination of the following documents:

1. Resume: Be sure to include your contact information, prior school information, and employment history
2. Past university transcripts: These documents must include your name, the name of the school, the dates you attended, and the grades you received
3. Current university transcripts or the admission letter from the school you’ll be attending
4. Standardized entrance exam scores or a waiver note: This includes the SAT and ACT for undergraduate applicants; the GRE, GMAT, LSAT, or MCAT for graduate applicants; and the TOEFL or
IELTS for international applicants
5. Most recent invoice from your university or a university financial summary: The invoice should be dated within 30 days and must include your name and the name of the university. If you
are just beginning your program, a list of fees from the university is acceptable
6. Employment letter or pay stub: This should include your name, your employer’s name, and salary information
7. Address verification: Verification of your U.S. address with a utility bill, a copy of your lease, a letter from your school, etc.
8. Identification verification: Provide a copy of the following identification documents, as applicable:
a. U.S. Citizen: valid U.S. passport or birth certificate AND your driver’s license
b. Permanent Resident: valid passport from country of origin AND proof of permanent residency
c. International Student: valid passport from country of origin AND valid U.S. Visa AND National ID card from country of origin. If you do not have a National ID, please provide a
second form of photo ID
9. I-20 (when available) and supporting financial documentation: Our application asks you to fill out a short form outlining your sources of funding and debt. For each item referenced, we
need supporting documentation. Some examples:
a. Personal savings: most recent bank statements
b. Family savings: family member’s most recent bank statements AND signed and dated intent letter confirming that they will be supporting you financially through the duration of your
studies
c. Scholarship: award letter
d. Income: pay stubs / tax return / job offer letter
e. Loans: detailed loan statement that includes balance, term, payments, and interest rate

Please ensure that your name is on all submitted documentation.

What happens after I submit my application?

Based on your application data, we might make a conditional offer within 2-3 business days. If you receive a conditional offer, you will be prompted to upload supporting documentation and to complete a short video activity. Then, our credit team will be in touch within 3-5 business days with a final credit decision.

My school's payment deadline is approaching, can you expedite the loan process?

We take great care in assessing each student’s application and work speedily to provide funding to our borrowers. If your payment deadline is approaching and you feel that your funds will not reach the university in time, reach out to your university’s financial aid office to see if you can extend your deadline. If your MPOWER application has been approved and your loan documents are in the process of being finalized, most universities will allow for an extension.

© 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.