Financial Plan

I’m asking for a loan for one semester. Why do I need to fill out the tuition cost until I graduate?

There are many hidden charges involved in education costs, such as fees, cost of living, textbooks, etc. Including a breakdown of these costs provides both you and MPOWER with a more accurate picture of how much you will require for a loan.

My school uses the quarter system. How do I enter “Semesters Left Until Graduation”?

Most U.S. and Canadian programs follow an academic calendar of two semesters per year. If your school is on the quarter system, please use the following guidelines:
4 quarters = 2 semesters = 1 year
8 quarters = 4 semesters = 2 years

I am not sure how much my annual tuition is because it changes every quarter/semester. How can I fill out the “Tuition Cost” section correctly?

You can obtain your quarter/semester tuition costs directly from your university and then complete the application by adding that information together.

I live off campus. What amount should I put for my cost of living per year?

If you live off campus, you should provide the estimated costs for your rent, utilities, parking, and food per year.

This is my last year of school. I already paid some part of this semester’s tuition, so how do I enter the tuition cost per year?

Only upcoming expenses that will be incurred (such as tuition cost, cost of living, and other expenses) should be entered in the application. Since you have already paid some part of the tuition in your current semester, you would exclude that amount from the tuition cost.

Under the “Source of Funding During Enrollment” section, I entered the amount that I have already paid for tuition. Because I already spent it, I do not have any proof of those funds. What should I do?

Any tuition amount entered for Source of Funding During Enrollment requires proof. For example, you can submit a bank statement dated within the last 30 days showing your balance and payments. However, any past payments or amounts paid without proof cannot be entered.

I will be getting funding from my parents and I see that they need to fill out a Sponsor Support Letter. Why?

The Sponsor Support Letter is to confirm that your parents will provide financial assistance in the amount listed and for the time period provided in the application. This can be done as a gift or a loan. By supporting you, your parents will not be considered co-signers; if you are awarded a loan from MPOWER you will be the only signer.

What are the accepted sources of proof for the “Source of Funds” section?

-Personal funds: A bank statement from the last 30 days.
-Family and friends: The sponsor or sponsors’ bank statement or pay stub from the last 30 days, their photo ID(s), and Sponsor Support Letter(s). (Please click here for Sponsor Support Letter)
-Scholarships: An official scholarship letter from your program.
-Employer Sponsorship: A signed copy of a letter from your employer on official letterhead as well as proof that the person signing the letter has the authority to provide scholarships, and a bank statement from the company showing proof of funds.
-Other Support/Scholarships: Additional finalized scholarship funding. Official documentation must include an official scholarship letter or grant letter. We cannot accept pending offers.
-Other Educational Loans: Additional finalized loans. Official documentation must include the interest rate and repayment terms. We cannot accept pending offers.

Why is there an auto-completed number in the“MPOWER loan requested” box?

If your funding requirement is less than $25,000, your loan request defaults to that number. However, you can edit the loan amount requested as desired.

© 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.