Application Process

I need to cover my living expenses. Can I apply for a loan to cover them specifically?

MPOWER loans are available for all school-related costs, including living expenses. However, it is up to each school individually to determine if it will accept money for those costs since the financial aid office will need to process each loan. Please reach out directly to your school to clarify their position on coverage of living expenses. What is the process and how long does it take to get a loan with MPOWER?

What is a conditional offer?

A conditional offer indicates that, based on the information you provided in your initial application, you may be approved for your requested loan amount. However, In order to obtain a final loan approval, you are required to submit documents verifying the information you submitted. Once all documents and information have been validated, the credit team will be able to issue a final decision regarding your loan. Conditional offer cannot be used as a support letter.

I received an offer for a loan amount lower than the one I applied for. Why?

MPOWER considers an applicant's existing and future debt needs to complete their education. If you receive a conditional offer from MPOWER for a lower amount than for which you applied, this is the maximum loan amount that can be offered that meets MPOWER's risk thresholds.

My school’s payment deadline is approaching. Can you expedite the loan process?

If your payment deadline is approaching, please reach out directly to your school for an extension by showing a loan approval letter from MPOWER. If your loan application is approved and the documents are under final review, most schools will allow an extension.

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%:

  1. Autopay: Using autopay will automatically debit your loan payment each month. When you enroll in it, we’ll give you a 0.50% deduction on your interest rate.
  2. Six consecutive payments: Once we receive six consecutive payments from you via autopay, we’ll reduce your interest rate by an additional 0.50%.
  3. Proof of employment: After you graduate and receive full-time, salaried employment, you’ll get another 0.50% deduction on your interest rate.

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 that students wouldn’t have to worry about having a co-signer or credit score.

Can MPOWER help with the visa process?

Upon final credit approval, MPOWER is able to issue support letters at no cost to assist our applicants with the visa process.

Can I find out my interest rate before I apply?

In order to calculate your interest rate accurately, we will need to review your submitted initial application. If you decide not to take out a loan with MPOWER, you can cancel the application at no cost.

I am not sure how much I need to borrow. What is an appropriate amount to request?

If you are unsure of the amount of money you’ll need for your loan, you can apply for $25,000, which is the maximum amount you can request per application. These figures are in U.S. dollars for American schools, and in Canadian dollars for Canadian schools.

If you would like to decrease the amount later, you can do so during the application process. However, if you apply for a smaller amount initially and want to increase it later in the process, your application may need to be re-reviewed by our credit department, or you may need to submit an additional application.

What happens after I submit my application?

Based on your application data, you might receive a conditional offer from MPOWER within 1-3 business days. If you receive a conditional offer, you will be prompted to upload supporting documentation and to complete a short video activity. Next, our credit team will be in touch within 1-3 business days with a final credit decision.

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

Please select the option below that best describes you:

a) International Student

b) DACA Student

c) Domestic Student

How to read the document checklist: The document checklist represents the documents that may be needed from you during the application process. In this checklist, you will also see “Included” and “Not applicable” columns. Note that some of the “Not applicable” sections will be grayed out because that specific document has not yet been submitted. Any documents without the grayed out area may or may not apply to your case.

Disclaimer: Not all the documents in this checklist may be applicable to your situation. If you are unclear about some of the documents mentioned in our checklist, please reach out to us at or 202-417-3800.

What is the application process and how long does it take to get a loan with MPOWER?

  1. Check Loan Eligibility: Find out if your school and program are eligible. (Please check the FAQ for “Eligibility” for further questions)
    Estimated time: 60 seconds
  2. Initial Application: Fill out and submit the application with a valid photo ID. (Please check the “Financial Plan” Section for any further assistance)
    Estimated time: 30 minutes
  3. Initial Review: Your application will be reviewed by MPOWER, and you will be contacted within three business days about a conditional offer. In special circumstances, you may receive a conditional offer immediately after submitting your application.
    Estimated time: 1-3 business days
  4. Upload Documents: If you receive a conditional offer from MPOWER, you must next upload the requested documents to your MPOWER dashboard, watch an introduction video, and complete a short assessment.
    Estimated time: 30 minutes
  5. Final Review: MPOWER verifies all your uploaded documents so we can issue a final offer. If the loan is approved, we will also provide you with a visa support letter if requested.
    Estimated time: 1-3 business days.
  6. School Certification and Disbursement: After you are approved for a loan, MPOWER submits your loan application to your school for verification. This process is called the certification process, and the timeline is dependent on your school.
    Estimated time: 2-10 weeks
© 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.