Limited-time low fixed rates from 9.56% APR

Secure reduced interest rates* for future semesters with our no-cosigner, no-collateral international student loans

*The interest rate reduction is only valid for new loan applications submitted through March 31, 2022. Please read the FAQs for more details.

GET A LOAN

What Makes Our Student Loan Special?

Fixed-interest rates with flexible loan amounts ($2,001 to $100,000 USD total) that can cover tuition, school supplies, and living expenses for future semesters or past due balances.

Supports all majors and degrees. No requirement for a cosigner, collateral, or credit history.

Enjoy interest-only payments while in school and during the 6-month post-graduation grace period. 

Earn up to 1.50% off your interest rate and build your U.S. credit history to bridge your way to future financing.

Repay your loan online in any currency or location around the world, plus no prepayment penalties if you want to pay your loan off early.

Am I Eligible for an MPOWER Loan?

You could be eligible if you are:

An undergraduate or graduate student within 2 years of graduating or about to begin a 1- or 2-year program.

An international student, DACA recipient, a U.S. citizen, refugee or asylum-seeker.

Admitted to or attending one of our 350 approved schools in the U.S. or Canada.

You’re eligible for our limited-time interest rate promotion if you are an international graduate or undergraduate student, and need funds for a future semester. Learn more.

How does the online application work?

5
Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.



1
Eligibility

Check to see if you and your school are eligible



2
Online Application

Complete your online application in under 30 minutes.



5
Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.



3
Conditional Offer

Receive a conditional offer decision immediately


4
Update Documents

Upload your documents to the MPOWER dashboard, watch an intro video and complete a short assessment.



5
Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.



5
Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.

6
Disbursement

Relax while your school certifies your enrollment status. Once done, we disburse your funds directly to the school on their requested date.



Eligibility

Check to see if you and your school are eligible


Online Appliction

Complete your online application in under 30 minutes.


Conditional Offer

Receive a conditional offer decision immediately


Update Documents

Upload your documents to the MPOWER dashboard, watch an intro video and complete a short assessment.


Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.


Disbursement

Relax while your school certifies your enrollment status. Once done, we disburse your funds directly to the school on their requested date.

Your Interest Rate & Loan Terms

International Graduate Students – Future Semester

Terms

Minimum Loan Amount
$2,001
Maximum Loan Аmount $50,000 per loan and a $100,000 lifetime limit
Your Original Interest Rate

Promotional Discount through Mar 31, 2022

11.99% (12.94% APR)

-2.00%

Your New Fixed Interest Rate Before Discounts

– Automatic payment sign-up

– 6 on-time payments with automatic payments

 Graduation/employment 

9.99% (10.91% APR)

-0.50%

-0.50%

-0.50%

Your New Fixed Interest Rate After Discounts 8.49% (9.56% APR)
Term Interest-only payments in school and for 6 months after graduation 10-year repayment of interest & principal starting 6 months after graduation
Prepayment penalty None

Other Considerations

Visa support letter (to obtain I-20 from your school) Free
U.S. credit history building Free
Career Services Free
Included Life Insurance Not Required

Terms

Minimum Loan Amount $2,001
Maximum Loan Аmount $50,000 per loan and a $100,000 lifetime limit
Fixed-interest rate before discounts:

– Automatic payment sign-up

– 6 on-time payments with automatic payments

Graduation/employment 

11.99% (12.94% APR)

-0.50%

-0.50%

-0.50%

Fixed-interest rate after discounts: 10.49% (11.59% APR)
Term Interest-only payments in school and for 6 months after graduation
10-year repayment of interest & principal starting 6 months after graduation
Prepayment penalty None

Other Considerations

Visa support letter (to obtain I-20 from your school) Free
U.S. credit history building Free
Career Services Free
Included Life Insurance Not Required

Terms

Minimum Loan Amount
$2,001
Maximum Loan Аmount $50,000 per loan and a $100,000 lifetime limit
Your Original Interest Rate

Promotional Discount through Mar 31, 2022

13.99% (14.98% APR)

-2.00%

Your New Fixed Interest Rate Before Discounts

– Automatic payment sign-up

– 6 on-time payments with automatic payments

 Graduation/employment 

12.49% (13.63% APR)

-0.50%

-0.50%

-0.50%

Your New Fixed Interest Rate After Discounts 11.99% (12.94% APR)
Term Interest-only payments in school and for 6 months after graduation 10-year repayment of interest & principal starting 6 months after graduation
Prepayment penalty None

Other Considerations

Visa support letter (to obtain I-20 from your school) Free
U.S. credit history building Free
Career Services Free
Included Life Insurance Not Required

Terms

Minimum Loan Amount $2,001
Maximum Loan Аmount $50,000 per loan and a $100,000 lifetime limit
Fixed-interest rate before discounts:

– Automatic payment sign-up

– 6 on-time payments with automatic payments

Graduation/employment 

13.99% (14.98% APR)

-0.50%

-0.50%

-0.50%

Fixed-interest rate after discounts: 12.49% (13.63% APR)
Term Interest-only payments in school and for 6 months after graduation
10-year repayment of interest & principal starting 6 months after graduation
Prepayment penalty None

Other Considerations

Visa support letter (to obtain I-20 from your school) Free
U.S. credit history building Free
Career Services Free
Included Life Insurance Not Required

 

Terms

Minimum Loan Amount $2,001
Maximum Loan Аmount $50,000 per loan and a $100,000 lifetime limit
Fixed-interest rate before discounts:

– Automatic payment sign-up discount

– 6 on-time payments discount with automatic payments

– Discount for reporting proof of graduation and employment

7.99% (8.89% APR)

-0.50%

-0.50%

-0.50%

Fixed-interest rate after discounts: 6.49% (7.52% APR)
Term Interest-only payments in school and for 6 months after graduation
10-year repayment of interest & principal starting 6 months after graduation
Prepayment penalty None

Other Considerations

Visa support letter (to obtain I-20 from your school) Free
U.S. credit history building Free
Career Services Free
Included Life Insurance Not Required

Terms

Minimum Loan Amount $2,001
Maximum Loan Аmount $50,000 per loan and a $100,000 lifetime limit
Fixed-interest rate before discounts:

– Automatic payment sign-up discount

– 6 on-time payments discount with automatic payments

– Discount for reporting proof of graduation and employment

9.99% (10.91% APR)

-0.50%

-0.50%

-0.50%

Fixed-interest rate after discounts: 8.49% (9.56% APR)
Term Interest-only payments in school and for 6 months after graduation
10-year repayment of interest & principal starting 6 months after graduation
Prepayment penalty None

Other Considerations

Visa support letter (to obtain I-20 from your school) Free
U.S. credit history building Free
Career Services Free
Included Life Insurance Not Required

Calculate Your Student Loan Payments

Reviews from our Students

FAQS

Frequently asked questions about our student loan program. 

In order to be eligible for a loan with MPOWER, you will need to meet the criteria below:

  1. You must currently be admitted to or enrolled in a school in the U.S. or Canada that MPOWER supports.
  2. You must be within two years of graduating from your program. For example: if your anticipated graduation date is May 2020, then your program must have started in May 2018 or later.
  3. You can apply as far as 12 months prior to your program’s start date.
  4. You must reside in the country of your program (the U.S. or Canada) while you’re in school.
  5. Your program must be degree-seeking.

MPOWER supports a variety of schools across the U.S. and Canada. You can view the complete list here or check your loan eligibility to see if the school you are admitted to or enrolled in is one of them.

MPOWER loans can be used for all university-related expenses, including but not limited to tuition, books, meal plans, housing, and health insurance. However, we suggest reaching out to your school with any concerns about how your funds may be allocated.

You can apply for a loan a maximum of 12 months prior to when you need the money for school.

  • Check Loan Eligibility: Find out if your school and program are eligible. (Please check the Support Center for “Eligibility” for further questions)

Estimated time: 60 seconds

  • 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

  • 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

  • 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

  • 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.

  • 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

If you are unsure of the amount of money you’ll need for your loan, you can apply for $50,000, 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.

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

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 here.

Plan Ahead Interest Rate Promotion FAQs

You can learn more about our limited-time interest rate promotion here.

You are eligible for our interest rate promotion if you:

  • Are a degree-seeking international student
  • Are attending any of our supported U.S. and Canadian universities
  • Are applying for a loan for summer 2022, fall 2022, or 2022–2023 academic periods
  • Complete and submit your online application no later than April 30, 2022

The good news is if you have started your application before the promotion start date, you are still eligible for our “Plan Ahead” promotion. No action is required from you — your application will be automatically updated if you are eligible.

If you meet the eligibility criteria, you will receive the promotional rate described below.

International undergraduate students: During this promotion, you are eligible to receive an interest rate of 11.99% (12.94% APR). This rate is fixed for the life of your loan.

International graduate students: During this promotion, you are eligible to receive an interest rate of 9.99% (10.91% APR). This rate is fixed for the life of your loan.

You will still be eligible for our great benefits:

  • Maximum lifetime loan amount of US$100,000
  • Interest rate discounts up to 1.50%
  • Interest-only payments while in school to build your U.S. credit history
  • Path2Success program for career development and immigration tips

You don’t need to take any further action. The lower interest rate will automatically be applied to your loan application, and you will receive an email with details about the promotional rate.

If you accepted your Loan Offer, but have not received your Final Loan Document yet, we will issue a Final Loan Document with the new lower interest rate.

If you have received your Final Loan Document but have not signed it yet, we will reissue a new one with the promotional interest rate.

If you have signed your Final Loan Document but your funds have not yet been disbursed, you will receive an email showing the new interest rate. Your monthly payments will be adjusted based on the new rate, and your servicer, Launch, will provide a revised payment schedule once funds have been disbursed to your school.

The “Plan Ahead” interest rate promotion ends on Saturday, April 30, 2022. You must submit an application online by this date in order to be eligible.

If you have not yet started an application, click here to start.

Yes, and you will receive an email showing your new interest rate. 

This promotion is not available to loan applications for current or past academic periods. You can qualify for the promotion if you are applying for financing for Summer 2022, Fall 2022, or the 2022–2023 academic periods.

Your eligibility for the promotion will change depending on the semester for which you are applying for funding. If your application updates to an eligible period, you will become eligible for the promotion; conversely, if your application changes to an ineligible period, your application will no longer be eligible for the promotion.

Yes, if you have signed your Final Loan Document but your funds have not been disbursed yet, you will receive an email showing the new interest rate. Your monthly payments will be adjusted according to the promotional rate.

If your loan has been disbursed it is likely for a loan period that is not eligible for this promotion. To be eligible for the interest rate promotion, you should be applying for a loan for summer 2022, fall 2022, or 2022–2023 academic periods. However, you can still reduce your interest rate by 1.50%! You can find more information about how to qualify for interest rate discounts here.

Generally, no, once expired an application is not eligible for reactivation. However, applications that experienced a technical error or other issues that resulted in expiration will be reviewed for eligibility.

We’re excited to invite you to our community!

Check your loan eligibility in 60 seconds:

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.

2022 © MPOWER Financing, Public Benefit Corporation NMLS ID #1233542. 1101 Connecticut Ave NW Suite 900, Washington, DC 20036