Your dreams, our funds,
a bright future

Our loans don’t require cosigners, collateral or a credit history. Because we believe in your future potential.

Calling all International and DACA students

Can’t find funding for your studies in the USA or Canada? We’re here to help.

We created the only fixed-rate student loan for international students that is secured by your future earnings potential, not by cosigners or collateral.

Our loans don’t require a credit history either, and are available to students from 190+ countries, pursuing degrees in any field.

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What Makes Our Student Loan Special?

Fixed interest rates with flexible loan amounts ($2,001 to $50,000 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 2 or 1-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 United States or Canada.

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How Does The Process Work?

Loan Terms

Terms

Minimum Loan Amount $2,001
Maximum Loan Аmount $25,000 per loan and a $50,000 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

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 $25,000 per loan and a $50,000 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

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 $25,000 per loan and a $50,000 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 $25,000 per loan and a $50,000 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

SRIJAN B.

Calcutta, India,
Stevens Institute of Technology

Read Full Story

Success Stories

1.

When Srijan started his degree program at Stevens Institute of Technology, financial struggles—and worries about burdening his family—kept Srijan up at night. Now, with MPOWER’s help, he’s finishing his degree and starting a great job in financial services. And instead of burdening his parents, his job will enable them to retire early!

SIMONA S.

Malta,
MBA, California State University, Long Beach (CSULB)

Read Full Story

Success Stories

2.

Born in Libya to Czech and Slovak parents, and raised in Malta, Simona is the epitome of a global citizen – and her career, which has included setting up Maltese operations for a Czech start-up, reflects that. Faced with a funding shortfall that imperiled completion of her degree, Simona turned to MPOWER. Now, she’s on track to graduate and pursue a career in healthcare.

SUMEI X.

Jiangsu, China,
Boston University

Read Full Story

Success Stories

3.

Sumei worked as a technical support specialist for Citibank in Shanghai, but the opportunity to improve her English and “see the world” led her to an au pair position in New York City. She later decided to pursue a Master’s degree in computer science in the U.S. but found her savings woefully inadequate. MPOWER came through with a loan, and Sumei now has a great internship as a software engineer!

Kayleigh R.

Cape Town, South Africa,
Boston University

Read Full Story

Success Stories

4.

When Kayleigh realized that a Master’s in the U.S. would cost four times her undergraduate degree in South Africa she didn’t know how she would pay for it. But then she came across MPOWER. Now, she’s a computational biologist at the world’s largest private cancer center, devising ways to make cancer treatments safer, particularly for children.

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 $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.

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.

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.

2020 © MPOWER Financing, Public Benefit Corporation NMLS ID #1233542. 1101 Connecticut Ave NW Suite 900, Washington, DC 20036