Reduced rates for DACA students on our no-cosigner loans

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

What Is DACA?

The Deferred Action for Childhood Arrivals (DACA) is a relief provided by the U.S. government for children of illegal immigrants. This relief protects children from being deported out of the United States. These people typically entered the United States when they were minors without having a say in the matter at the time. As a DACA recipient, you won’t be able to receive the typical type of financing that most American citizens do. However, MPOWER is here to help obtain student loans for DACA students with our no-cosigner loans.
What Is DACA?
What Is DACA?

Can DACA Students Get Loans?

As a DACA student, you aren’t eligible for federal student loans, however you have other options for student aid and DACA student loans. You may be eligible for a private loan through MPOWER. Our goal is to give you the tools and confidence you need to improve your finances. MPOWER will help you through the entire process of applying for DACA student loans.

Am I eligible?

You could be eligible if you are:

A DACA recipient (more information can be found here)

Admitted to or attending one of our 350 schools in the United States

A current or prospective undergraduate or graduate student within 2 years of graduating

All MPOWER Scholarships are open to DACA students

MPOWER will never share any information about your DACA status with outside parties

DACA students

We support DACA students

Reduced rates on our no-cosigner loans for DACA students

Graduate DACA students: 7.99% introductory rate (8.89% APR), reduced to 6.49% (7.52% APR) if you qualify for all 3 interest rate discounts

Undergraduate DACA students: 9.99% introductory rate (10.91% APR), reduced to 8.49% (9.56% APR) if you qualify for all 3 interest rate discounts

1.50% interest rate discounts available:
- 0.50% for autopay sign-up
- 0.50% for 6 months of autopay payments
- 0.50% upon proof of graduation and full-time employment

Words From our Founder

Manu Smadja, CEO and co-founder of MPOWER Financing

“We started offering loans to DACA students because we wanted to help them overcome all the hurdles they face: they can’t access federal loans or grants, and their parents often have limited credit history, which can preclude them from qualifying as co-signers on a private loan. That made our no-cosigner loan a perfect fit.”

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How does the loan process 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 Appliction

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.

Calculate Your Student Loan Payments

FAQs

frequently asked questions about our student loan program

DACA students are eligible to apply for an MPOWER student loan!

  • Your I-797 Notice of Action approval on an I-821D Deferred Action for Childhood Arrivals case OR
  • Your I-766 (Employment Authorization Document) with your name and the category listed as “C33.”
  • The entire application process is completed online – click here to get started! Be sure to select all academic periods you will need to fund.
    • Complete the eligibility check to make sure you and your program meet our basic eligibility requirements. 
    • If eligible, start your application immediately. 
  • You can always save your application and come back later.

If you have already started an application, log in to complete it. If you need to request additional funds from your approved amount, click “Request my funding.”

We're excited to invite you to our community

MPOWER will never share any information about your DACA status with outside parties

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.

2021 © MPOWER Financing, Public Benefit Corporation NMLS ID #1233542. 1101 Connecticut Ave NW Suite 900, Washington, DC 20036