MPOWER Financing’s Top FAQs

by Juliet Terrill | In Financial Empowerment, Guides and Tools, Pick of the month | 15 March 2021

Applying for a loan can be complicated–but MPOWER is here to make the process as seamless as possible. We’ve recently received a few questions about our no-cosigner, no-collateral student loans. In addition to our other FAQs, here are the answers you’ve been looking for:

1. Can MPOWER provide a letter of financial support?

U.S. SCHOOLS

  • Upon credit approval, MPOWER is able to issue support letters to assist our applicants with the visa process at no cost. You will need to provide the Support Letter to your school in order to receive the I-20.
  • To summarize, you must:
  1. Receive acceptance to the school and apply for an MPOWER Student Loan
  2. Receive the Support Letter from MPOWER following your loan’s approval
  3. Provide the Support Letter to the school and receive the I-20 form
  4. Include the I-20 form in your visa application with the U.S. government
  • Note: You must provide MPOWER with the required immigration documentation before your loan can be disbursed

 

CANADIAN SCHOOLS

  • Your MPOWER loan approval letter can help prove that you have enough funds to support your education.
  • To summarize, you must:
  1. Receive acceptance to the school and apply for an MPOWER Student Loan
  2. Receive your MPOWER loan approval document following your acceptance of loan terms
  3. Include the loan approval letter in your visa application with the Canadian government.
  • Note: You must provide MPOWER with the required immigration documentation before your loan can be disbursed

 

2. How can I calculate my loan payments?

MPOWER has a loan payment calculator. Enter your loan amount, degree type, citizenship status, country of study, and time left until degree completion. Our tool will then calculate your in-school payment, monthly payment after graduation, and any savings you may be eligible for by utilizing our available discounts.

3. It’s time for my next MPOWER loan. How do I submit my second application?

Current MPOWER customers can start and submit a second application when you sign in to your MPOWER Dashboard. There is a lifetime borrowing limit of $50,000, and a maximum of $25,000 per academic period. An academic period can be a semester, academic year, quarter, or trimester. For example, a student may choose to borrow $25,000 in their fall semester and an additional $25,000 in their spring semester. Or, a student with 2 years remaining until graduation may choose to borrow $12,500 over each of their 4 academic semesters. You can request funding for all academic periods in one application. Please note that each academic period is reviewed independently.

4. How does MPOWER help me build my U.S. credit history and credit score?

You do not need to have a U.S. credit history or credit score to be approved for an MPOWER no-cosigner, no-collateral loan. It’s important to start building credit in the U.S. for your future–you’ll need it to open a credit card, lease a car, rent an apartment, and get a mortgage. MPOWER helps build your U.S. credit history every time you make an on-time payment on your loan. We report information on your payments monthly to each of the U.S. credit bureaus, which in turn helps to build a credit history for you.

5. Is MPOWER accepting new loan applications?

Yes, MPOWER is accepting loan applications for past, current, and future semesters. Check your eligibility in 30 seconds here.

6. Which universities does MPOWER work with?

We support students at a growing list of over 350 universities in the U.S. and Canada. Full list available here.

7. Can a student use additional financing with their MPOWER loan?

Yes, getting an MPOWER student loan does not preclude a student from accessing additional financing. That means you can use MPOWER together with other financing sources. We offer competitive, fixed interest rates, visa and career support, and students are pre-approved for the program funding at the time of final decision. Because of these benefits, we often find students choose MPOWER as their preferred lender for international students who want to study and stay in North America after graduating.

8. How long does the application process take?

It takes 30 seconds to check your eligibility, approximately 30 minutes to submit an application, and less than 3 days to receive your conditional offer. We accept loan applications for past, current, and future semesters.

Author: View all post by Juliet Terrill

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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.

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