MPOWER is a student loans marketplace that targets both domestic and international student attending US universities and colleges. The loans offered by MPOWER can be used to pay for tuition and university-sponsored services, such as health insurance, meal plans, or housing. As well as providing student loans, MPOWER also helps students build their credit histories, gives them personal finance education, and offers additional financial products after they have finished college. At this time, MPOWER only offers first time student loans: no student loan refinancing.
MPOWER provides lenders with a platform where they can help the next generation gain access to the best universities and colleges and earn a competitive return on their investment. Unlike most other student loan providers, MPOWER helps both domestic and international students. MPOWER does this by focusing on high potential students with promising careers in lucrative sectors.
MPOWER private student loans have a fixed rate that ranges from 8.85% APR to 14.87% APR. Loan amounts can range from $1,800 to $25,000 a year for a maximum of $50,000 over 2 years. Loan terms vary from 3 to 10 years. There is a 5% origination fee that is added to the loan balance. Unlike other lenders, MPOWER does not deduct the origination fee from the loan balance disbursed. Instead, it is added to the loan balance and paid gradually with monthly payments.
MPOWER also offers student loan refinancing, which has a fixed rate starting above 9.99% APR.
MPower uses an online application form that only takes minutes to complete. It requires the usual information, full name, email, school, degree, major, anticipated graduation date, citizen status and loan purpose. Within three days of completing and sending the form, MPOWER will contact borrowers and conduct a 15-minute interview. The information provided in the form and interview is verified. Successful applicants receive their money within one to three weeks. The money is sent directly to the school.
Unlike most student loans, MPOWER does not require a cosigner. In fact, its not even an option. MPOWER's loan process was designed so that students, domestic and international, wouldn't have to worry about not having a credit history or a cosigner. All the loans have fixed rates and there are no prepayment penalty fees.
Students are required to start making small payments while they are in college. MPOWER sells this as a benefit because they report these to the credit bureaus, which helps borrowers build their credit.
MPOWER doesn't look at a student's credit score when assessing eligibility. This also means you don't have to worry about credit inquiries when checking what rates you would qualify for with MPOWER.
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