Studying abroad is a dream for many students, offering a chance to immerse themselves in a new culture, gain a global perspective, and receive a quality education. However, financing this endeavor can be a significant challenge. MPOWER Financing is a company that aims to make studying abroad more accessible through its innovative study abroad loans. In this article, we’ll explore what MPOWER Financing offers and how it can help you achieve your educational goals.
What is MPOWER Financing?
MPOWER Financing is a mission-driven fintech company that provides loans to international and DACA (Deferred Action for Childhood Arrivals) students studying in the United States and Canada. Founded in 2014, MPOWER aims to remove financial barriers to higher education for students around the world.
Features of MPOWER Financing Study Abroad Loan:
1. No Cosigner Required: One of the standout features of MPOWER Financing loans is that they do not require a cosigner. This is particularly beneficial for international students who may struggle to find a cosigner in the U.S. or Canada.
2. Competitive Interest Rates: MPOWER offers competitive interest rates compared to traditional lenders, making their loans an attractive option for students.
3. Flexible Repayment Options: MPOWER provides flexible repayment options, allowing students to choose between making full payments, interest-only payments, or deferred payments while in school.
4. No Prepayment Penalty: Borrowers can repay their loans early without incurring any prepayment penalties, helping them save on interest costs.
5. Loan Amounts: MPOWER offers loans ranging from $2,001 to $50,000, depending on the student’s program and financial need.
6. Fast and Easy Application Process: The application process for an MPOWER loan is quick and straightforward, with most students receiving a decision within days.
Eligibility Criteria:
To qualify for an MPOWER Financing study abroad loan, students must meet the following criteria:
– Be enrolled or accepted to a full-time degree program at an eligible U.S. or Canadian institution.
– Have a valid student visa or be a DACA recipient.
– Meet MPOWER’s credit and underwriting criteria.
How to Apply for an MPOWER Financing Study Abroad Loan:
1. Check Your Eligibility: Visit the MPOWER Financing website to check your eligibility for a study abroad loan.
2. Complete the Online Application: Fill out the online application form, providing all required information and supporting documents.
3. Receive Approval: Once your application is submitted, MPOWER will review your application and provide a decision within days.
4. Accept Your Loan Offer: If approved, you will receive a loan offer detailing the terms and conditions of the loan. Review and accept the offer if you wish to proceed.
5. Receive Funds: Once you accept the loan offer, MPOWER will disburse the funds directly to your school to cover your tuition and other educational expenses.
Conclusion
MPOWER Financing offers a lifeline to international and DACA students seeking to pursue higher education in the United States and Canada. By providing access to affordable loans without the need for a cosigner, MPOWER is empowering students to achieve their academic dreams. If you’re considering studying abroad but are worried about financing, MPOWER Financing could be the solution you’re looking for.