| Interest Rate | Moratorium Period | Margin Money |
| 10.89% APR onwards | Course years + 6 months | 0% |
Table of Contents
- MPOWER Financing Education Loans Overview
- MPOWER Financing Education Loans Interest Rates
- What are the Eligibility Criteria for an MPOWER Financing Education Loan?
- Documents Required for an MPOWER Financing Education Loan
- Repayment Process for MPOWER Education Loans
- Conclusion: Apply for an MPOWER Financing Education Loan
- Frequently Asked Questions
Are you looking for a merit-based education loan without collateral or a cosigner guarantee? MPOWER Financing is your perfect solution! MPOWER education loans offer financial independence without collateral or cosigner at affordable interest rates.
MPOWER has listed 500+ institutions in the US and Canada eligible for student loan funding. If you get admission to any of those institutions, you can check your eligibility to apply for an education loan.
MPOWER Financing Education Loans Overview
MPOWER education loans are tailored for students seeking financial freedom and employment. Once your application is accepted, the loan process is completed within 3 – 5 business days. You get a prequalified US credit card and bank account with your MPOWER education loan.
| Maximum Loan Amount | Up to 100,000 USD or 100% of your expenses |
| Interest Rates | 10.89% APR onwards |
| Margin Money | 0% |
| Processing Fee | 5% of the loan amount |
| Moratorium Period | Course years + 6 months |
| Repayment Period | Up to 10 years |
MPOWER Financing Education Loans Interest Rates
MPOWER education loans have a fixed interest rate of 9.99% (10.89% APR). Timely repayment of MPOWER education loan interest will build your US credit history. This is advantageous for those planning to settle in the US after completing their studies.
- MPOWER Financing education loan interest rates are fixed
- There is a 0.25% interest rate discount with autopay
- Interest must be paid while in school and for six months after graduation
What are the Eligibility Criteria for an MPOWER Financing Education Loan?
MPOWER Financing education loans are offered to international students with admission offers to any of the 500 supported colleges.
- Start your undergraduate or graduate education within 2 years of your last graduation.
- Be an international student, DACA recipient, U.S. citizen, refugee, or asylum-seeker.
- Get admission to any of MPOWER’s 500+ approved schools in the U.S. or Canada.
Regarding your financial profile, you must typically have a high CIBIL score and no bank loan dues. MPOWER will determine your financial eligibility at its discretion.
Documents Required for an MPOWER Financing Education Loan
The document checklist for your MPOWER education loan differs from the course you apply for admission. International students are required to submit the following documents for MPOWER education loans:
| Home country address proof | Admission letter |
| Standardized test scores (GRE, GMAT) | Resume or CV |
| English proficiency (IELTS, TOEFL) | Transcripts or certificates from your last university |
| Cost of attendance | Passport copy |
| Secondary photo ID from your home country | Supporting evidence for funding listed in your application |
Repayment Process for MPOWER Education Loans
MPOWER education loan repayment commences after your moratorium period of course years plus 6 – 12 months. You need to pay the interest rates during this period unless MPOWER agrees to defer. The EMI needs to be paid without fail after the moratorium period.
- For automatic debit of EMI, you will get a rebate of 0.25%
- The interest rates are calculated in APR, which includes the origination fee
- The maximum repayment period is 10 years in typical cases
Conclusion: Apply for an MPOWER Financing Education Loan
MPOWER education loans cover your tuition, travel, accommodation, and all expenses related to studying abroad. If you choose auto repayment, you can get a discount of 0.25% on the repayment. Carefully read the terms and conditions and check the eligibility before applying. The application process is quick and easy, typically taking only 3 – 5 business days.
Are you looking for MPOWER’s no-cosigner education loan option? Check your eligibility and apply today with Nomad Credit. Our counselor evaluates your profile and guides you from application to disbursement at zero cost! Join today and take advantage of our offer.
Frequently Asked Questions
How to check if your college is eligible for an MPOWER education loan?
You can visit the official website of MPOWER Financing and check the complete list of eligible colleges. Alternatively, connect with Nomad Credit’s counsellor and we will help you.
What is the application process for an MPOWER education loan?
The application process for an MPOWER education loan is completely online. Visit the official website, create your account, upload the documents, and wait for review. MPOWER will submit your application to your school for final review and information.
Can you get tax benefits in India to repay the MPOWER education loan?
MPOWER education loans are not eligible for tax benefits in India. In the US, you can build your creditworthiness by repaying your MPOWER education loan in a timely manner.
How much is the appropriate borrowing limit for MPOWER education loans?
100,000 USD is the limit for MPOWER education loans. Typically, 100% of the total cost of attendance is funded.
Are MPOWER education loans accepted for US student visas?
MPOWER education loans are supported for your US student visa application. MPOWER Financing offers complimentary student visa guidance to assist students.
