MPOWER offers hard-to-find student loans for international and DACA students.
MPOWER Financing offers student loans for undergraduate juniors and seniors, as well as graduate students. MPOWER is best used as an option for international students and students with Deferred Action for Childhood Arrivals, or DACA, status.
U.S. students have access to federal student loans and can get private loans with better terms and more beneficial repayment options from other lenders. If you’re a U.S. citizen in search of a private student loan, you can compare lenders here.
MPOWER is one of the few lenders to offer loans to international and DACA students, who make up 90% of its borrowers. The company lends to students from 180 countries who attend college in the U.S.
Since most international borrowers do not have a U.S. credit history, MPOWER considers borrowers’ earning potential as it makes underwriting decisions.
• Ideal for international and DACA students without a co-signer or U.S. credit history.
• Higher fixed interest rates and fees than other student loans.
• Interest-only payments required while in school and during the six-month grace period.
Loan amounts Minimum $2,001. Maximum loan is $50,000, limited to $25,000 per academic period.
NerdWallet student loan experts evaluate more than 50 data points across five categories. Here’s how MPOWER compares with other private student loan lenders.
• The option to fully pause payments while in school, rather than making interest payments each month.
• Biweekly student loan payments via autopay.
Get a personalized rate before applying: No.
Application or origination fee: Yes; 5% origination fee added to the loan balance.
Compare MPOWER’s range of interest rates with private student loan lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate MPOWER will offer you, apply on its website.
MPOWER considers dozens of data points, such as future income potential, to determine creditworthiness and make a lending decision. The company reviews credit history, but credit scores are not a factor in its decision since most international students do not have U.S. credit scores.
Minimum credit score: Credit score not considered.
Minimum income: Did not disclose.
Typical credit score of approved borrowers or co-signers: Credit not required.
Can qualify if you’ve filed for bankruptcy: Bankruptcy history not considered.
Citizenship: International students must be from one of the 180 countries MPOWER works with. DACA students do not need a Social Security number to qualify.
Location: Available to international borrowers attending eligible colleges in all 50 states, Washington, D.C., and Puerto Rico.
Must attend a Title IV-accredited school: Borrowers must attend a four-year Title IV school that MPOWER works with.
Percentage of borrowers who have a co-signer: No co-signer required.
All MPOWER borrowers are required to make interest-only payments starting 45 days after loan funds have been disbursed.
All loans have a 10-year repayment term.
In-school deferment: Students enrolled at least half-time are eligible for up to 24 months of deferment while continuing to make interest-only payments.
Military deferment: Active-duty service members can defer payments for 24 months, in 12-month increments. Interest still accrues, but during the period of active service, interest on loans will be reduced to 6%.
Hardship forbearance: Available if you have a late payment or are about to miss a payment. Borrowers have a 24-month limit on forbearance, available in six-month increments. During forbearance, interest will continue to accrue on the loan.
Natural disaster forbearance: Available in three-month increments for borrowers affected by natural disasters, as confirmed by the Federal Emergency Management Agency. Interest still accrues.
Are loans discharged in the event of death/disability of borrower? Yes.
Average time from application to approval: 7 days.
Visa process assistance for preapproved borrowers.
Online tutoring: Borrowers can access Study Starter, which offers up to 120 minutes of live, online tutoring or step-by-step textbook problem solutions from Chegg.
Credit score tracking. Free quarterly FICO credit scores.
On-time payment discount: 0.50% discount for six consecutive on-time payments.
Proof of graduation and employment discount: 0.50%.
Before taking out an MPOWER student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
Compare your international student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you’re ready to borrow with MPOWER, you can apply on its website.