MPower Finance Overseas Education Loan

What Does MPOWER offer International Students?

MPower Finance is a financial institution based out of the U.S. It was established in the year 2014 to provide support to international students. Interestingly, it was founded by former international students. MPower Finance overseas education loan at fixed rates and does not typically require any co-signer or collateral which makes it more accessible for students.

 

Study Abroad Loan Without a Cosigner or Collateral

MPower Finance provides education loans purely on the basis of your future potential. Unlike other financial institutions, MPower Finance does not include any so-signer or collateral in the eligibility criteria of the loan process. 

It is advisable to build a U.S. credit history with on-time payments and no pre-payment penalty.

Loan Amount Available through MPOWER Finance

MPower Finance covers 100% of your cost of education (including living expenses) with absolutely no margin money involved and as already mentioned, there’s no requirement of co-signer or collateral to avail of an MPower Finance overseas education loan.

You can get a loan amount as low as USD 2,001 and a maximum amount of USD 1,00,000. 

Also Read : Education Loan Eligibility Criteria for Studying Abroad

Eligibility Criteria for MPower Finance Overseas Education Loan?

There are a certain eligibility criteria laid down by MPower Finance that the applicant need to fulfill to get an education loan. Read below to understand more in detail:

• The educational institution you’re enrolled in should be on the approved list of over 400 schools across the U.S. and Canada
• Any international student, DACA recipient, U.S. citizen, refugee, or asylum-seeker is eligible to apply for education loan
• Student should be:

• An undergraduate student or
• Graduate student within 2 years of graduating or
• A student who is about to begin a 1-year or 2-year program.

How to Apply for an MPower Finance Overseas Education Loan?

Applying for an MPower Finance education loan is not a very complex task. You can either directly apply on MPower Finance or fill in your details at HiWiPay and we’ll make sure to assist you with the eligibility check and further loan process. 

Typically, MPower Finance has laid down these steps to sanction your loan:

Step 1: Fill up the application form with all the necessary information and details.

Step 2: Upload the necessary documents

Step 3: Once you complete the application, you’ll be provided with a conditional loan offer letter immediately.

Step 4: MPower Finance will then assess your documents and verify your eligibility.

Step 5: Once your documents are verified and letter is received from the institution you’re enrolled in, MPower Finance will sanction the loan and amount will be disbursed directly to the university.

 

Documents Required to Apply for an MPower Education Loan?

There are certain documents that are required by MPower Finance overseas education loan to check if you meet the eligibility criteria. Here’s the list of common documents required to apply for an MPower Education Loan:

• Resume or Curriculum Vitae (CV) including employment and education details
• Proof of Address such as utility bills
• Test scores such as GRE, GMAT, etc.
• English proficiency exam scores (TOEFL / IELTS) or a letter from the university of it is waived.
• Proof of admission (Admission letter)
• Estimated cost of education
• Passport
• Proof of funds (bank statements, scholarships)
• Copy of any existing debt, if any

It is advisable to check with MPower Finance if any additional information or document is required for the loan process.

Read More – Education Loan for BBA Abroad

INR Loans vs USD Loans by MPOWER

Many students, especially Indian students may tend to follow the thought that interest offered by MPower Finance on education loans is high. However, it is important to considered certain factors to compare INR loans and USD loans by MPower Finance. Some of these factors are mentioned below:

• Nature of interest rate in INR loans is generally variable which may increase (if Repo rate fluctuates) during the tenure of loan while interest rates by MPower Finance is fixed which remains same throughout the loan tenure.
• Forex charges of 2%-3% are added in INR loans whereas no such charges are included in USD loans by MPower Finance
• Insurance of 0.5%-8% is required in INR loans whereas no such requirements are in USD loans.

HDFC Credila Education Loan: Process

What are the Benefits of an MPower Education Loan?

There are multiple benefits that an applicant can enjoy if he avails of MPower Finance overseas education loan which include:

• Flexible Loan Amounts: Students can get loans anywhere between USD 2,001 and USD 1,00,000. It is suitable for students who require a low education loan amount.
• No requirement for co-signer or collateral: There’s no requirement for any co-signer or collateral for loans. Students who can not arrange for any collateral can also avail of education loans easily.
• No Margin Money: There’s no margin money at all. The education loan by MPower Finance covers 100% of the education cost and associated expenses.
• Easy Repayment Terms: MPower Finance has easy repayment policies with loan tenure of 10 years and fixed nature of interest which remains the same throughout the period of loan.

MPower Education Loan Rate of Interest

MPower Finance Overseas Education loan is available at very affordable terms. The below table includes the interest rate and other terms:

Interest Rate (Before Discount)	12.99% (13.98% APR)
Discount on interest rates	0.25% (Discount is available if the applicant signs up for autopay)
Interest Rate (After Discount)	12.74% (13.72% APR)
Nature of Interest Rate	Fixed
Tenure of Repayment	10 Years

Also Read : Education Loan for Engineering Students to Study In USA

How Will HiWiPay Help in Availing an Education Loan from MPower Finance?

HiWiPay is a platform that connects students who are looking for affordable educational loans and lenders. Just fill in the minimum details required and we’ll connect you with multiple lenders. The lenders who find you eligible will connect with you within 24 hours with personalized offers. If you fulfill the eligibility criteria of MPower Finance Overseas education loan, they can lend you education loans at easy terms and HiWiPay will assist you in the process.

 

Conclusion

Education abroad can be a burden on your finances but if you’re planning to study in the U.S. or Canada and your institution is on the approved list of MPower Finance, you can keep your worries at bay. MPower Finance provides education loans to students on very affordable terms. With HiWiPay it is even more easier. Just fill in your details and we will connect you with the lender.

FAQs of MPower Finance Overseas Education Loan