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Last update: January 18, 2024

5 minutes read

MPOWER: Student Loan Refinance Review

Discover the unique benefits of MPOWER Financing for international and DACA students seeking private student loans. Learn about their no-cosigner, fixed-rate loans, swift approval process, and supportive services.

By Yerain Abreu, M.S.

Edited by Brian Flaherty, B.A. Economics

MPOWER Financing Review Snapshot

MPOWER Financing logo

BEST FOR:

International and DACA Students

Check rate

VARIABLE APR

N/A

FIXED APR

12.69%*

Tailored especially for international and DACA students, MPOWER Financing has emerged as a beacon of hope, offering accessible education funding without needing a cosigner. But are they the best choice for you? We will explore their loan offerings, including undergraduate loans, repayment options, and eligibility criteria. Whether you're an aspiring student or a graduate looking to refinance, MPOWER Financing's innovative approach warrants a closer look.

Our final verdict

MPOWER Financing is the go-to choice for international and DACA students. Its services extend beyond financing, including visa support and career strategy. They do have a U.S. residency requirement and limited country coverage for loan origination. Despite these limitations, MPOWER's strong customer service record, highlighted by high Trustpilot ratings, underscores its appeal as a reliable and supportive lender.

    About MPOWER Financing

    MPOWER Financing, established in 2014 and headquartered in Washington, D.C., and Bengaluru, India, is a pioneering force in the student loan industry, especially for international and DACA students. Unique in its approach, MPOWER offers no-cosigner loans and scholarships, facilitating wider access to education.

    MPOWER's mission is to democratize education financing globally. This is evident in their rapid approval process, often completed in just 30 seconds, demonstrating their commitment to efficiency and customer service. Beyond financing, MPOWER provides comprehensive support to its borrowers, including visa support letters, career strategy services, and conditional loan offers, all accessible online. Their holistic approach goes beyond financial assistance, nurturing the careers of their borrowers.

    The impact of MPOWER is significant, aiding students from over 190 countries, many of whom are first-generation college students.

    MPOWER is not just a fintech company but a transformative force in international education. Their proprietary algorithm, which considers overseas and domestic credit data along with future earning potential, positions them as a leader in global education loans. They collaborate with over 400 top universities across the U.S. and Canada, providing financing to students from over 190 countries. MPOWER's team, comprised of former international students, offers personal financial education and career support, preparing students for life after school.

    TuitionHero tip

    Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.

    Undergraduate loan details

    MPOWER Financing provides loans that range from $100,000 up to $2,001 (aggregate) for undergraduate students. They offer fixed rates from 12.69%*% to 0% or variable rates from 0% to 0% (including the autopay discount!).

    Borrowers can rest easy knowing that there are:

    • No prepayment penalties

    Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.

    Repayment options

    MPOWER Financing offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.

      MPOWER Financing

      Best for: International and DACA Students

      MPOWER Financing

      Check My Rate
      VARIABLE APR

      N/A

      FIXED APR

      12.69%*

      LOAN AMOUNT

      $2,001 - $100,000

      TERMS LENGTH

      10-year

      MIN CREDIT SCORE

      N/A

      VARIABLE APR

      N/A

      FIXED APR

      12.69%*

      LOAN AMOUNT

      $2,001 - $100,000


      TERMS LENGTH

      10-year

      MIN CREDIT SCORE

      N/A

      WHAT WE LIKE

      • No cosigner or collateral requirements

      • High customer reviews on Trustpilot, at 4.7/5 with over 2,200 reviews

      • No prepayment penalties

      • Eligibility for employer contribution schemes

      • Autopay interest rate discount of 0.25%

      • Specialized services for international and DACA students

      • Free visa support letters and career strategy support

      • Conditional loan approvals offered

      WHAT WE DON'T LIKE

      • 2% origination fee on loans

      • Minor fee for Late or returned payments

      • There may be transaction fees on payments using foreign currency

      • Requires a minimum of three months' residency and employment in the U.S.

      • Refinancing options are limited to loans from specific countries

      • Autopay discount: 0.25% Interest Rate Reduction with automatic payments.

      Eligibility

      Who can benefit from MPOWER Financing's loan options? Here are the core eligibility requirements for their private student loans:

      1. Location: You must live in the U.S. and have worked full-time in the U.S. for at least three months after graduation

      2. School attended: You must have attended a school authorized to receive federal aid

      TuitionHero tip

      If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.

      Compare MPOWER Financing to other lenders

      Unsure if MPOWER Financing is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.

      Our top pick

      MPOWER Financing

      MPOWER Financing

      Disclosures

      Variable APR

      N/A

      Fixed APR

      12.69%*

      Repayment Options
      • Forbearance
      Fees
      • No prepayment penalties
      Discounts & Benefits
      Autopay discount: 0.25%
      Loan Details
      Loan amount: $2,001 - $100,000
      Term lengths: 10-year

      MPOWER Financing

      MPOWER Financing

      Disclosures

      Variable APR

      N/A

      Fixed APR

      12.69%*

      Repayment Options
      • Forbearance
      Fees
      • No prepayment penalties
      Discounts & Benefits
      Autopay discount: 0.25%
      Loan Details
      Loan amount: $2,001 - $100,000
      Term lengths: 10-year

      MPOWER Financing

      MPOWER Financing

      Disclosures

      Variable APR

      N/A

      Fixed APR

      12.69%*

      Repayment Options
      • Forbearance
      Fees
      • No prepayment penalties
      Discounts & Benefits
      Autopay discount: 0.25%
      Loan Details
      Loan amount: $2,001 - $100,000
      Term lengths: 10-year

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      Ready to get started?

      Compare student loan rates from all the top lenders with zero impact on your credit score.

      Customer service

      Customer service is a crucial factor in determining the success of a lender. In this regard, MPOWER stands out impressively, boasting an impressive 4.7 out of 5 rating on Trustpilot, based on over 2,200 reviews as of December 2023. However, it's important to note that MPOWER has not yet received accreditation from the Better Business Bureau.

      MPOWER Financing offers multiple ways to contact them.

      • Website: https://www.mpowerfinancing.com/

      • Email: mpower.me@mpowerfinancing.com

      • Phone: 1-202-417-3800

      • Hours:

      Frequently asked questions (FAQ)

      Here are some of the most common questions we get asked about MPOWER Financing.

      MPOWER's interest rates for refinanced loans are fixed, ensuring they will never increase. Further details about MPOWER's interest rates for refinancing can be found on their website.

      MPOWER charges a 2% origination fee on the disbursed loan amount for refinancing. For example, a loan amount of $10,000 would have a $200 origination fee, totaling $10,200.

      MPOWER offers a 10-year repayment period for refinanced loans. There is no penalty for early repayment of the loan.

      MPOWER allows refinancing of student loans originating from specified countries, including Australia, Austria, Brazil, The Dominican Republic, Germany, India, Kenya, South Korea, Mexico, Nigeria, Philippines, Switzerland, Spain, UK, or the U.S.

      Borrowers can continue making payments on their MPOWER loan using a U.S./Canadian or foreign bank account, regardless of their visa status.

      Borrowers on OPT must have permission to work in the U.S. for at least 2 years from the present day to meet one of MPOWER's refinancing eligibility criteria.

      Final thoughts

      MPOWER Financing is a solid choice for international and DACA students looking to refinance student loans, offering no-cosigner, fixed-rate loans with a strong customer service track record. While it includes an origination fee and requires U.S. residency for refinancing, its autopay discount and supportive services add value, making it a viable option in the student loan refinance market.

      At TuitionHero, we're dedicated to helping you find your way through the maze of student loan refinancing. If you need more help, check out our complete guide to student loan refinancing. Start your quest for affordable education with TuitionHero and MPOWERtoday.

      Sources


      Author

      Yerain Abreu avatar

      Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.

      Editor

      Brian Flaherty avatar

      Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.

      At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.

      At TuitionHero, we're not just passionate about our work—we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.


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