MPower Financing Student Loans Review 2021
MPower Financing offers private student loans to undergraduate graduate students who are within two years of earning a degree attend a participating U.S. or Canadian school. The lender specializes in working with international students Deferred Action for Childhood Arrivals recipients.
- Offers loans to international students DACA recipients
- Doesn’t require a credit history or co-signer
- Provides rate discounts
- Doesn’t offer student loan refinancing
- Provides loans only for students in their last two years before graduation
- Requires interest-only payments during school for six months after graduation
Find the Best Student Loans for You
MPower Financing has student loan options for undergraduate graduate degree programs. It does not offer student loan refinancing.
MPower Financing offers fixed-rate student loans ranging from $2,001 to $50,000 over two academic terms. Loans have a repayment term of 10 years with no prepayment penalty. An origination fee of 5% applies, the lender adds it to your balance.
Borrowers can qualify for interest rate discounts of up to 1.5%. Discounts include 0.5% for setting up automatic payments, 0.5% for making six consecutive on-time payments while on autopay, 0.5% for submitting proof of graduation employment.
The lender also offers other services, including resume review, networking opportunities exposure to paid internships full-time jobs.
MPower Financing doesn’t require a credit history, co-signer or collateral. Instead, the lender considers your academic success career path to determine your creditworthiness. International students DACA recipients are eligible to apply.
Students must be in their final two years of school attend one of the more than 200 schools the lender works with to qualify.
MPower Financing requires that students make interest-only payments while in school during a six-month grace period after they graduate. Once that period ends, borrowers then pay off the principal interest over 10 years.
The lender offers forbearance options if you’re having difficulty making payments, but it doesn’t specify terms until you get approved.
MPower Financing doesn’t provide any details about discharge options.
MPower Financing has an A+ rating with the Better Business Bureau. The Consumer Financial Protection Bureau did not receive any complaints about MPower Financing in 2018.
- International students DACA recipients
- Students who have a strong academic background career path
- Students in their last couple of years who don’t qualify for federal loans