Looking to study abroad? Check out Mpower financing- a leading U.S based lender and our student loan financing partner that requires no collateral or cosigner.
Mpower loans are exclusively designed to support international students like you. These loans are available at over 400 universities in the US and Canada with a cover funding of up to $100,000.
Why Choose Mpower?
- No cosigner or collateral required
- Fixed simple interest rate
- Flexible repayment options
- No upfront or out of pocket cost
- Free visa support letter to visit the US or Canada
- No prepayment fee if you pay back your loan early
FAQs
1. Q: What is MPOWER?
A: MPOWER Financing International is an education finance organisation that provides loans to international students who want to study in the United States & Canada.
2. Q: How much can I access with MPOWER financing?
A: You can access funding of up to $100,000.
3. Q: What does the loan cover?
A: The loan caters for tuition and living expenses.
4. Q: What does the loan cover?
A: The loan caters for tuition and living expenses.
5. Q: What courses does the loan cover?
A: The loan covers STEM (Science, Technology, Engineering and Mathematics) and MBA courses.
6. Q: Does the loan cover doctorate degree and PhD studies?
A: No, the loan covers Undergraduate and Postgraduate studies in STEM and MBA courses.
7. Q: What is the tenure for loan repayment?
A: Repayment commences 6months after graduation and is spread over a 10 year period. No prepayment fee is applicable if you pay back your loan earlier.
8. Q: At what Interest rate will the loan be repaid?
A: Loan is to be repaid at Fixed rates as low as
12.74% (13.72% APR) – 15.99% (17.08% APR).
9. Q: Will the repayment be in foreign currency?
A: Yes, the repayment will be in foreign currency or at the prevailing exchange rate compared to your local currency.
10. Q: Are there any schools in the UK MPOWER supports?
A: No, the partner schools are in the US and Canada only.
11. Q: How can I access the MPOWER financing?
A: Click here to view the list of support schools, apply to your preferred school. once you have a provisional admission, visit this link https://www.unionbankng.com/portfolio/mpower-financing/, fill out your information and MPOWER takes it up from there.
12. Q: Do I need a collateral or co-signer to access the financing?
A: No co-signer or collateral is required to access the loan.
13. Q: Is there an age limit for application?
A: No there’s no age limit.
14. Q: How can I calculate my loan payments
A: MPOWER has a loan payment calculator. Enter your loan amount, degree type, citizenship status, country of study, and time left until degree completion. This calculates your in-school payment, monthly payment after graduation, and any savings you may be eligible for.
15. Q: How long does the application process take?
A: It takes 30 seconds to check your eligibility, approximately 30 minutes to apply, and less than 3 days to receive your conditional offer. Loan applications for past, current, and future semesters.
16. Q: Can a student use additional financing with their MPOWER loan?
A: Yes, getting an MPOWER student loan does not preclude a student from accessing additional financing. That means you can use MPOWER together with other financing sources.
17. Q: When should I apply? Am I eligible if I have not yet started my program, or if I have more than two years left in my program?
A: You can apply as early as 12 months before you need the money. The date the money is sent to your school must be within 2 years of your anticipated graduation date.
18. Q: Do I have to be admitted or enrolled at a school to apply?
A: You can begin the application once you have applied to an eligible school, but the final review of the application can’t be completed until you have been accepted. If you have not yet applied to an eligible school, it is a bit too early to begin your application.
19. Q: Can I pay more than my minimum amount per month?
A: Yes! Any payment over the minimum amount due will be applied to outstanding interest, fees and/or your principal balance, and your regular payment will still be due the following month. You may not be able to skip a monthly payment by making an extra payment in the previous month, please contact us for more details. Your payment(s) will be applied to the billing cycle in which they are received.
20. Q: How do I make a payment?
A: Borrowers have the option to make a one-time payment or set up automatic payments (“autopay”). Autopay automatically withdraws monthly payments on the confirmed withdrawal date. Borrowers may also qualify for an interest rate discount via autopay.
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