MPower International Student Loans Review 2020

When hunting for a student loan it can sometimes be difficult to know where to begin. A good place to start would be this MPower Financing review, where you can learn about the options and decide if you’d like to pursue it.

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    MPower Financing was founded in 2014, but despite being so young, it has grown rather to receive over $1 billion in loan applications since inception.

    Why get a student loan from MPower Financing?

    There are some positive aspects of the loans here that may draw you to it. One clear benefit is that it offers its loans to international students without a cosigner, which is quite unusual, and it has no minimum score requirement.

    What student loans does MPower Financing offer?

    You can take a loan out with MPower Financing to cover your last two years of school, whether you’re still undertaking them, have dropped out, or have graduated. 

    Student loan refinancing information

    Unfortunately, there’s no option for refinancing any current student loans, as it‘ll disburse the funds directly to your school.

    Fixed rates from:

    Not Available 
    Variable rates from:   Not Available
    Loan repayment terms:   Not Available
    Loan amount:  Not Available

    Private student loans

    The loans on offer are mainly aimed at international students, especially those without a cosigner or U.S. credit history. International students almost always need a cosigner, so this is a great option for those without. You’ll also be assigned a financial advisor, and there’s an optional forbearance period of up to 24 months.

    More about rates and fees of MPower Financing’s loan options

    Below are the stated rates and fees at MPower Financing:

    Fixed rates from:

    Variable rates from: Not Available
    Application fee: None
    Origination fee: 5% added to the loan balance
    Disbursement fee: None
    Late fee:Yes, but not defined
    Returned payment fee:  None
    Prepayment penalty: None

    MPower Financing pros and cons


    • Available to overseas students in 180 countries
    • No need for a cosigner or U.S. credit score


    • There are no refinancing options, and loans are limited to $25,000 per semester

    How to apply for an MPower Financing student loan

    It offers simple applications; just head to the official website and follow the instructions.


    You’d be well advised to pursue a loan with MPower Financing if you’re an international student with no cosigner, and a poor or no credit rating in the US. However, for everyone else, there’ll be better options out there, as there’s a very high origination fee, a low upper limit on loans, no variable rates, and absolutely no recourse for refinancing current student loans.

    You’d be much better off trying a major financier like SoFi or CommonBond. These lenders have competitive rates, on both new student loans and refinancing old ones, and offer some attractive additions such as charitable contributions, discounts with autopay, and financial and career coaching.