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: | 7.52% |
| 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 |
