How to Get MPOWER Financing Loan to Study Abroad

Last updated on May 5th, 2023

Do you want to study in the USA, France, or Canada but need the funds or scholarship to actualize this dream? Don’t worry; we are here to help. This article will explain everything you need to know about getting MPOWER Financing Loan for studying abroad.

Studying abroad is an excellent opportunity to explore new cultures and advance your career. But many times, you are scared to make a move because you lack the funds to finance your trip.

Fortunately, many funding sources are available that can help you make your study abroad dreams a reality, and that is where MPOWER financing comes in.

What is MPOWER Financing Loan?

Mpower Financing is a non-profit organization whose goal is to lower the financial obstacles to international education. It is headquartered in Washington, DC, and has an office in Bangalore, India. It was formed in 2014 by Manu Smadja and Michael Davis, who met while attending INSEAD in Paris.

They believe that millions of students worldwide, including Nigerians struggle to attend school abroad due to the lack of funds. And in this spirit, they have made this offer to assist students in dealing with this common issue.

Mpower Financing collaborates with investors and universities to offer a forward-thinking education financing product to students all around the world. Mpower funding, unlike many other education lenders, does not require a cosigner. Instead, they consider your credit history, country of origin, career, academic potential, and university. Indeed, they are the toast of many students all around the world.

As of March 2018, Mpower Financing’s services were offered in 350 university and college programs. Approximately 90% of its borrowers are in graduate school.

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Who is Eligible for an MPOWER Financing Loan in Nigeria?

You must meet certain criteria to be considered for an MPOWER Finance loan.

• You must be enrolled as an undergraduate or graduate student within two (2) years of graduating or about to begin a two or one-year program.
• You are eligible for the loan if you are a DACA recipient, a U.S. citizen, a refugee, or an asylum-seeker.
• You must be admitted to or attending one of our 350 approved United States or Canadian schools.

In addition to these requirements, MPOWER Financing also looks at an applicant’s financial requirements, such as credit history, when considering their eligibility for a loan.

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Which Courses are Eligible for an MPOWER Financing Education Loan?

MPOWER Financing provides education loans for all major courses in the United States and Canada, including:

• STEM (Science, Technology, Engineering, Mathematics)
• Business
• Public Policy
• Law
• Health Sciences
• Economics

How to Apply for a Mpower Financing Loan?

The process for applying for a Mpower financing loan in Nigeria is simple. The entire procedure can be completed online. Please follow the steps below to obtain a student loan through Mpower financing:

Step 1: Visit the MPOWER Financing Loan website portal here.

Step 2: Click on the call to action button “Get Started”

Step 3: They will redirect you to an eligibility page after this.

Step 4: Complete the Eligibility check by entering the necessary details. These include your name, university, Email, degree, etc.

Step 5: After entering these details, click on the “check now” button.

Step 6: If eligible, you can start your application immediately.

NOTE: The loan is disbursed when you receive your college admission letter. MPOWER will directly send the funds to the college after enrollment confirmation is received.

What are the Required Documents for MPOWER Education Loan?

While applying for the MPower Education loan in Nigeria, here are the required documents that you will need to provide:

• A Resume or CV.
• Proof of home Address in Nigeria or anywhere you reside.
• Secondary/University Photo ID.
• Standardized Test Scores – GRE/GMAT/TOEFL or IELTS.
• A valid Nigerian passport, photo identification, and a valid USA f1 student visa.
• Current university academic transcripts or admission letters from the school you will be attending.
• Past transcripts or a certificate from the previous university.
• University financial summary.

What is the Maximum and Minimum amount you can borrow from MPower?

Currently, Mpower financing offers a maximum amount of $25,000 (₦18,625,000) per academic period. And if you wish, you may borrow as high as $50,000 (₦37,250,000). However, you must submit a loan application before you can access any of their loans.

What are the Repayment Terms for MPOWER?

Suppose you are authorized for a loan. Mpower’s interest rates range from 11.99% to 13.99%. As a Nigerian student, you will have to make small, interest-only installments to repay your loan. Furthermore, after graduation, you will have six months of privilege before a ten-year repayment period begins.

What is the repayment period for MPOWER?

Generally, students will start making payments 45 days after the loan is disbursed. Payments will be made on an interest-only basis until graduation, with an additional 6-month grace period. After that, a 120-month amortization schedule is used to compute the remaining months of payback.

What are the Advantages and disadvantages of MPOWER financing loans?

There’s an old adage that “to every disadvantage, there is a corresponding advantage.” So, before applying for this education loan, weigh the advantages and disadvantages. But first, let’s consider the Pros and Cons below.

Pros

• Mpower financing loans and scholarships do not require a Cosigner.
• It is available to all international students irrespective of race, color, or background.
• You won’t need a credit check to secure a loan.
• Mpower financing offers several interest rate discounts that you can leverage. This includes, among other things, automated payment discounts and on-time payment discounts.

Cons

• The Mpower education loan limit is low.
• As a student, you only have access to about $25, 000 (₦18,625,000) per year and a lifetime limit of $50,000 (₦37,250,000).
• In addition, Mpower interest rates are higher than other private education lenders. Their interest rates for graduates are about 12.99% (13.98% APR¹).

List of schools covered by MPOWER financing loans

Currently, not all colleges and universities are eligible for an MPOWER loan. MPOWER collaborates with over 400 institutions across the USA and Canada, including some of the most well-known names, such as:

• Arcadia University
• Arizona State University
• Boston University
• California Institute of Technology
• Carnegie Mellon University
• Cornell University
• Johns Hopkins University
• Emory University
• Harvard University
• Illinois State University
• York University
• University of Alberta
• University of Toronto
• University of Waterloo
• Vancouver Island University
• and many others

FAQs

Does MPOWER Cover living expenses?

Yes, MPower covers other living expenses such as tuition, books, food plans, housing, and health insurance.

Does MPOWER support Canadian schools?

Yes, MPower currently supports over 20 schools in Canada which include the University of Alberta, the University of Toronto, and York University.

Can I get a student loan in Nigeria to study abroad?

You can get a student loan to study abroad as a Nigerian student. You will, however, need a cosigner to apply for an international education loan.

What is the fixed interest rate for an MPOWER loan?

The MPower financing loan fixed interest rate for Graduates is 12.99%, while for Undergraduates, 13.99%.

Conclusion

Overall, the MPower Financing loan is an invaluable resource for Nigerian students wishing to pursue higher education abroad. If you wish to study in Canada or the USA but need help due to one financial hurdle or the other, you can leverage Mpower financing loan and scholarship options. So, visit their official website to get started. If you have any inquiries or questions about MPower loans, let us know via the comment section below. Good luck!