MPOWER Financing’s Top FAQs
Applying for a loan can be complicated–but MPOWER is here to make the process as seamless as possible. We’ve recently received a few questions about our no-cosigner, no-collateral student loans. In addition to our international student loans FAQ, here are the answers you’ve been looking for:
1. Can MPOWER provide a letter of financial support?
U.S. Schools
Yes! MPOWER issues a free visa support letter when you’ve been approved for a loan. This letter will prove you have enough funds to support your education in the U.S. or Canada.
- Get accepted at an MPOWER-eligible U.S. university.
- Apply and get accepted for an MPOWER student loan.
- Accept your loan terms.
- Receive an MPOWER support letter.
- Submit the support letter to your school to receive an I-20 form.
- Include the I-20 form in your visa application with the U.S. government.
Note: You must provide MPOWER with the required immigration documentation before your loan can be disbursed.
Learn more about the U.S. visa application process by visiting our blog post.
Canadian Schools
- Get accepted at an MPOWER-eligible Canadian university.
- Apply and get accepted for an MPOWER student loan..
- Accept the loan terms.
- Receive your MPOWER loan approval document.
- Submit the loan approval letter with your visa application with the Canadian government.
Note: You must provide MPOWER with the required immigration documentation before your loan can be disbursed.
Learn more about the Canadian student permit process by visiting our blog post.
2. It’s time for my next MPOWER loan. How do I submit my second application?
Current MPOWER customers can start and submit a second application when you sign in to your MPOWER Dashboard. There is a lifetime borrowing limit of $100,000, and a maximum of $50,000 per academic period. An academic period can be a semester, academic year, quarter, or trimester. For example, a student may choose to borrow $50,000 in their fall semester and an additional $50,000 in their spring semester. Or, a student with 2 years remaining until graduation may choose to borrow $25,000 over each of their 4 academic semesters. You can request funding for all academic periods in one application. Please note that each academic period is reviewed independently.
3. How does MPOWER help me build my U.S. credit history and credit score?
You do not need to have a U.S. credit history or credit score to be approved for an MPOWER no-cosigner, no-collateral loan. It’s important to start building credit in the U.S. for your future–you’ll need it to open a credit card, lease a car, rent an apartment, and get a mortgage. MPOWER helps build your U.S. credit history every time you make an on-time payment on your loan. We report information on your payments monthly to each of the U.S. credit bureaus, which in turn helps to build a credit history for you.
4. Is MPOWER accepting new loan applications?
Yes, MPOWER is accepting loan applications for past, current, and future semesters. Check your eligibility in 30 seconds.
5. Which universities does MPOWER work with?
We support students at a growing list of over 400 universities in the U.S. and Canada. Full list available here.
6. Can a student use additional financing with their MPOWER loan?
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. We offer competitive, fixed interest rates, visa and career support, and students are pre-approved for the program funding at the time of final decision. Because of these benefits, we often find students choose MPOWER as their preferred lender for international students who want to study and stay in North America after graduating.
7. How long does the application process take?
It takes 30 seconds to check your eligibility and approximately 30 minutes to apply. We accept loan applications for past, current and future semesters.
