Student loan prequalification tool: Plan your funding with MPOWER Financing

Are you dreaming of studying in the U.S. or Canada and looking at funding options? If you’re considering applying for a student loan through MPOWER Financing, you can use the MPOWER student loan prequalification tool to see how much funding you qualify for at specific colleges and universities.

Using the tool, you can compare funding options for your master’s or MBA program with up to eight schools at a time – in a matter of minutes. There are more than 400 MPOWER-eligible schools to choose from. 

How to use MPOWER’s student loan prequalification tool

To use the MPOWER student loan prequalification tool, you’ll need to provide some basic information, such as your name, email, program start date, degree type and country of origin.

Here are the steps you can take to compare your funding options at different schools: 

1. Indicate your stage in the application process. First, you’ll share where you are in the admissions process, whether you’re just starting to think about studying, are awaiting your acceptance or are already enrolled in school.
   
2. Provide your contact information. Next, you’ll provide your first and last name, as well as your email address. Make sure to enter your name as it appears on your passport.
   
3. Share your citizenship country. DACA students, as well as U.S. permanent residents, asylum seekers and refugees, can select the U.S. as their citizenship country.
   
4. Fill in your phone number. You can also provide a separate WhatsApp number, if you use a different one.
   
5. Indicate what degree you’re pursuing. Students going after their master’s and MBA degrees can use this tool. If you’re pursuing another degree, such as a bachelor’s degree or Ph.D., you can apply for an MPOWER student loan in the online application.
   
6. Pick your schools. You can choose up to eight schools to compare at one time. You’ll also choose the specific campus you’ll be attending, as well as your major of study and the approximate length of your program. 

Compare your student loan funding options

Once you’ve completed all these steps, the tool will show you how much you qualify for at each school you listed. You can also add more schools to compare (up to a total of eight at a time). 

Our tool will show you your estimated cost of attendance, as well as the prequalification amount for each school. You can see if your prequalified amount will cover your full cost of attendance. If your prequal amount falls short, you may have to explore other sources of funding, such as savings, scholarships or grants. 

This tool also helps you compare the cost of attendance at multiple schools. As you consider what school to attend, think about which one would make the most sense for your finances. 

MPOWER offers no-collateral loans for international students

MPOWER’s student loan prequalification tool takes the guesswork out of planning for your program in the U.S. and Canada Once you receive your acceptance letters, you can take steps to secure the funding you need with an MPOWER student loan. 

MPOWER offers fixed-rate, no collateral loans between US$2,001 to US$100,000. MPOWER doesn’t ask you to back your loan with collateral and doesn’t require a cosigner, instead allowing you to take out the loan in your name alone. 

Here are the student loan eligibility requirements you will need to meet to borrow from MPOWER: 

• • • Be admitted to or attending an eligible school (There are more than 400 MPOWER-eligible schools in the U.S. and Canada).
      
    • Be an undergraduate or graduate student within two years of graduating. 
    • A graduate student about to start a one- or two-year program.
      
    • Be an international student, DACA recipient, U.S. citizen, refugee or asylum seeker.

If you’re looking for options for financing your education, check out MPOWER’s study abroad education loans with competitive, fixed rates and 10-year repayment terms. 

Author:

Rebecca Safier

View all post by Rebecca Safier