REPAYMENT TERMS

• Students: International students in the U.S. or Canada, U.S. citizens, U.S. permanent residents and DACA recipients

• Refinance Applicants: International applicants in the U.S., U.S. citizens, U.S. permanent residents and DACA recipients

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Students in the U.S. or Canada

Note: MPOWER Financing student loans do not support Canadian citizens studying in Canada. Canadian permanent residents and U.S. citizens are considered “international” when studying in Canada.

International students, U.S. citizens, U.S. permanent residents and DACA recipients in the U.S. or Canada

“International” means you are a non-U.S. citizen or U.S. nonpermanent resident studying at a university in the U.S., or you are a non-Canadian citizen or Canadian nonpermanent resident studying at a university in Canada. 

“DACA” means the Deferred Action for Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA student, you must have applied for and have been granted DACA status by The United States Citizenship and Immigration Services (USCIS).  

“Annual percentage rate” or “APR” means the cost you pay each year based on the loan’s interest rate and fees, expressed as a percentage. An APR provides an “apples-to-apples” comparison across available loan products and providers.

When you borrow from MPOWER, the lowest available interest rate without any discount or promotion is 10.99% (11.92% APR), and the median interest rate for loans is 13.99% (15.01% APR¹). The interest rate you qualify for will be a fixed rate and will not increase for the life of the loan. MPOWER also offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account.

If you qualify for this discount and the median interest rate given above, your effective interest rate would be 13.74% (14.75% APR²).

¹[International student with regular interest rate] The annual percentage rate (APR) is calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student begins their two-year program and maintains full time enrollment to graduate in exactly that period. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation, plus an additional six-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on time; a forbearance or deferment is never used; and there is no prepayment of any principal.

Monthly loan payment examples for interest rates without a discount:

• • If your interest rate is 10.99%, which equates to an APR of 11.92%, the monthly payment amount is US$96.16 for the first 30 months. For the next 120 months, the monthly payment amount is about US$144.58.
  • If your interest rate is 13.99%, which equates to an APR of 15.01%, the monthly payment amount is US$122.41 for the first 30 months. For the next 120 months, the monthly payment amount is about US$162.97.
  • If your interest rate is 15.99%, which equates to an APR of 17.08%, the monthly payment amount is US$139.91 for the first 30 months. For the next 120 months, the monthly payment amount is about US$175.82.

²[International student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%.

Monthly loan payment examples for interest rates with a discount:

• • For the early planning promotion, APRs and discounts are calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The student is eligible for the 0.75% early planner rate reduction because the student has submitted their application by 12/31/2024 for an eligible program/school that is two years in length and the loan is for the Fall/Academic Year 2025. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which further reduces the rate by 0.25%. If your interest rate is 9.99%, which equates to an APR of 10.89%, the monthly payment amount is US$87.41 for the first 30 months. For the next 120 months, the monthly payment amount is about US$138.70.

ACH Discount Only Examples

• • If your interest rate is 13.74%, which equates to an APR of 14.75%, the monthly payment amount is US$120.22 for the first 30 months. For the next 120 months, the monthly payment amount is about US$161.39.
  • If your interest rate is 15.74%, which equates to an APR of 16.82%, the monthly payment amount is US$137.72 for the first 30 months. For the next 120 months, the monthly payment amount is about US$174.19.

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Refinance in the U.S. 

International students, U.S. citizens, U.S. permanent residents and DACA recipients in the U.S.

“International” means you are a non-U.S. citizen or U.S. non permanent resident studying at a university in the U.S. 

“DACA” means the Deferred Action For Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA student, you must have applied for and been granted DACA status by USCIS.  

As a refinance applicant, you can borrow with a fixed interest rate of 11.99% (12.48% APR₃). This is the maximum rate and will not increase. In addition, MPOWER Financing offers borrowers a way to qualify for a 0.25% discount by making your loan payments through automatic withdrawal from your bank account.

If you qualify for this discount, your rate will be 11.74% (12.23% APR₄).

³[Refinance applicant with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 2% origination fee of US$200. The student will start making payments 45 days after loan disbursement. The repayments are calculated using a 120-month amortization schedule. All payments are made on time; a forbearance is never utilized; and there is no prepayment of any principal.

At an APR of 12.48%, the monthly payment is $146.28.

⁴[Refinance applicant with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 2% origination fee of US$200. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%.

At an APR of 12.23%, the monthly payment is US$144.81.