Need a loan? Fund your dreams on your own.

Our student loans don’t require cosigners, collateral, or credit history. Because we believe in your future potential.

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Am I Eligible for an MPOWER Loan?

You could be eligible if you are:

An undergraduate or graduate student within 2 years of graduating or about to begin a 2 or 1-year program.

An international student, DACA recipient, a U.S. citizen, refugee or asylum-seeker.

Admitted to or attending one of our 350 approved schools in the United States or Canada.

How does the online application work?

5
Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.

1
Eligibility

Check to see if you and your school are eligible



2
Online Appliction

Complete your online application in under 30 minutes.

5
Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.

3
Conditional Offer

Receive a conditional offer decision immediately


4
Update Documents

Upload your documents to the MPOWER dashboard, watch an intro video and complete a short assessment.

5
Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.

5
Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.

6
Disbursement

Relax while your school certifies your enrollment status. Once done, we disburse your funds directly to the school on their requested date.

Eligibility

Check to see if you and your school are eligible

Online Appliction

Complete your online application in under 30 minutes.

Conditional Offer

Receive a conditional offer decision immediately

Update Documents

Upload your documents to the MPOWER dashboard, watch an intro video and complete a short assessment.

Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.

Disbursement

Relax while your school certifies your enrollment status. Once done, we disburse your funds directly to the school on their requested date.

Loan Terms

Terms

Minimum Loan Amount $2,001
Maximum Loan Аmount $25,000 per loan and a $50,000 lifetime limit
Fixed interest rate before discounts:

– Automatic payment sign-up discount

– 6 on-time payments discount with automatic payments

– Discount for reporting proof of graduation and employment

 11.99% (12.94% APR)

-0.50%

-0.50%

-0.50%
Fixed interest rate after discounts: 10.49% (11.59% APR)
Term Interest-only payments in school and for 6 months after graduation
10-year repayment of interest & principal starting 6 months after graduation
Prepayment penalty None

Other Considerations

Visa support letter (to obtain I-20 from your school) Free
U.S. credit history building Free
Career Services Free
Included Life Insurance Not Required

Terms

Minimum Loan Amount $2,001
Maximum Loan Аmount $25,000 per loan and a $50,000 lifetime limit
Fixed interest rate before discounts:

– Automatic payment sign-up discount

– 6 on-time payments discount with automatic payments

– Discount for reporting proof of graduation and employment

 13.99% (14.98% APR)

-0.50%

-0.50%

-0.50%
Fixed interest rate after discounts: 12.49% (13.63% APR)
Term Interest-only payments in school and for 6 months after graduation
10-year repayment of interest & principal starting 6 months after graduation
Prepayment penalty None

Other Considerations

Visa support letter (to obtain I-20 from your school) Free
U.S. credit history building Free
Career Services Free
Included Life Insurance Not Required

 

Terms

Minimum Loan Amount $2,001
Maximum Loan Аmount $25,000 per loan and a $50,000 lifetime limit
Fixed interest rate before discounts:

– Automatic payment sign-up discount

– 6 on-time payments discount with automatic payments

– Discount for reporting proof of graduation and employment

 7.99% (8.89% APR)

-0.50%

-0.50%

-0.50%
Fixed interest rate after discounts: 6.49% (7.52% APR)
Term Interest-only payments in school and for 6 months after graduation
10-year repayment of interest & principal starting 6 months after graduation
Prepayment penalty None

Other Considerations

Visa support letter (to obtain I-20 from your school) Free
U.S. credit history building Free
Career Services Free
Included Life Insurance Not Required

Terms

Minimum Loan Amount $2,001
Maximum Loan Аmount $25,000 per loan and a $50,000 lifetime limit
Fixed interest rate before discounts:

– Automatic payment sign-up discount

– 6 on-time payments discount with automatic payments

– Discount for reporting proof of graduation and employment

 9.99% (10.91% APR)

-0.50%

-0.50%

-0.50%
Fixed interest rate after discounts: 8.49% (9.56% APR)
Term Interest-only payments in school and for 6 months after graduation
10-year repayment of interest & principal starting 6 months after graduation
Prepayment penalty None

Other Considerations

Visa support letter (to obtain I-20 from your school) Free
U.S. credit history building Free
Career Services Free
Included Life Insurance Not Required

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DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

2022 © MPOWER Financing, Public Benefit Corporation NMLS ID #1233542. 1101 Connecticut Ave NW Suite 900, Washington, DC 20036