Need a loan? Fund your dreams on your own.

Terms

Other Considerations

Terms

Other Considerations

Terms

Other Considerations

Terms

Other Considerations

In order to be eligible for a loan with MPOWER, you will need to meet the criteria below:

1. You must currently be admitted to or enrolled in a school in the U.S. or Canada that MPOWER supports.
2. You must be within two years of graduating from your program. For example: if your anticipated graduation date is May 2020, then your program must have started in May 2018 or later.
3. You can apply as far as 12 months prior to your program’s start date.
4. You must reside in the country of your program (the U.S. or Canada) while you’re in school.
5. Your program must be degree-seeking.

MPOWER supports a variety of schools across the U.S. and Canada. You can view the complete list here or check your loan eligibility to see if the school you are admitted to or enrolled in is one of them.

MPOWER loans can be used for all university-related expenses, including but not limited to tuition, books, meal plans, housing, and health insurance. However, we suggest reaching out to your school with any concerns about how your funds may be allocated.

You can apply for a loan a maximum of 12 months prior to when you need the money for school.

• Check Loan Eligibility: Find out if your school and program are eligible. (Please check the Support Center for “Eligibility” for further questions)

Estimated time: 60 seconds

• Initial Application: Fill out and submit the application with a valid photo ID. (Please check the “Financial Plan” Section for any further assistance)

Estimated time: 30 minutes

• Initial Review: Your application will be reviewed by MPOWER, and you will be contacted within three business days about a conditional offer. In special circumstances, you may receive a conditional offer immediately after submitting your application.

Estimated time: 1-3 business days

• Upload Documents: If you receive a conditional offer from MPOWER, you must next upload the requested documents to your MPOWER dashboard, watch an introduction video, and complete a short assessment.

Estimated time: 30 minutes

• Final Review: MPOWER verifies all your uploaded documents so we can issue a final offer. If the loan is approved, we will also provide you with a visa support letter if requested.

Estimated time: 1-3 business days.

• School Certification and Disbursement: After you are approved for a loan, MPOWER submits your loan application to your school for verification. This process is called the certification process, and the timeline is dependent on your school.

Estimated time: 2-10 weeks

If you are unsure of the amount of money you’ll need for your loan, you can apply for $25,000, which is the maximum amount you can request per application. These figures are in U.S. dollars for American schools, and in Canadian dollars for Canadian schools.

If you would like to decrease the amount later, you can do so during the application process. However, if you apply for a smaller amount initially and want to increase it later in the process, your application may need to be re-reviewed by our credit department, or you may need to submit an additional application.

Upon final credit approval, MPOWER is able to issue support letters at no cost to assist our applicants with the visa process.

Please select the option below that best describes you:

a) International Student

• Graduate
• Undergraduate

b) DACA Student

• Graduate
• Undergraduate

c) Domestic Student

• Graduate
• Undergraduate

How to read the document checklist: The document checklist represents the documents that may be needed from you during the application process. In this checklist, you will also see “Included” and “Not applicable” columns. Note that some of the “Not applicable” sections will be grayed out because that specific document has not yet been submitted. Any documents without the grayed out area may or may not apply to your case.

Disclaimer: Not all the documents in this checklist may be applicable to your situation. If you are unclear about some of the documents mentioned in our checklist, please reach out to us here.