Secure Your MPower Education Loan

Ready to turn your study abroad dreams into reality? With MPower education loans, you can make it happen – fast and without any hassle.

Overview of MPower Loan

MPower Financing is a Washington-based company that’s here to help students like you, with education loans without co-signer or collateral.

Advantages of Choosing MPower Loan

No co-signer or collateral needed.

Steady interest rates, so you know what to expect.

Free help when you need it (for visa support to career tips), at no extra cost.

No penalty for prepayment and loan foreclosures.

Available for international students, DACA recipients, refugees, asylum seekers.

MPower Education Loan Features

MPower Education Loan Interest Rate

Fixed rates starting at 9.99% (that’s 11.16% APR). Plus up to a 0.25% discounts.

MPower Education Loan Tenure

10 years repayment period, which starts after 6-month moratorium post-graduation.

MPower Education Loan Amount

Borrow anywhere from $2,001 to $100,000 to cover tuition and living costs.

MPower Education Loan Repayment

Regular payments start after a six-month grace period once you graduate.

Eligibility Criteria & Documents Required

MPower education loan eligibility criteria:
Enroll in a one- or two-year program or within two years of graduating.
Be an international student, DACA recipient, US citizen.
Study at a qualifying school on MPower’s list in the US or Canada.
Live in the US or Canada while you study.

Documents required for MPower education loan:
A passport or any official ID.
Your admission letter or enrollment proof.
Your transcripts to show how you’re doing.
Bank statements or scholarship details.
Proof of where you live (a lease or utility bill).

MPower Education Loan vs Other Banks

Feature

Interest Rates

Loan Amount

Processing Fees

Collateral Requirement

Pre-Visa Loan Approval

Repayment Flexibility

Loan Coverage

Loan Disbursement Speed

Prepayment Charges

MPower

Starting at 9.99% (11.16% APR)

US$2,001 to US$100,000

6.5% of the loan amount

No collateral needed

Available

Up to 10 years

Full tuition fees for eligible schools in Canada Full tuition fees plus other living expenses for eligible schools in the US

Varies depending on your school

No prepayment or foreclosure charges

Other Banks & NBFCs

10-13%

Up to 1.5 crore

1-2% of loan amount

Non collateral loans are available from many banks and NBFCs

Pre-visa loans are available

Up to 15 years

Up to 100% of the cost of education and cost of stay for the duration of the educational program

2-3 weeks

In some banks, prepayment is not allowed for up to 12 months.

How to Apply for a MPower Education Loan?

Sign Up & Complete Profile

Compare & Select

Check out loan offers from over 15 lenders, including MPower, and pick the one that feels right for you.

Upload Documents

Securely submit your documents like ID, admission proof, transcripts, and financials.

Get Loan Approval

Submit your application on GradRight and get faster loan approvals.

Real Student Journeys: How MPOWER Loans Transformed Their Education

200,000+

students assisted

₹16,300 crore

loan requests processed

₹2,000 crore

disbursed in loans

Ready to unlock Special MPower loan offers?

Frequently Asked Questions

What is the current interest rate for an MPower education loan?

MPower gives you fixed rates starting at 9.99% (11.16% APR). Plus, you can sign up for autopay and get a 0.25% discount. This fixed rate of interest helps you calculate your EMIs beforehand and plan everything to perfection.

What documents are required to apply for an MPower education loan?

Here’s what you need to apply for an MPower education loan:

A valid passport or government ID.
An admission letter and transcripts.
Bank statements or scholarship proof.
A utility bill or lease to confirm your address.
A resume with your education and work highlights.

How can I compare MPower education loans with other banks?

It’s super easy to compare MPower education loans with other banks with GradRight. Simply make a profile, get loan offers from 15+ lenders. Compare these offers and select the one with the lowest interest and best terms.

What eligibility criteria apply to an MPower study abroad loan?

To qualify for an MPower study abroad loan, you need an admission letter, a valid passport, and academic transcripts. MPower also checks your future earning potential, since it’s a credit-based MPower financing education loan with no collateral requirement.

How do you apply for an MPower abroad education loan?

Visit MPower’s site and choose the MPower abroad education loan option. Complete the online form, upload your admission letter and ID proofs, and submit your resume. MPower’s team will review and offer tailored MPower financing student loans within days.

How is an MPower financing education loan different from a bank loan?

An MPower financing education loan focuses on your post-graduation cash flow, not collateral. Unlike traditional loans, MPower financing student loans offer fixed MPower financing interest rates and a six-month grace period. This makes it a streamlined alternative to standard bank loans.