Financing Abroad Education with MPOWER

Acquiring an education loan can pose challenges, especially without collateral or a co-applicant. Thankfully, GyanDhan has partnered with MPOWER Financing to provide a solution for individuals in need of a no-collateral, no-cosigner education loan. Explore further details about MPOWER Financing.

Who is MPOWER Financing?

Founded in 2014, MPOWER Financing is dedicated to eliminating financial obstacles in international education. Based in Washington DC, the company focuses on offering education loans for advanced studies in the USA and Canada. With almost a decade of steadfast commitment to the study abroad sector, MPOWER provides a streamlined online loan process for user convenience. As our exclusive partner, MPOWER stands out as the only lender with a fixed interest rate, providing an additional benefit to borrowers. Notably, MPOWER’s approach requires no collateral or cosigner, enhancing accessibility for ambitious students.

Loan features of MPOWER

• Loan Amount: Up to $100,000 USD.
• Interest Rate:
  • 12.99% for graduate programs.
  • 13.99% for undergraduate programs.
• APR:
  •   13.98% for graduate programs.
  •   15.01% for undergraduate programs.
• Interest Rate Incentive: Unlock a 0.25% discount with autopay.
• Interest Rate Nature: Fixed for stability.
• Minimum Income: No minimum income requirement.
• Repayment: Simplified repayment with interest accrual during the course and a 6-month grace period.
• Processing Fee: 5%, seamlessly adjusted within the loan amount with no upfront payment.
• Additional Charges: Transparent structure with no extra fees.
• Margin Money: Zero upfront contribution required.
• Loan Tenure: Flexible repayment plan, up to 10 years.
• Processing Time: Quick approval within 7 days post-document submission.
• Prepayment Penalty: No prepayment penalties.

Eligibility criteria for MPOWER education loan

To qualify for a no-collateral, no-cosigner education loan through MPOWER, you must meet the following requirements:

1. Student Status:

• You must be an undergraduate or graduate student.
• Within two years of graduating or preparing to start a one- or two-year program.

2. Nationality:

• Indian citizenship is required.

3. Study Plans:

• Intention to pursue education abroad.

4. School Approval:

• Admitted to or currently attending one of the 400+ approved schools in the U.S. or Canada by MPOWER Financing. 
• To view the list of approved schools, click here

Required documents for MPOWER loan

MPOWER Financing adopts a streamlined approach with minimal document requirements compared to traditional banks. Here are the essential documents necessary to secure a no-collateral, no-cosigner education loan:

1. Resume/CV:

• Include education and employment history.

2. Proof of Home Country Address:

• Utility bill, banking statement, or signed lease.

3. Secondary Photo ID:

• Any government-issued ID.

Standardized Test Scores:

• GRE/GMAT for graduate studies.
• Language proficiency test scores (TOEFL/IELTS) for international students.

 

5. Passport and Photo Identification:

•  From the country of origin.
•  Valid US visa.

6. Current University Transcripts or Admission Letters:
7. Past Academic Transcripts:
8. Target University Financial Summary:

• A list of the fee summary from the university (estimated cost)

MPOWER aims to simplify the documentation process for the benefit of students seeking financial support for their education abroad.

Advantages of MPOWER education loan

Many promising students encounter financial obstacles when pursuing education abroad. Traditional loans often present challenges, especially without collateral or a co-applicant, leading to a complex process. Even with a cosigner, strict criteria and the need for a close relative can be hurdles. MPOWER Financing, an international lender, addresses these challenges and provides additional benefits:

• Quick Loan Approval: Within a week, without the need for a co-signer or collateral.
• Streamlined Online Process: Minimal paperwork, eliminating the necessity to visit branches, saving time and energy. Fewer Document Requirements: Requires fewer documents compared to direct lenders.
• Direct Credit to the College: Reduces the financial burden on students by directly crediting the loan amount to the college.
• University Profile Influence: Meritorious students benefit from interest rate and loan amount considerations based on the university profile.
• Authorized Legal Channels: Loans are authorized through established legal channels, ensuring transparency and minimizing the risk of deception.
• Visa Support Document: Availability of a visa support document for I-20 application if required.

MPOWER Financing aims to simplify the loan process and enhance accessibility for students, recognizing the unique challenges they may face in securing financial support for their education abroad.

Having knowledge of the option to obtain a no-collateral, no-cosigner education loan through MPOWER Financing, it is essential to strategize your international education journey thoughtfully. Before proceeding, gain a comprehensive understanding of the loan process and terms and conditions. It is advisable to review MPOWER Financing’s list of approved institutes and courses, aligning your educational aspirations with their criteria for a well-informed decision.