Mpower Financing offers student loans to individuals who wish to further their education in the US or Canada. It is one of the best student loan platforms because it offers a repayment tenure of 10 years. There are so many features that make Financing loans enjoyable for those who apply. In this article, you will be reading in-depth information about Mpower Financing loans and how to apply. This article promises to be different from what you’ve read about Mpower Financing loans. Let’s delve into it!
What Is Mpower Financing?
Mpower Financing is a platform that helps provide loans to students who intend to further their studies in the United States or Canada. The main aim of Mpower Financing is to ensure that individuals who lack access to funds can get access to institutions.
Since its inception in 2014, Mpower Financing has helped thousands of students gain access to higher education. It offers student loans to students who are within two years of graduation.
Now that you’ve read about how Mpower works, let’s consider features of Mpower Financing that you need to know about before obtaining a student loan.
Features Of Mpower Financing Education Loans
These are unique features of Mpower Financing Education Loans:
Loan Amount
The loan amount of the Mpower Financing loan ranges according to the student’s profile and nature of the program. The minimum loan amount that you can get when you access the Mpower Financing Education Loan is $2,000. The maximum loan amount is $100,000.
Interest Rate
The interest rate of Mpower Financing may vary according to the loan amount requested. The Mpower Financing interest rate starts from 11.99%. However, this interest rate may be subject to slight changes as time progresses due to other factors.
Processing Fee
The processing fee of the Mpower Financing loan is 5%. This doesn’t vary. It is a long-standing rate that has been in existence since the existence of the Mpower Financing loan.
Loan Tenure
The loan tenure of Mpower Financing loans is 10 years. This is one of the features that make Mpower Financing one of the best student loan platforms in the world.
Mpower Financing Requirements For Undergraduates
To be able to get Mpower Financing loans, here are the requirements you need to meet:
• Resume or CV (curriculum vitae)
• Proof of home address address
• Standardized Test Scores
• English Proficiency
• Admission Letter
• Past Transcript
• Program’s Financial Summary
• Passport
• Government Issued ID.
• References.
Mpower Financing Requirements For Graduates
Here are the requirements for Mpower Financing For Graduates:
• Resume or CV
Proof of home country address
• Standardized test scores (GRE, GMAT, LSAT, MCAT, NBDE)
• English proficiency exam scores (TOEFL / IELTS).
• Admission letter
• Past transcripts from previous universities
• Estimated cost of attendance or program
• Passport
• Government Issued ID
• Supporting evidence for the funds you listed in your application.
• References.
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Eligibility Criteria For Mpower Financing Education Loan
These are the general eligibility criteria for Mpower financing loans for international undergraduates and graduate students:
1. Applicants for Mpower Financing loans must be currently enrolled in a school in the United States or Canada that is supported by the Mpower Financing loans program.
2. Those who apply for Mpower Financing loans must be within two years of graduation from the desired program.
3. Candidates who apply for Mpower Financing loans must be ready to receive the loan within 12 months after application.
4. Interested individuals should already reside in the United States or Canada during the application for the loan.
5. You must be enlisted in an eligible program covered by the Mpower Financing loans platform.
6. Applicants must not be citizens of restricted countries.
How To Apply For Mpower Financing Education Loan
Here is a step-by-step guide on how to apply for a Mpower Financing education loan;
Step 1. Check If Your School Is Eligible
To begin the application process of getting an Mpower loan, you need to check if your school is eligible. Just as you read in the eligibility section, an eligible school would not be granted a loan via Mpower Financing.
To check if your school is eligible to check here
Step 2. Apply For Mpower Financing Loan
To apply for a Mpower Loan, open your browser and navigate to the Mpower website. After that, click on the Apply Now button. The next page that would be displayed would request that you input your information. When you are done inputting your information, you’ll then be allowed to apply for an Mpower Financing loan.
Note that on the application page, you’ll be requested to upload supporting documents such as CV, proof of address, etc. So, ensure that you have those documents scanned on your device. This would ensure a smooth application process.
Step 3. Watch The Mpower Video
You’ll then be requested to watch a video on the Mpower Financing Loan application page. It is wise to take note of important points during the video. This is because an assessment would be made based on the video.
Step 4. Wait For Document Validation
The next step would require you to wait until your documents are deemed valid by Mpower Financing. After the documents have been deemed valid by Mpower Financing, you’ll be sent a visa support letter if you need it.
Step 5. Disbursement Of Funds
The disbursement of funds is usually done when your school certifies your enrollment into Mpower Financing. Immediately your school certifies it, you’ll then be granted a Mpower Financing Loan.
Conclusion
No doubt, you’ve been shown the light on how Mpower Financing Education Loan works. You’ve read about the impressive features, requirements, eligibility criteria, and how to apply for Mpower loans. Remember, the key to getting access to a Mpower loan lies in your application process. So, beware of making mistakes at this stage, and you’re good to go!
Go ahead, and apply for Mpower Financing loan today!
