An MPower Financing Review for International Students Seeking Funding

Once your eligibility is determined, you will need to submit the complete application along with the required documents. There are specific document requirements depending on the loan you’re applying for (graduate, undergraduate or refinancing) so be sure to review carefully.

Once your application has been submitted, a hard credit check is performed. Although your credit score is not a requirement, your credit history still needs to be reviewed. A hard credit check does show up on your credit report in the Inquries section. It will be visible on your report to other lenders for up to two years and could possibly lower your credit score by a few points.

MPower Financing Customer Support

Specific customer support hours are not listed on the website but there are two options for contacting them. You can either fill out the online form or you can call during business hours.

• +1-202-417-3800 (U.S.)
• +1-647-503-4607 (Canada)

There is also a chat bot available online for general questions.

The MPower Financing reviews on Trustpilot are generally very positive regarding customer service. Most reviews note how their questions were answered throughout the application and funding process. Here is one example of an online review:

“Excellent customer service! All my queries were answered promptly when needed. Maybe the disbursement period to the University could be shortened a little since 10 days after school certification can be a lot considering all the necessary student pre-expenses. I am very satisfied with MPower!!!”-Review from TrustPilot

MPower Financing Online Reviews

You’ll find more MPower Financing reviews online through third-party sites like Trustpilot that speak not only about customer service but about the overall student loan experience.

Again, the reviews are generally positive, with MPower Financing earning a 4.6 out of 5 through Trustpilot. The company is not listed or accredited with the Better Business Bureau, although no complaints have been received either.

The reviews range from the quick approval to working with the Relationship Manager ensuring every step of the loan process was completed.

“The journey with Mpower is incredible, the loan process was quick and the relationship manager was available all the time. I'm really grateful to the finance company for helping me out.” - Review from Trustpilot

MPower Financing Perks and Bonuses

When you receive an MPower Financing student loan, either as a new one or a refinance, you also receive several benefits with payment and perks.

Payment Flexibility

• MPower Financing occasionally offers a “Plan Ahead” promotion. This is an interest-rate reduction (about 2%) if you apply for a loan you will need in the future.
• While you’re in school, you are eligible to make interest-only payments.
• There is a six-month grace period after you graduate to start making full loan payments, although you must make interest-only payments during this time.
• Forbearance is not listed as an option with MPower Financing loans, but you are able to contact them to discuss payment options during financial hardship.
• There is a “Refer a Friend” bonus of $300 if your referral closes on a loan.

Mentorship

• You’re assigned a Relationship Manager as soon as your application is submitted. The RM will walk you through each step and assist you with any documentation questions.
• Immigration support, including vital updates and COVID-19 information.
• Scholarships for international students, including specifically for Women in STEM and x undergraduate and graduate students.
• Job search preparation with the Path2Success program, including both student and career development.

Final Thoughts

Attending a school for higher education is a dream of many across the globe, but financing and funding can often be a stumbling block to reaching those dreams. MPower Financing is one option that may be available to international students, especially for those who do not want to use a cosigner or do not have an established credit history. While this type of financing may be a welcome option, it also comes at a price. The interest rate is higher than what many student loan lenders typically charge, plus there are hefty origination fees which further add to the cost of an education.