MPOWER student loans: 2025 review

New vs. refinance student loans with MPOWER

MPOWER offers a 0.25% discount for signing up for autopay. The rates below reflect the autopay discount.

MPOWER undergraduate student loans

Undergraduate students can borrow between $2,001 and $100,000 at an APR as low as 13.72 percent. Loans are available to international students, U.S. citizens, DACA recipients and refugees or asylum seekers without the requirement of a co-signer. Most lenders require a U.S.-citizen co-signer for non-citizens, making this lender worth investigating for international students who lack a local connection. But MPOWER's starting rates are more similar to most lenders' highest available rates — non-international students will likely find better rates at other lenders.

Unlike most lenders, MPOWER offers only fixed-rate loans and a single repayment term. While students have a grace period of six months after their program ends before making principal and interest payments, they must start making interest-only payments while in school and during the grace period.

MPOWER graduate student loans

Graduate student loans have the same terms as undergraduate programs. They are available for those studying for master's, bachelor's, doctorates, professional degrees and post-graduate denta certificates.

MPOWER student loan refinancing

Graduates living in the U.S. with two or more years of work authorization and at least three months of full-time employment may qualify to refinance their student loans with MPOWER. Refinanced loans come with a fixed rate starting at just over 12 percent. Those who refinance with MPOWER can release their co-signer, build their U.S. credit and potentially qualify for employer matching programs. Refinanced loans have one repayment term option of 10 years — much shorter than the 20-year terms many refi lenders offer.

Where MPOWER stands out

• No co-signer requirement: Among lenders that serve international students, most require a co-signer who's a U.S. citizens.
• Free Visa support letter: MPOWER will will write borrowers a letter they can use as a supporting document for an I-20 or visa application.
• International availability: MPOWER provides loans in both the U.S. and Canada.
• Scholarships: Borrowers may apply for MPOWER's scholarships, which include monthly $1,000 awards as well as larger scholarships for specific demographics (including refugees and women in STEM). 

Where MPOWER falls short

• Limited school availability: MPOWER only provides loans for students at about 440 schools in the U.S. and Canada, though that list includes all the big-name institutions.
• Limited 10-year repayment term: Most lenders let borrowers choose from a variety of repayment terms — often up to 20 years.
• Not available to freshmen and sophomores: Borrowers must be two years from graduating or entering a one- or two-year program.
• Origination fee: MPOWER charges all borrowers a 5 percent origination fee, which is added to your loan balance and on which you must pay interest. The vast majority of student loan lenders do not charge an origination fee.

MPOWER customer resources

MPOWER’s business hours may make them more accessible for international students calling from different parts of the world. Students can call customer service at 202-417-3800 in the U.S. or 647-503-4607 in Canada from 2 a.m. to 4:30 p.m. ET. The lender also offers assistance through email and an online form on its website.

How this lender compares

Do you qualify for a loan with MPOWER?

The qualification requirements for graduate and undergraduate student loans are the same. However, there are other requirements to qualify for student loan refinancing with MPOWER.

Undergraduate and graduate student loans

• Be a U.S. citizen, permanent resident, DACA recipient, U.S. refugee or asylum seeker or an international student from a qualifying country.
• Be enrolled in a MPOWER-eligible school or program.
• Be within two years of graduating or enrolled in a one- or two-year program.
• Have or have applied for a valid visa to study in the U.S. or Canada.
• Have a GPA of 2.5 if you have already completed at least one semester.

While loans are available for students studying in Canada, they are not available for Canadian citizens or permanent residents.

Student loan refinancing

• Live in the U.S. and have at least three months of full-time employment after graduation.
• Be authorized to work for two or more years as a valid visa holder, DACA recipient, U.S. citizen, refugee or asylum seeker.

How to apply for a loan with MPOWER

Review the information on MPOWER’s site to ensure you, your school and your program meet the eligibility requirements. When you’re ready to apply, you can start the application online and complete each step in MPOWER’s portal.  

1. Choose the loan you wish to apply for. 
2. Fill out basic information about you and your school.
3. Submit the application with a valid photo ID.
4. After receiving a conditional offer within three business days, you’ll need to upload the required documents, watch an introduction video and complete an assessment. You can also request a visa support letter, if needed.
5. Receive approval from MPOWER, certification from your school and have the funds disbursed.

How Bankrate rates MPOWER

Methodology

The Bankrate team uses a 16-point system to evaluate student loan lenders. This scoring criteria measures how lenders perform across three main categories.