Introduction
Mpower Financing is a financial technology company that provides student loans and scholarships for international students looking to study abroad. Founded in 2014, Mpower aims to provide funding for students from around the world to attend universities and colleges in Canada, the US and UK.
Through its partnerships with over 350 top universities, Mpower offers international students competitive rates and customized loan options to fund their degrees. They understand the challenges of studying abroad in a foreign country, so they work to make the entire process as simple and straightforward as possible.
To qualify for a Mpower loan, you need to be an international student accepted into a partner university. Mpower evaluates your eligibility based on your academic achievements, test scores, work experience and future career plans. If approved, you can borrow between $2,000 to $50,000 USD per year to pay for tuition, housing, and living expenses.
Repayment begins 6-months after you graduate or leave school. Mpower offers flexible terms from 5 to 15 years to pay off your loan, as well as options to temporarily postpone payments if needed. They don’t require a cosigner and don’t charge application or prepayment fees.
Mpower also provides over $3 million in scholarships each year for high-achieving, low-income students. If awarded, a Mpower scholarship could cover up to 100% of your tuition costs. For motivated students with big dreams, Mpower Financing opens doors to an world-class education that might otherwise remain out of reach.
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Top Schools in Canada Supported by Mpower
Some of the top schools they support include:
1. University of Toronto
As Canada’s leading university, U of T ranks highly in the world for academics and research. With over 700 programs across 3 campuses, you’ll find a great fit for your interests. Mpower offers loans for undergraduate and graduate degrees.
2. McGill University
This prestigious university in Montreal offers over 300 programs with a reputation for excellence. McGill ranks among the top schools in Canada and the world. Mpower provides financing for both undergrad and grad students at McGill.
3. University of British Columbia
UBC is a leading research university located in beautiful Vancouver and Kelowna. You’ll have access to cutting-edge facilities, award-winning faculty, and an international community. Mpower supports loans for bachelor’s, master’s and PhD programs at UBC.
These schools and many more work with Mpower Financing to provide educational opportunities for students from around the globe. With Mpower’s help, your dream of studying in Canada can become a reality.
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How Mpower Financing Works for International Students
Mpower Financing is a unique program that provides funding specifically for international students looking to study in Canada. As an international student, you know how challenging it can be to secure financing and student loans. Mpower Financing aims to change that.
How It Works
Mpower Financing provides funding for international students through a cosigner loan program. As an international student, you’ll need to find a cosigner usually a parent or relative who is a citizen or permanent resident in the U.S. or Canada.
Once you have a cosigner, you can apply for a loan through Mpower Financing. They offer loans to cover tuition, housing, and living expenses. Repayment begins after you graduate or leave school, and you have up to 15 years to repay the loan. Interest rates are competitive, and there are no prepayment penalties if you want to pay off the loan early.
The application process is straightforward. You’ll provide information about your program of study, costs, and financial need. Your cosigner will also submit an application to verify their eligibility. Approval decisions are typically made within a week. If approved, Mpower Financing will work with your school to ensure funds are disbursed appropriately to cover your expenses.
Mpower Financing opens doors for international students by providing funding solutions not otherwise available. With the help of a cosigner, you can get the financing you need to pursue your dream of studying in Canada. This innovative program helps make higher education more accessible for students from around the world.
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Benefits of Using Mpower for Your Studies in Canada
Mpower Financing offers several benefits for international students looking to study in Canada.
1. Affordable Tuition
Mpower provides loans to cover up to 100% of your tuition fees so you can focus on your studies rather than worrying about payments. Their fixed interest rates are lower than private student loans and credit cards. Mpower also offers discounts if you pay interest while in school or make payments on time after graduating.
2. Flexible Repayment Terms
Mpower allows you to defer payments for up to 6 months after graduating and offers multiple repayment term lengths from 5 to 15 years. You can choose a shorter term to pay the loan off faster or a longer term for lower monthly payments. They do not charge prepayment penalties so you can pay extra when possible to save on interest.
3. Support Throughout Your Studies
Mpower provides support from the beginning of your studies to beyond graduation. Their education finance advisors will walk you through the application process and help determine a loan amount that suits your needs. They offer free financial education resources to help you budget and prepare for loan repayment. Mpower also reports your payments to credit bureaus which can help you build your credit score as you repay the loan.
4. Reward and Scholarship Opportunities
Mpower frequently offers rewards and scholarships for new and returning students. For example, they provide a referral program where you and the student you refer can receive money towards your loans. Mpower also partners with schools to provide merit-based scholarships for students with excellent academic records. Opportunities may vary year to year, so check their website for the latest offers.
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Applying for an Mpower Loan: Step-by-Step
Here are the steps to get started:
1. Create an account
The first thing you’ll need to do is create an Mpower Financing account on their website. This will allow you to start an application, upload documents, and track your progress.
2. Choose a school
Next, you’ll select the Canadian university or college you plan to attend. Mpower partners with many schools across Canada, so check to see if yours is on their list. If not, Mpower may still be able to help, so you can inquire about your options.
3. Submit documents
To verify information like your identity, income, and enrollment, you’ll need to provide some documentation. This typically includes things like a copy of your passport, bank statements, acceptance letter, etc. Mpower allows you to easily upload scans or photos of these files right to your account.
4. Apply for the loan
The application asks for information like your program of study, tuition costs, amount you need to borrow, and a credit check. Mpower looks at many factors to determine eligibility, not just your credit score.
5. Get pre-approved
If approved, you’ll receive a pre-approval letter within a few business days stating the loan amount and terms. This letter can be used to secure on-campus housing and during the student visa application process.
6. finalize enrollment
Work with your school to finalize enrollment and send Mpower your final tuition bill and schedule of fees. They will then issue your loan proceeds directly to the school to cover all approved costs.
7. Make payments
Repayment begins 6 months after you graduate or leave school. Mpower offers flexible terms and payment plans to suit your needs. They also report payments to credit bureaus to help build your credit history.
Conclusion
Applying for an Mpower Financing loan is a simple process with pre-approval often only taking a few days. Their team is available anytime to help guide you through the straightforward steps.
