MPOWER Student Loans Review: International Student Loans

MPOWER offers student loans for international students and DACA recipients.

International students attending universities in the U.S. are at a disadvantage when it comes to student loans. Coming from a different country, international students typically will not have a credit score or credit history as is required by many loan applications. And, in many cases, they also have no collateral, jobs, or cosigners either.  

Of course, it makes sense that these students would not have a U.S. credit history. But fixing that issue isn't easy or quick. And, for most international students, trying to find a creditworthy U.S. cosigner would be an exercise in futility.

The result is, international students have no access to traditional financing options.

MPOWER Financing wants to bridge the student loan gap for international students and DACA recipients. Keep reading our full review to learn how they are able to offer private student loans to students in the U.S. and Canada without requiring cosigners, collateral or credit history.

Who Is MPOWER Financing?

MPOWER Financing is a private student loan provider for international students. It was formed in 2014 and is based in Washington, DC. It’s CEO, co-founder, and board chairman is Emmanual (Manu) Smadja. The company has raised $275 million in funding with its last round raising $5 million on March 10, 2021.

What Do They Offer?

Instead of using traditional loan qualifications, MPOWER Financing focuses on the student’s academic success and career path for determining creditworthiness. Here's how their loans work.

School And Student Eligibility

There are currently more than 580 schools in the U.S and Canada that are eligible for MPOWER Financing student loans. It's worth nothing that's far less than traditional student loans, which are typically offered to students at all ~6,000 Title IV schools. 

Students can apply up to 12 months before their enrollment date and before receiving an offer letter. They can upload their offer letter later through the MPOWER Portal for verification and approval.

No cosigner is needed (or even accepted). Currently, they will lend to students from over 190 countries. And while their loan program is geared towards international students, it should be noted that it's open to domestic students as well. 

Loan Terms And Fees

Loans are disbursed directly to schools instead of the student. Students must start paying loan interest 45 days after the loan has been disbursed.

After the student graduates, they’ll get a 6-month grace period before having to make full payments. However, interest-only payments must still be made during the grace period.

Loans must be paid back within 10 years. Students can borrow from $2,001 up to $50,000 per academic period (semester, trimester, quarter, or year). There's also a lifetime borrowing limit of $100,000.

Interest Rates And Available Discounts

The interest rate on MPOWER Financing student loans is fixed. As of February 2026, APR rates range from 10.69% and 16.99%. By enrolling in autopay (U.S. bank accounts), you’ll receive a 0.25% discount. Meaning, if your rate is 12.74%, it will reduce to 12.49%. 

Compare MPOWER's rates with other international student lenders.

Scholarships

Students can explore six different scholarship opportunities with MPOWER Financing.

• Global Citizen Scholarship: Grand prize of US$8,000
• Women in STEM Scholarship: Grand prize of US$5,000
• MBA Scholarship: Grand prize of US$5,000
• Monthly Scholarship: Three awards of US$1,000 each month

What Borrower Protections Are Available?

Private loans are notorious for being less flexible than federal loans. Perhaps, most notably, private lenders aren't able to offer income-driven repayment plans. Nor are private loans eligible for federal forbearance, deferment, or forgiveness plans.

MPOWER Financing does have repayment options available to help customers make their monthly payments more manageable while maintaining good credit standing.

If MPOWER receives written medical verification of a borrower’s death, the loan may be eligible for forgiveness, subject to lender approval.

Are There Any Fees?

Submitting an application is always free - there is no charge before loan disbursement.

MPOWER charges a one-time origination fee starting at 5%, which is added to the disbursed loan amount, so borrowers do not pay anything out of pocket. This fee is repaid over the life of the loan. On a $10,000 loan, the origination fee would be $500. 

Late Payment Fee: If payment is more than 15 days past due, a fee of $5 or 4% (whichever is less) of the monthly amount due is charged.

Returned Payment Fee: If a payment is returned for any reason, a $5 fee will be charged. Banks or payment processors may charge additional fees.

How Does MPOWER Financing Compare?

MPOWER isn't the only student loan company that will lend to international students and DACA recipients. There are a few other companies in that space that may offer more flexible terms or lower fees. Here's a quick look at how MPOWER compares:

How Do I Open An Account?

One of the best places to start with MPOWER Financing is to complete their eligibility check. If it looks you meet their basic requirements, you can begin the full application process and provide the necessary documents.

Is It Safe And Secure?

Yes, since you're receiving a loan, there is no money to deposit. MPower Financing uses encryption on its website and any payments are made through ACH transfers using bank-grade encryption.

How Do I Contact MPOWER Financing?

U.S. students can reach out to MPOWER Financing by phone at 202-417-3800 and students in Canada can call 647-503-4607. If you live in any other country, you can use this form to request a callback.

Note that MPOWER uses two third-party companies (Launch and Firstmark) to service its loans. If your loan is serviced by Launch, you can contact them at 877-354-2629, Monday through Friday, from 8 AM to 5 PM (CT). For loans serviced by Firstmark, call 888-538-7378, from 7 AM – 8 PM (CT) Monday through Friday.   

Is It Worth It?

For international students and DACA recipients that have few alternatives for financing an American education, MPOWER Financing provides reasonable loan terms. Borrowers also get interest-only payments while in school (which may be less than 2 years), plus 6 months after graduation.

However, you might find MPOWER Financing interest rates and/or fees to be higher than other private student loan options. To make sure you're getting the best deal, be sure to get quotes from two or three more lenders that specialize in international student lending. These are our top international student loan lenders.

MPOWER Financing FAQs

Here are a few of the most questions that we receive about MPOWER Financing student loans:

Is MPOWER Financing legit?

Yes, MPOWER Financing is a real student loan company that has a lot of venture capital backing and could be one of the few student loan options for international students. However, MPOWER does charge a 5% origination fee and students who have U.S.-based cosigners will likely be able to find lower interest rates elsewhere.

Can MPOWER students loans be paid back in multiple currencies?

Yes, MPOWER has partnered with NorthStar to make it easy for Canadian students to pay in CAD. And it has partnered with Flywire to help students in other countries make payments in most currencies other than USD.

Does MPOWER provide help with Visa processing?

Yes, MPOWER provides students with free visa support letters at no cost and offers career strategy services as well.

What documentation do I need to verify my DACA status with MPOWER?

You'll need to either provide your I-797 Notice of Action approval on an I-821D Deferred Action for Childhood Arrivals case OR your I-766, with the category listed as “C33.”

MPOWER Financing Features