MPOWER Financing Student Loans: 2026 Review
MPOWER Financing is best known for providing hard-to-find, non-co-signed student loans for international and DACA students, but it also offers loans for U.S. students.
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Student loan ratings
MPOWER loans have higher interest rates and fees than most other private student loans. However, they can fill a funding gap for international students who don’t qualify for federal student loans and don't have a co-signer to qualify with other lenders.
MPOWER International Student Loan review
Pros
- Offers non-co-signed student loans for international and DACA students.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Provides pre-approval within 30 minutes of application submission.
- Borrowers can request forbearance up to 24 months, which is longer than many lenders offer.
Cons
- Charges an origination fee of 5% to 8.5% for international students.
- Requires interest-only payments while the student is in school.
- Has only one loan term.
Full MPOWER Financing student loan review
MPOWER Financing doesn’t require a co-signer for borrowers who don’t have a U.S. credit history or credit score, which is rare for providers of private student loans. This includes international students, students with Deferred Action for Childhood Arrivals (DACA) status and U.S. students. Instead, MPOWER considers factors like future income potential and academic performance when making loan approval decisions.
When lenders make loans to borrowers who have no credit history or co-signer, it’s riskier for the lender and often results in a loan with higher interest rates and fees. Such is the case with MPOWER Financing. However, these loans may fill a need for students who don’t have access to lower-cost federal student loans or a co-signer to qualify with other private lenders.
MPOWER mainly focuses on graduate school loans for international, DACA and U.S. students, but they also provide some undergraduate loans. According to the MPOWER website, to be eligible for a graduate school loan, students must be in the last 30 months of a master’s program, such as a Master of Business Administration (MBA), Doctor of Dental Surgery (DDS) or Doctor of Medicine (MD). Students in the last 24 months of a bachelor’s, Doctor of Philosophy (PHD) or any other degree program are also eligible.
MPOWER also offers student loan refinancing, but only for international students. Refinancing a student loan with MPOWER has higher interest rates than other providers, but MPOWER is unique in allowing international students to refinance their student loans in the U.S. without needing a citizen or resident co-signer.
In our scoring of private student loan lenders, MPOWER scores well for transparency and for serving students who may not have or want a co-signer. However, when compared to other lenders, MPOWER has limited repayment options, only one loan term, a shorter grace period and higher costs which impact its overall score.
More about MPOWER Financing
Loan and borrower requirements
Loan terms: 10 years.
Loan amounts: $2,001 minimum to $100,000. Limit of $50,000 per academic year.
Minimum credit score: None required, but for students who already have a credit score, the minimum is 600.
Minimum income: No minimum for origination loans. $30,000 for refinance loans.
Maximum debt-to-income (DTI) ratio: Does not disclose.
Time requirement after filing for bankruptcy: Does not make loans to borrowers who have filed bankruptcy.
Co-signer: Does not allow co-signers.
Citizenship: International students must be from one of the 180+ countries MPOWER works with.
Types of schools: Borrowers must attend one of the schools that MPOWER works with. This includes 180+ schools for U.S students and about 50 schools for international students.
Payment and repayment
Allows greater-than-minimum payments via autopay: Yes.
Allows bi-weekly payments via autopay: Yes.
Grace period following graduation: 6 months, but interest-only payments are still required during this time.
In-school repayment options: Interest-only payments required.
Post-school repayment options: Temporary lower payments.
Customer experience
Customer service: Assigns a dedicated advisor to applicants and has an in-house customer service team, which also handles complaints.
Time for application approval: Pre-approval within 30 minutes after submitting the application. Full approval within 3 days after submitting additional application information.
Loan servicer: Launch Servicing.
MPOWER extras
Path2Success program: International students receive support with applying to schools and obtaining a visa. They can also take advantage of coaching for their job search, resume preparation and interviewing.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Check Rate on Sallie Mae's website | 2.89-17.49% | Mid-600s | 3.62-16.25% | Check Rate on Sallie Mae's website |
 Check Rate on College Ave's website | 2.59-17.99% | Mid-600s | 3.89-17.99% | Check Rate on College Ave's website |
 Check Rate on Ascent's website | 2.69-16.86% | Low-Mid 600s | 3.65-16.06% | Check Rate on Ascent's website |
Best for faster repayment options  Check Rate on Monogram's website | 3.35-17.17% | 600 | 3.53-17.23% | Check Rate on Monogram's website |
 Check Rate on ELFI's website | 2.99-12.85% | 680 | 6.75-13.05% | Check Rate on ELFI's website |
MPOWER Graduate Student Loan review
Pros
- Non-co-signed loan option designed for U.S. graduate students.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- Provides pre-approval within 30 minutes of application submission.
- Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
Cons
- Charges an origination fee of 0% to 5% for U.S students. (How the amount is determined wasn’t provided.)
- Requires interest-only payment while the student is in school.
- Has a 6-month grace period (which is short compared to other lenders).
- Doesn’t allow co-signers for borrowers who want one.
- Has only one loan term.
MPOWER offers these graduate school loans
Medical | Nursing |
Dental | MBA |
Veterinary | STEM |
Pharmacy |
Note that MPOWER’s non-co-signed loan specifically for international students is also intended for graduate school programs.
MPOWER Student Loan Refinance review
Pros
- Provides refinancing for international students without the need for a resident or citizen co-signer.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Provides pre-approval within 30 minutes of application submission.
Cons
- Only for international students.
- Charges a 6.5% origination fee.
- Only offers a 10-year term.
Best for international borrowers working in the United States.
To qualify for MPOWER student loan refinancing, you must be an international student who has had a full-time job for at least the past three months, graduated from a Title 4 school and had U.S work authorization for 12 months or more.
Before applying for an MPOWER student loan
Before taking out an MPOWER student loan or any other private student loan, exhaust any available federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your options for international student loans, graduate school loans and student loan refinancing to make sure you’re getting the best rate you qualify for. Beyond interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren’t eligible for an MPOWER student loan
If MPOWER denies your student loan application, the lender will tell you why. You can consider other student lenders that don’t require co-signers or lenders that make loans to borrowers without established credit. If you have a co-signer, you might also try applying to lenders that allow them, which would improve your chances of approval with a lower rate.
Frequently asked questions
What is the MPOWER Graduate Success Loan?
The MPOWER Graduate Success Loan is a private student loan for U.S. graduate students pursuing eligible programs in fields like STEM, business, nursing and health professions. MPOWER says the loan is designed to help fill funding gaps created by recent changes to federal graduate lending programs.
The loan offers up to $100,000 for tuition and living expenses and does not require a co-signer. Instead of focusing primarily on credit history, MPOWER says it evaluates applicants based on factors like future earning potential and degree program.
Does MPOWER offer undergraduate loans?
Yes, but undergraduate students generally must be within the final 24 months of their degree program to qualify, according to MPOWER’s eligibility requirements.
Can MPOWER student loans be used for living expenses?
Yes. MPOWER says its student loans can be used for education-related expenses beyond tuition, including housing, meal plans, books and health insurance. However, borrowers should keep MPOWER’s loan limits in mind. MPOWER offers up to $100,000 total in borrowing, with no more than $50,000 per academic period, which may not fully cover the cost of attendance at some schools or graduate programs.