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MPOWER student loans: 2024 review

Updated on Oct 24, 2024

At a glance

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3.4
Rating: 3.4 stars out of 5
Bankrate Score
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Repayment Options
Rating: 3 stars out of 5
3.0
Affordability
Rating: 3 stars out of 5
3.0
Customer Experience
Rating: 4.1 stars out of 5
4.1

About Bankrate Score

Lender Details

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Loan amount

$2,001 to $100,000

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APR from

Starting at 10.89% Fixed APR with autopay

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Term lengths

10-20 years

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.

Fixed APR Variable APR Dollar amount Term range
Undergraduate student loans Starting at 13.72% Not available $2,001 - $100,000 10 years
Graduate student loans Starting at 13.72% Not available $2,001 - $100,000 10 years
Refinance student loans Starting at 12.23% Not available $2,001 - $100,000 10 years

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 service

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.

MPOWER has a 4.7 out of 5-star rating on third-party review site Trustpilot with over 3,000 reviews.

Many positive reviews highlighted the customer service and ease of application, with happy customers noting the lender’s promptness. One Trustpilot user commended the lender’s commitment to supporting students:

I recently had the opportunity to engage with Mpower, and I must say, their commitment to supporting students is truly commendable. The resources they provide, from scholarships to financial guidance, are invaluable for international students navigating the complexities of studying abroad. The application process was straightforward, and their team was incredibly responsive, answering all my questions promptly. What stood out most was their holistic approach. it's not just about financial aid; they genuinely care about the overall student experience.

Trustpilot user

Still, other Trustpilot users had issues ranging from slow application processing to late or incorrect disbursements. One user recently posted that MPOWER funds to their university before the rescission period ended and that MPOWER's online portal did not allow them to make needed changes to their loan.

While some lower-star reviews mention a need for more response from customer service, MPOWER replies to most non-five-star reviews posted to Trustpilot.

For more user insights, check out "What customers think."

How this lender compares

logo
Rating: 3.4 stars out of 5
3.4
Bankrate Score
APR from
Starting at 10.89% Fixed APR with autopay
Loan Amount
$2,001 to $100,000
Min Credit Score
Not disclosed
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
5.50% Variable, 3.69% Fixed
Loan Amount
$2,001 to $400,000
Min Credit Score
Not disclosed
logo
Rating: 4.5 stars out of 5
4.5
Bankrate Score
APR from
5.34% Variable; 3.59% Fixed
Loan Amount
$1,000 to total cost of attendance
Min Credit Score
Not disclosed

MPOWER vs. Ascent

Though Ascent requires international students to have a co-signer, the lender’s starting APR is dramatically lower than that of MPOWER’s. Ascent also offers loan limits up to $200,000 for undergraduate loans and up to $400,000 for graduate loans — double and quadruple the loan limit of MPOWER. Ascent also offers more flexibility regarding repayment terms, offering six different options ranging from five to 20 years.

MPOWER vs. College Ave

Like MPOWER, College Ave offers undergraduate and graduate school loans as well as student loan refinancing to U.S. citizens and international students. However, to qualify for a College Ave loan, students must be a U.S. citizen or permanent resident or have a co-signer who is. MPOWER does not require co-signers for noncitizen or permanent resident students. College Ave is more flexible than MPOWER in other ways — it offers both fixed and variable-rate loans and provides multiple repayment terms options. 

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

Overall Score 3.4
Availability 3.0 MPOWER is widely available and has several types of loans, but its limited repayment options make it less ideal for borrowers who need flexibility.
Affordability 3.0 While not unreasonable for a lender that doesn’t require co-signers, MPOWER’s interest rates and fees are high compared to more traditional lenders.
Customer Experience 4.1 MPOWER has unique customer service hours and makes loan management easy with an online portal and discounts for automatic payments.

Methodology

Bankrate's trusted student loans industry expertise

48

years in business

25

lenders reviewed

16

loan features weighed

400

data points collected

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

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think

CTA MPOWER
STUDENT LOAN

MPOWER

Dive into community reviews below and see what others think about MPOWER.

4.1 Star Icon
25 ratings
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4% of consumers
recommend MPOWER
Score breakdown
5 stars
40%
4 stars
36%
3 stars
20%
2 stars
0%
1 star
4%
Score by category
Overall rating 4.1 / 5
Fees & closing costs 4.2 / 5
Funding time 4 / 5
Customer service 3.7 / 5
Application process 4 / 5
Online portal or mobile app 4.1 / 5
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In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.

Community Reviews

See what users like you are saying about MPOWER.
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Describe your experience with the application process
It was very drawn out and took a long time but worth it in the end
Describe your experience with customer service
I did everything on the phone or online
Loan purpose
New student loan to pay for school expenses
Score by category
Fees & closing costs 3 / 5
Funding time 1 / 5
Online portal or mobile app 2 / 5
Customer service 2 / 5
Application process 2 / 5
Describe why you selected this lender
It is a good loan company for students and provides good interest rates and repayment period
Loan purpose
New student loan to pay for school expenses
Score by category
Fees & closing costs 5 / 5
Funding time 5 / 5
Online portal or mobile app 5 / 5
Customer service 4 / 5
Application process 5 / 5
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