Apply for an International Student Loan so that you can study in the US or Canada. No collateral or Cosigner is required.

February 27, 2024

International Student Loan

If you (or someone you know) were interested in pursuing a Master‘s or MBA degree in the US or Canada and you require funds to pay for your tuition as well as accommodation and other expenses, I have some good news. MPOWER Financing is a top international student loan finance company that will assist you in receiving the maximum amount of $100,000 for international student loans to cover your tuition, accommodation, housing, and other costs.

First, I’ll clarify the reason why this should make you excited.

There are three main methods to pay for your education:

  1. Self-funding, either you or a relative is responsible for the expenses of your studies.
  2. Scholarships/grants – an organization/institution pays part or full of study expenses without the need to pay back.
  3. Loan– a financial institution provides you with a portion of or the entire cost of your study with a promise to repay by way of interest over a certain period.

The issue of self-funded funding is that a majority of prospective students aren’t able to pay for international education.

Accommodation, tuition books, travel, living expenses, etc.

Most people opt for grants and scholarships.

However, full-funded scholarships are usually very competitive and are extremely limited.

This is where student loans come into play. A financial lender provides you with a loan to cover a portion or all of your school expenses. The loan is repaid with an agreed-upon interest rate over a certain period of time.

You have the chance to put money into your future. Secure an excellent job once you graduate and begin to pay off your debt.

However, there is a second issue.

The majority of study finance companies will not consider you if you don’t have collateral or a cosigner (someone with an excellent credit score to sign for you).

This means that there is no way for the majority of African students to get student loans.

Well, no longer.

Request an International Student Loan to study in the US or Canada. No cosigner, no collateral

Yes. International student loans, without the usual hassle.

MPOWER Financing is a major international study finance company based in the US that provides students with loans to attend over 400 universities across the US and Canada.

You don’t need collateral. You don’t require cosigners. You don’t even need a credit history.

It sounds too promising to be real, does it?

Who is MPower Finance?

MPower Financing is a social benefit company owned by international students for international students. So, you get loans based on your future and not on the ones you have, as well as your family’s wealth or assets.

You receive fixed-rate loans ranging from $2,000 to $100,000 to cover tuition, living expenses, accommodation, and more.

  • There are no initial or out-of-pocket expenses on your part. Zero.
  • Apply for a loan. If you are approved, you will be granted the loan.
  • Additionally, you will receive a Visa support letter as well as exclusive career planning services for free.

Note: You should have applied and been accepted or enrolled at one of the 400plus partner universities and colleges located in the US or Canada to be eligible to borrow.

What to do after school Africa can help you secure a loan.

As an official MPOWER partner, we assist and guide students who apply for MPOWER loans, from choosing the right school and course to ensure they are eligible for loans to filling out the loan application.

We will answer any questions you might have prior to or when you apply for the loan. We can help you avoid the common mistakes that disqualify many students.

Our service is provided for free.

To begin the application for a loan, if you have applied for, been approved for, or have been studying in the US or Canada, complete the Loan Qualification Form.

Once you’ve completed the application, we will send you all the details to determine if you’re eligible.

If you know someone in your family who is studying in the US or Canada and is seeking loans to finance their studies, please forward this information to them. You could save the day!

Commonly Asked Questions Concerning MPOWER Loans

Does your firm provide loans to students?

No. After School Africa (or our parent company, Edxtra.com) does not offer any type of loan. All loans are offered through MPOWER Financing. Our role is to help eligible students through the loan application process with ease.

Do you promise I will receive the loan?

Of course not. Different criteria are taken into consideration before making a loan decision. MPOWER decides on the final loan decision for every applicant.

What can the loan be used for?

The loans can be used to pay for university-related expenses, which include tuition books, meals, housing, and health insurance for most universities when you are studying in the U.S. We suggest reaching out to your school with any questions about the allocation of funds.

Do I require a credit history or a cosigner in order to apply?

There is no requirement for a credit history or cosigner in order to apply, as the loan decision is dependent on your prospects. If you have a credit score, the lender will examine it, looking for issues like collections and late payments.

Do I get visa support?

Yes! MPOWER provides support letters at no cost to all students who have been approved to assist them in their visa application. Students who are studying in the US Support letters will aid you in receiving the I-20 from your institution and also assist with the visa application process afterwards. If you are studying in Canada, the support letter can be used to show that you have sufficient funds to fund your studies at your school as well as the Canadian government.

What U.S. and Canadian schools are eligible?

MPOWER provides support to more than 400 schools in the U.S. and Canada. 

How do I get the loan?

You may apply for financial aid when you’ve applied to the school, received acceptance or are attending a school that is eligible. However, you cannot finalize your application until you’ve been accepted into the program you’re applying to. You may apply for funding for up to 12 months prior to the start of your program. The loans are not available to students who have more than two years left in their program.

What is the maximum amount I can get?

MPOWER loans range from US$2,001 to US$50,000 for an academic year and have a maximum lifetime limit of $100,000. For instance, students could borrow US$50,000 in the fall semester and then another US$50,000 in the spring semester.

What are rates of interest?

The interest rates are set. This means that they won’t change if interest rates on the market change. The current rate for the graduate student loan is 12.99 per cent (13.98 APR = 13.98). If you select the automatic payment option, you’ll get a 0.25 percent discount (Fixed Interest Rate after Discount: 12.74% (13.72% APR))

What are the terms of loan repayment?

While at high school (and 6 months following your graduation), You only have to make interest-only monthly payments for 45 days following the loan’s disbursement. This way, you can focus on studying while establishing credit and understanding how to pay on time! Six months after you graduate, your 10-year repayment term begins. After that, you’ll be making full interest and principal payments every month until you’ve paid the entire amount. There’s no penalty for prepayment If you pay off a portion or all of the loan prior to time!

Do you have an example of how the loan payment will look like?

Sure. Why wouldn’t you? Here’s an example.

When you’re a graduate student, you are able to borrow with fixed interest rates of 12.99 percent (13.98 percent APR). This is the highest rate that is not subject to change. However, you may qualify for a 0.25 percent discount if you pay your loan through the automatic withdrawal of your bank account.

If you are eligible for this discount, Your cost will be 12.74 percent (13.72 percent APR2).

Example 1 International graduate student with a regular interest rate[International graduate student with regular interest rate The APR is determined based on the following assumptions: A loan is granted for $10,000. The student will begin making payments 45 days following the loan’s payment. The repayments will be interest-based only until graduation, with an additional grace period of six months. They calculate the remaining month of repayment based on an amortization schedule of 120 months.

For an APR of 13.98 per cent, the monthly payment is US$113.66 during the first 30 days. For the following 120 months, the monthly payment amount is around $156.71.

Example 2 International graduate student who has a discounted rate[International graduate student with discounted interest rate The APRs that include discounts are calculated based on the following assumptions: The loan is approved for $10,000. The student is expected to begin paying the loan after 45 days of the loan’s disbursement. The borrower is signed up for automatic debits immediately after taking the loan and stays on it for the duration of the loan, which lowers the interest rate by 0.25 per cent.

With an annual percentage rate of 13.72 percent, the monthly amount paid amounts to US$111.47 in the initial 30 months. For the remaining 120 payments, the monthly amount is US$155.17.

What is the procedure for applying for a loan?

  1. Check Loan Eligibility: Find out if your school and program are eligible.
  2. Initial Application: Fill out and submit the application using an unexpired, valid photo ID.
  3. Initial Review: They will review your application and then contact the applicant within three days regarding an offer that is conditional. In certain situations, you could receive a conditional offer right away after the submission of your application.
  4. Final Review: MPOWER verifies all your uploaded documents before making an official offer. If the loan is approved, MPOWER will also issue the applicant with a visa assistance letter if you ask for it.
  5. Uploading Documents: If you’ve received an offer on condition from MPOWER, then you will need to upload the requested documents onto your dashboard. You will then view an introduction video and then complete an assessment of a brief duration.
  6. School Certificate and Payment After you are approved for a loan, MPOWER sends the loan application to your institution to verify. This is known as the formal process for certifying your school, and the timeframe will depend on the school you attend.

What documents and information about me are required to complete my application?

You’ll require a passport or other national ID to complete your application. You’ll also need to provide details about your program as well as how you’ll finance it in addition to the loan. After you’ve submitted your application, you’ll need to upload other documents into your account. We’re here to help in the event of any difficulties with uploading your files.

Why was my loan request refused?

We’re sorry to hear that your request isn’t approved. Please be aware that every application is carefully reviewed prior to being decided on for approval. The reason for the denial will have been sent to you via your registered email address with the subject line ” We are sorry that the loan you applied for was not accepted“. If you require additional information, contact us. To begin your loan application from scratch, start the new application online.

What other benefits can I expect from this loan?

Here are some of the top benefits to consider when financing your education through MPOWER:

  • A cosigner collateral or credit history is needed
  • Fixed rates of interest
  • Create your U.S. credit history with timely payments
  • No application fees. Visas are free, as well as support for career development for customers
  • Completely digital application process. All loans are USD.
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