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How MPOWER financing could help fund your education abroad without consigner

How MPOWER financing could help fund your education abroad without consigner

MPOWER Financing – There’s no limit to what you can achieve only if you believe, not even money could hamper your academic dreams when you go about it the right way.

No doubt your smartest idea may not succeed without money, but you can access the money you desire to execute your plans so long you know how to go about it.

If you are an international student who wishes to study in the U.S. or Canada but does not have the requisite funding to accomplish your dream, here is a piece of good news for you.

MPOWER Financing helps you to achieve your academic dreams without making your life difficult afterward, the company was found by students who have been there, and already know what challenge financing could pose in accomplishing one’s academic goals.

Given this, you can have access to an academic facility without having a consigner or collateral of any kind, this should be about the most enticing aspect of this facility.

What you should understand about MP Financing

  • This loan is made available to students who wish to study in the States or Canada at 1 of 350 approved schools.
  • Within two years of graduation, as an international student, you must be enrolled in a one or 2-year program
  • You are not required to run a credit check or provide a consigner as an international student before accessing this facility
  • You can borrow a maximum of $25,000 annually, with a $ 50,000-lifetime limit, however, all loan terms a stretched to a maximum of 10 years.
  • It only offers fixed interest loans
  • While in school, you are only required to pay back interest.

MPOWER financing is a sure funding solution for students across the world, which does not require a credit check or consigner before you can have access to the loan.

This loan cannot just be accessed by anyone, in this regard there’s eligibility status attached, this you should understand is occasioned by MPOWER risk appetite just like other lenders.

Eligibility

  • You must be currently enrolled or admitted to a school in the U.S. or Canada
  • You have a maximum of two years window to graduate from your existing program
  • While your education is on, you must reside in the U.S. or Canada to be eligible
  • You must not be subject to any form of individual sanction or a citizen of any of the restricted countries as deem fit by the lender.

Loan prequalification

Prequalification here deals with the idea of you passing or meeting initial criteria or requirements, it makes you understand the extent of credit you can access or likely qualify for.

In this case, MPOWER does not offer a loan prequalification but has an eligibility tool in place.

By this standard, you are required to enter just your basic information and your program, thereafter you can see if you meet the basic eligibility requirements.

About fees

The cost of processing and disbursing your loan is usually covered by charging an origination fee. A 5% origination fee is charged at a point where you have been approved for the loan, this fee is paid up over the length of your loan term with MPOWER.

Late fee, you will be required to pay a late fee in the event you miss a repayment, you will be charged $4% of the unpaid amount, in the hand 5% depending on which is lesser.

Discounts

A borrower MPOWER financing could usually qualify for a discount under certain conditions, these conditions include,

  • One time repayment: If you repay your loan once, your interest rate is reduced automatically by 0.5%
  • Automatic repayment: If you are paying back automatically, your interest rate is reduced by 0.5%
  • Graduation and employment: At the instance of graduation/employment with basic proof, your interest rate will be reduced to 0.5%.

How to repay MPOWER loan

For student loans you have only one repayment option, this while you are in school and 6 months after having graduated from school.

Your graduation is followed by a grace period of 6 months, for which interest payment on your loan only is required. In a situation you could not meet up with the grace period your loan repayment will be sprayed across 10 years, at this time you will pay back both the interest and the principal.

Conclusion

Application takes only 30 minutes to get approved according to MPOWER financing. If you are an international student, MPOWER may just be ideal for you.

However the interest rate is on the high side which may be a burden to you during the repayment process, an upside to this loan is that you are not required to provide a cosigner or credit check performed on you.

Ideally, if you have relatives, friends who reside in the U.S. or Canada why not reach out to them and see if they could stand in as cosigners for you with other student loan companies that have a moderately low rate a student can measure with less stress.

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