Mpower Financing, Public Benefit Corporation (PBC), is among the few refinance options for international students. In addition to student loan refinancing, Mpower (stylized as MPOWER) advertises financial education, credit-building, and job placement services.
| Loan Limits | $2,001 – $100,000* |
| Fixed Rates | 11.52%** – 11.77% |
| Variable Rates | None |
| Terms | 10 years |
| Min. Credit Score | None |
| Apply | Link |
*$100K is the cumulative lifetime limit for Mpower loans. For example, applicants who have already borrowed $25K may be eligible to refinance up to an additional $75K.
**Lowest rates always include the 0.50% interest reduction for enrolling in auto-pay and an additional 0.50% interest rate reduction for six (6) on-time payments for a total reduction of 1.00%.
Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ
| Private student loans | ✓ |
| Private parent loans | |
| Federal student loans | ✓ |
| Federal Parent PLUS loans |
Mpower Refinance Rates & Fees
Mpower’s lowest listed fixed rate includes the total 0.25% interest rate reduction for enrolling in auto-pay.
| Term | Fixed Rate |
|---|---|
| 10 Year | 11.52% – 11.77% |
Additional information about Mpower refinance rates:
- Checking your rate with Mpower will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).
- Mpower does offer a discount for setting up auto-pay: 0.25% interest rate reduction.
| Year End | Low | High |
|---|---|---|
| 2025 | 11.52% | 11.77% |
| 2024 | 11.17% | 11.42% |
| 2023 | 12.23% | 12.48% |
| 2022 | 7.44% | 8.45% |
Additional Fees
Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that Mpower does or does not charge.
| Fee Type | Amount Charged |
|---|---|
| Application Fee | None |
| Loan Origination Fee | 2.0% of the loan amount |
| Disbursement Fee | Undisclosed |
| Prepayment Penalty | None |
| Late Payment Fee | “A small fee” |
| Returned Payment Fee | “A small fee” |
| Collection Fee | Undisclosed |
- Application fee – fee to apply for rates & approval.
- Loan origination fee – fee to create the new loan.
- Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
- Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
- Late payment fee – fee for making a late payment.
- Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
- Collection fee – fee for collection activity on a defaulted debt.
Current Promotions & Offers
Mpower offers a 0.25% interest rate reduction for enrolling in direct debit or auto-pay.
Borrowing is not required to be eligible for Mpower scholarships, including its monthly scholarship series.
Mpower Refinance Eligibility Requirements
To qualify for refinancing with Mpower, all borrowers must meet the criteria below.
- Citizenship Requirement: none.
- Income Requirement: undisclosed.
- Credit Score Requirement: none.
- Graduation Requirement: bachelor’s degree.
- Location Requirement: current U.S. residence (3+ months).
Additional restrictions apply for specific individuals and loans.
- Refinance borrowers must have two (2) years of work experience in order to qualify.
- To qualify with Mpower, a borrower must have a valid visa (including OPT, H-1B, PGWP and more) or be a DACA recipient, U.S. citizen, permanent resident, refugee, or asylum seeker.
- Though borrowers must have U.S. residency, it is possible to refinance from any of 14 countries, including: Australia, Austria, Brazil, The Dominican Republic, Germany, India, Kenya, South Korea, Mexico, Nigeria, Philippines, Switzerland, Spain, or the United Kingdom.
Mpower Student Loan Repayment Options
Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. Mpower offers some relief options.
Deferment & Forbearance
Mpower does not specify any conditions for deferment or forbearance. Mpower’s online Support Center, however, does reference forbearance. Mpower also offers free financial counseling to its borrowers.
See typical conditions for deferment and forbearance below.
| Condition | Coverage |
|---|---|
| Returning to grad school | Undisclosed |
| Disability rehabilitation | Undisclosed |
| Active military duty | Undisclosed |
| Involuntary unemployment | Undisclosed |
| Economic hardship | Undisclosed |
| Natural disaster | Undisclosed |
| Temporary hardship | Undisclosed |
Additional Options
Mpower may offer other opportunities for relief or contract modification.
- Co-signer release does not appear to be available after refinancing (though borrowers may reapply without a co-signer).
- Death / disability discharge may be available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.
Mpower Reviews, Complaints & Lawsuits
Beyond our own findings, our team also collected the most genuinely insightful customer experiences we could find, including any instances of legal action against the company in which the details became public.
Mpower Online Reviews
Few examples of Mpower customer reviews are available on English-language public forums. This is understandable considering Mpower is one of few lenders that refinances education loans for international students.
Below are 3 samples of MPower customer feedback from social media platforms, included here for their value as unedited, uncensored, and unsolicited user experiences. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).
“Yes they’re a great fit! I have a loan with them right now and the process was very smooth! You don’t need a credit score nor income but if you include that in your application it’ll be stronger. Their customer service is also really good too and they genuinely care about your education and bridging the gap. Dm me know if you have any questions!” – Bubbly-Release3151 on reddit, 12/28/2024
“I had 2 student loans with Mpower. Tbh, I am grateful that they gave me the amounts I needed to attend Uni, but the rates that they gave me were ridiculous. My APR was about 13 to 14% combined.
As to your question regarding whether it was worth it: I’d say yes, because I finished my degree, and I got a full time position right out of Uni. That allowed me to refinance the loans with Sofi, which is a much better financial institution. My rates dropped by half: 14% to 7% APR with a shorter repayment period.
I had a 10 year repayment period with Mpower, but now it is 5 years with SOFI.” – Emergency-Ad-2191 on reddit, 4/28/2024
“Anyone who intends to study in the US and needs private loans funding I highly recommend use @MPOWERfinancing . Check them out.” – @khanyelwazi on Twitter, 11/13/2021
More (unfiltered) customer reviews of Mpower are available on TrustPilot.com (4.8 of 5).
Mpower CFPB Complaints
As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB). As part of its mission, this federal agency allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.
Since December 4, 2022, the CFPB has logged 30 complaints about MPOWER Financing, Public Benefit Corporation (Mpower) at a rate of one (1) complaint every 37 ¾ days; that is just below the average daily complaint rate among reviewed lenders. Among the 19 complaints that include narrative details, two (2) specifically reference refinancing.
In 2025, consumers filed 14 complaints about Mpower. In an average year, the CFPB receives 9.7 consumer complaints about; this is equivalent to one (1) complaint for every $6.123 million of estimated corporate revenue or one for every 37 employees.
The allegations made in these complaints are unverified, are not necessarily representative of all consumers’ experiences with MEFA, and may contain outdated information (about rates, bonus offers, etc.).
Below we’ve included three (3) of the most recent complaints (as of this writing) in which the consumer consented to share their details.
Complaint 17838778
11/23/2025
District of Columbia
“Here is a more polite, professional, and diplomatic version that still clearly communicates what you want, without sounding rude or demanding. CFPB Complaint Private Student Loan Servicing Issues What happened? I took out a private student loan from XXXXmpower Financing in 2020 for about {$18000.00}. Since then, I have paid over {$18000.00} toward this loan, but my current balance is still close to the original amount. This raises serious concerns about how my payments, interest, and fees have been calculated. My loan was originally serviced by XXXX XXXX and was later moved to XXXX XXXX. After the servicing transfer, I lost access to my older statements and full payment history. The new platform does not show all past transactions. I requested a complete history multiple times, but the records provided were incomplete. Because of missing documentation and the unexplained balance, I am unable to verify whether my payments have been applied correctly. This situation has caused confusion, financial stress, and negative effects on my credit. What I am requesting : 1.A complete, itemized payment history from the beginning of the loan to the present. 2.A thorough review of how all payments, interest, and fees were applied. 3. A fair resolution would be : A complete and accurate payment history from the start of the loan. A full review and correction of any errors in how my payments, interest, and fees have been applied. Removal of any inaccurate or unfair credit reporting. If errors are confirmed, an adjustment or cancellation of the remaining loan balance, along with any appropriate relief based on the findings.Corrections to any inaccurate credit reporting, if applicable. 4. Given that I have already paid more than the original loan amount and have not been provided clear or complete records, I am requesting that the company work with me on a fair resolution.”
Complaint 17290563
11/18/2025
Undisclosed location
“I borrowed money from the institute as aXX/XX/XXXX and have been paying my installments dilligently. I have been keen on wanting to pay off the balance but have noticed that the money owing is not reducing at all. Since XX/XX/year>2022, I have been paying monthly installments dilligently but from a total sum of {$12000.00} I still owe {$10000.00}. What is making me even more suspicious is the fact that I paid last month but this money has still not been credited to my account. This is making me even more uncomfortable and am wondering if they have been allocating the money to my account correctly all along, because as I said, what I owe has not reduced significantly even with back to back repayements as high as {$600.00} per month.”
Complaint 16703056
10/20/2025
Florida
“In XXXX, as an international student at the University XXXX XXXX XXXX XXXX XXXX, and unaware of the XXXX laws, I took a private student loan from XXXX XXXXg for {$47000.00} to cover tuition. XXXX ID : XXXX and XXXX. XXXX, XXXX disclosed a {$50000.00} lending cap, limiting me to {$47000.00}, which was insufficient to pay my final semester, delaying my degree completion and Bar eligibility. This cap was not clearly disclosed upfront, creating undue financial strain because I ended with a debt to the school and also a debt to XXXX XXXX, and the school did not release my original transcripts due to the debt and I couldn’t sit to take the Bar and practice law to earn the money to repay XXXX XXXX. During the XXXX pandemic, I lost my job as a legal assistant and was granted some forbearance periods, but interest continued accruing, inflating the balance to over {$80000.00}. When I attempted to resume payments post-forbearance, XXXX demanded $ XXXX, refusing lower amounts, despite my limited income. Despite making consistent monthly payments after reaching a Post Default Agreement, XXXX reported my account as XXXX days late to Equifax XXXX Experian XXXX and TransUnion XXXX severely damaging my credit. In that post default agreement they just concede not to keep accumulating interest, but in despite of my monthly payments, they kept reporting me with the credit bureaus as if I was not making any payment. The loan was placed in default, yet XXXX continued inaccurate late reporting, ignoring my payments and blocking refinancing opportunities. I can not refinance this debt because my credit is destroyed and I can not make the monthly payments of {$1500.00} that XXXX is demanding. Additionally, in the post default agreement I selected the monthly payment date the 15 day of each month, however, by the XXXX day of the month they are already reporting me as late payment and charging me additional {$4000.00} for late fees completely ignoring the terms of the post default agreement. This is an impossible situation to solve unless XXXX XXXX is willing to provide relief consistent with fair lending practices.”
To search for complaints made against Mpower in the CFPB’s Consumer Complaint Database, click here.
Mpower Lawsuits
Mpower Financing, PBC has not been subject to any major litigation.
Note that while this information is updated regularly, ongoing legal action is subject to change.
Frequently Asked Questions
These are the most common questions consumers have about student loan refinancing with Mpower.
- Is Mpower good for refinancing student loans?
Mpower may be the best option for international students with no FICO score or credit history.
- Does Mpower require a minimum credit score to qualify for student loan refinancing?
No, Mpower does not require a minimum credit score. Mpower advertises its services as a means to building a credit history.
- Do I have to have a U.S. bank account?
No, Mpower accepts payment from eligible international financial institutions. Note that there may be fees associated with any currency exchange.
- Are Mpower loans federal?
Mpower loans are not federal. Mpower has no affiliation with the federal government or the U.S. Department of Education.
- Does Mpower charge a prepayment penalty?
There are no penalties for early payments or repaying a loan in full before its term is over.
- Does checking your rates with Mpower hurt your credit score?
It depends; while Mpower does not require a FICO credit score, the refinance application process does include a review of any existing U.S. or Canadian credit history, or a credit history in the applicant’s country of origin (if available). This inquiry may temporarily impact a U.S. credit score.
- Is Mpower a bank?
No, Mpower is not a bank. Bank of Lake Mills originates Mpower loans.
- Can I refinance a Mpower loan?
No; because Mpower offers the same APR (and interest rate reductions) to every refinance borrower, there is no reason to refinance an Mpower loan more than once.
- Can I refinance just some of my loans with Mpower?
Yes, you can refinance some, all, or just one of your qualifying student loans with Mpower. You may choose to refinance your private loans only or refinance private and federal loans together.
- Can I refinance loans that have already been refinanced?
Yes, you can refinance loans as many times as you want with Mpower. Note that each time you refinance, you will have to submit a new application; every application requires a hard credit check that may affect your credit score.
- Can my spouse and I refinance our loans together with Mpower?
Mpower only refinances loans for which the applicant is the primary borrower.
- How long does it take to refinance with Mpower?
Mpower does not specify a timeline for refinancing student loans.
- Who services Mpower refinance loans?
Mpower has loan servicers authorized to work with different borrowers. For example, NorthStar processes payments from students studying in Canada who need to make payments using Canadian dollars.
- Does Mpower offer a grace period?
Borrowers may be eligible for interest-only payments for the first six (6) months after graduation. Contact Mpower for details.
- How often do variable rates change?
Mpower does not offer variable rates.
- Can I get any special rates or discounts with Mpower?
Mpower offers up to 1.50% in interest rate reductions for borrowers who make a minimum six (6) months eligible automatic payments and who provide proof of graduation and U.S. employment.
- What happens if I file for bankruptcy?
Mpower does not specify a course of action; it is safe to assume that you will still have to repay your Mpower loan in the event that you file for bankruptcy.
- Does Mpower partner with any major student refinance lender marketplaces?
Mpower does not appear to partner with any major student refinance lender marketplaces.
Compare Student Loan Refinance Reviews
| Lender | Rating |
|---|---|
| RISLA | A |
| Brazos | A- |
| ELFI | A- |
| Credible | A- |
| Advantage | B+ |
| Laurel Road | B+ |
| Splash Financial | B |
| LendKey | B |
| Panacea Financial | B |
| UW Credit Union | B |
| Purefy | B |
| SoFi | B- |
| INvestEd | B- |
| Mpower Financing | B- |
| Earnest | C+ |
| Yrefy | C+ |
| EDvestinU | C+ |
| SC Student Loan | C+ |
| Sparrow | C+ |
| Citizens Bank | C |
| College Ave | C |
| ISL | C |
| MEFA | C |
| SuperMoney | C |
| SELF Refi | C |
| CU Student Choice | C |
| iHelp | C |
| Navy Federal | C |
| BECU | C |
| First Tech Federal | C |
| PA Forward | C- |
| Nelnet Bank | C- |