Mpower Financing Student Loan Refinance Review

Our Rating: A- (Compare)

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 7.44%* – 8.45%
Variable Rates None
Terms 10 years
Min. Credit Score None
Apply Link

*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

Loan Refinancing Options
Private student loans
Private parent loans
Federal student loans
Federal Parent PLUS loans

Mpower Refinance Rates & Fees

Mpower’s fixed rates are between 7.44% and 8.45%. Lowest rates always include the total 1.00% interest reduction for enrolling in auto-pay (a 0.50% rate reduction) and for making 6 consecutive on-time payments via auto-pay (an additional 0.50% rate reduction).

Refinance Loan Rates
Term Fixed Rate
10 Year 7.44% – 8.45%

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: 0.50% interest rate reduction.
  • Mpower offers an interest rate reduction of 0.50% for six (6) consecutive months of qualifying automatic payments; this is in addition to the 0.50% reduction for setting up autopay (for a total reduction of 1.00%).
  • Some borrowers may also be eligible for a further 0.50% rate reduction for providing proof of graduation and employment (for a total reduction of 1.50%).

Student Loan Refinancing Calculator

Based on advertised rates, use the calculator below to determine what your new monthly payment and potential savings may be if you refinance with Mpower.

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
  1. Application fee – fee to apply for rates & approval.
  2. Loan origination fee – fee to create the new loan.
  3. Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
  4. Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
  5. Late payment fee – fee for making a late payment.
  6. Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
  7. Collection fee – fee for collection activity on a defaulted debt.

Current Promotions & Offers

Mpower offers multiple opportunities for interest rate reductions, including a 0.50% interest rate reduction for enrollment in automatic payments as well as an additional 0.50% interest rate reduction for six (6) months of consecutive, qualifying payments via autopay. Between these two offers, the total available interest rate reduction is 1.00%.

Mpower also advertises a possible 0.50% interest rate reduction for proof of graduation and employment. This additional reduction would bring the total possible interest rate reduction to 1.50%.

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.

Additional restrictions apply for specific individuals and loans.

  • Refinance borrowers must have three (3) months’ work experience in the United States 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.

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.).

“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

“@MPOWERfinancing why is it so hard to get in contact with your team? Why do I have to keep sending 3-4 emails with no response? This issue has been going on for years. You need to do better it’s frustrating.”@ikvinjeleuk on Twitter, 11/7/2021

“@MPOWERfinancing Can someone at mpower PLEASE get back to me about the status of my loan? I have gone without a response for nearly two weeks and my program start date is THURSDAY. I can’t move to the US without your response. Very frustrated with this poor service!!!”@soft_aspects on Twiter, 8/31/2021

More (unfiltered) customer reviews of Mpower are available on (4.6 of 5).

Mpower CFPB Complaints

As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of their mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.

Since its founding in 2014, Mpower Financing, PBC (Mpower) has not been subject to complaints registered with the CFPB.

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.
  • 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.

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  1. Mpower Financing, Refinance International Student Loan
  2. MPower Support Center
  3. Consumer Financial Protection Bureau, Consumer Complaint Database
  4. Dun & Bradstreet Business Directory, Mpower Financing, Public Benefit Corporation
  5. Better Business Bureau, Search Businesses and Charities