Education Loan

MPOWER Financing Education Loan Disbursement Process

MPOWER Financing Education Loan Disbursement Process

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Read about the MPOWER Financing education loan disbursement process. Know how the education loan from MPOWER Financing gets disbursed after the loan is sanctioned.

GyanDhan
Rohit Gidwani
Updated on:  16 Nov 2023  | Reviewed By: 
Aman 
| 6.55K | 5  min read

The education loan process can be confusing if you are unaware of the steps and requirements. In our continuous efforts to spread the correct information about abroad education loans, we have come up with the study of MPOWER Financing education loans disbursement process. MPOWER Financing, established in 2014, is a lender based in Washington which offers education loans for higher studies in the USA and Canada.

The best thing about MPOWER Financing is that they do not need collateral or a co-signer to get your loan done and they are able to provide loans up to 100,000 USD. This is the reason that it is preferred by many abroad study aspirants. The entire loan process of MPOWER Financing is online and thus having proper knowledge about its disbursement phase would help you in getting the sanctioned amount to the right use. Before we dive into the disbursement process let us have an overview of the features of MPOWER Financing loan.

 

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Overview of MPOWER Financing abroad education loan

Feature Details

Loan Amount

Up to 100,000 USD

Rate of Interest

12.99% (13.98% APR) - 15.99% (17.08% APR)

Loan Tenure

Up to 10 years

Processing Fees

5% adjusted in the loan amount

Margin Money

Nil

Moratorium Period

Course + 6 months

Processing Time

Up to 7 days

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MPOWER Financing education loan disbursement process for abroad studies

Once your loan has been approved/sanctioned and you have got a sanction letter then comes the disbursement process. In simple words, disbursement means paying out the money. Here, in the case of an abroad education loan, the disbursement process means releasing the money that has been approved by the lender. MPOWER Financing directly disburses the amount to your university. The loan amount provided by this lender is in USD and CAD currency which helps to avoid the Forex charges. There are 400+ universities/colleges in the USA and Canada for which MPOWER Financing can easily provide you with loans. The different aspects of the MPOWER Financing education loan disbursement process are - 

  • list items Signing loan agreement - You will have to sign the final loan agreement online once you reach the university. You will get an email from MPOWER Financing before the start of your session as a reminder to sign the online agreement.
  • list items Requesting Disbursement - once the agreement has been signed, you would have to request disbursement of the amount. You will be required to notify both your university and MPOWER as soon as possible. You can initiate this request via the MPOWER Contact Us Form or by logging into your MPOWER dashboard and selecting the “Manage My Loan” option.
  • list items Scheduling the disbursement - in case you are admitted to an American university then they will request the disbursement date which can be viewed by you under the disbursement schedule on the MPOWER dashboard. The disbursement is done on or before the scheduled date. In case you are admitted to a Canadian university then your disbursement dates will be selected during the application process only which will be aligned with your academic periods. 

**NOTE: MPOWER will send the full loan amount directly to your school. It is up to your school to apply the funds. Please contact your Financial Aid Office for more information about how you will receive funds for living expenses, because this process and the acceptance may vary by school.

Some of the major things you must keep in mind regarding the MPOWER Financing education loan disbursement process is - 

  • list items MPOWER disburses fees directly to your university in all cases.
  • list items The amount will be released only after you have e-signed the loan agreement. 
  • list items It will take roughly 3 to 5 days for the funds to arrive in the university’s/college’s account.
  • list items The university/college sets the date when they are expecting the fees. MPOWER aligns the date for loan disbursement as close to it as possible.
  • list items The fee is disbursed directly to your university either electronically via wire transfer or by physical cheque in the mail – whichever method your university requests.

Did you Know? Many students view MPOWER's 13.72% APR as high due to factors like low credit scores and university choice, leading to a preference for INR loans. However, comparing INR and USD loans requires considering increases in initial rates, forex charges (2%-6%), insurance (1%-8%), and processing fees (0.5%-2%), potentially pushing INR loan APRs beyond 16%.

Check Your Education Loan Eligibility

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Documents required for MPOWER Financing Loan disbursement process

Usually, there is a huge list of documents that you may need to submit in order to get your loan disbursed. This is not the case with MPOWER Financing as the documents required by them are quite a simple and small list. The required documents are -

  • list items Identity Proof
  • list items Address Proof
  • list items Credit Report
  • list items Admission Proof
  • list items Scholarship Proof (if any)
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How does GyanDhan help in MPOWER Financing disbursement process?

There are several benefits that you may get when getting your loan disbursed from Axis Bank through GyanDhan. These benefits are -

  • list items Ease in the process - GyanDhan will help you right from the beginning to the disbursement process. If you face any difficulty GyanDhan can assist you in helping out sort the problem related to the disbursement process. 
  • list items Overcome Challenges - in case there is a challenge related to the disbursement process, then GyanDhan knows whom to escalate the challenge and hence get it resolved quickly.

With your understanding of the disbursement process, you can proceed with confidence to apply for an education loan to study abroad. You can check your eligibility for a loan and expect a call back from GyanDhan to begin the application process. Don't hesitate to take this step towards financing your education abroad.

Read also:

Calculate your Education Loan EMI

 

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Frequently Asked Questions

How long does it take to get MPOWER loan disbursed?

Once the university/college has made the request to MPOWER for loan disbursement then it usually takes approximately 2 weeks to disburse the amount to the educational institution. In the case of USA, the amount cannot be disbursed 90 days before the start of the session. 

What is the contact detail of MPOWER Financing?

For all countries, MPOWER Financing can be reached via phone during business hours at +1-202-417-3800 (U.S.) and +1-647-503-4607 (Canada). You can also fill out the MPOWER Contact Us Form.

Is MPOWER Financing a legit lender?

Yes, MPOWER Financing is a legit lender which has been established in USA for approximately 10 years now. 4 Billion plus has been done in loan applications by MPOWER Financing.

Check Your Education Loan Eligibility


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