MPOWER Financing Education Loan Disbursement Process

Updated on: 12 Sep 2023

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.

Overview of MPOWER Financing abroad education loan

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 - 

• 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.
• 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.
• 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 - 

• MPOWER disburses fees directly to your university in all cases.
• The amount will be released only after you have e-signed the loan agreement. 
• It will take roughly 3 to 5 days for the funds to arrive in the university’s/college’s account.
• 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.
• 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.

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 -

• Identity Proof
• Address Proof
• Credit Report
• Admission Proof
• Scholarship Proof (if any)

• Education loan 
• Study abroad 
• Loan Disbursement 

First published date: 04 Jun 2021