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Published: Aug 25, 2023 11 min read

Student loans can end up hanging like storm clouds over your head for years. Paying them off and returning to sunny days doesn't have to be a challenge, though. Refinancing student loans can help you save money by lowering your monthly payments, reducing your interest rate or adjusting your repayment terms. It may be difficult for international students to find private lenders to help them refinance their student loans, especially if they have little credit history in the U.S.

MPOWER Financing is one the best student loan refinance options on the market because it supports international students who need student loan refinancing. Our MPOWER student loan refinancing review explains everything you need to know to determine if its services suit your financial situation.

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Best student loan refinancing for international and DACA students

MPOWER Financing is a lender that caters to international and Deferred Action for Childhood Arrivals (DACA) students. While many lenders only deal with U.S.-based borrowers with an established credit score and credit history, MPOWER provides financing options to those who don’t fit that mold.

If you’re an international student wondering if you should refinance your student loans, MPOWER Financing has plenty of experience in the field. MPOWER provides loans to those in over 190 countries and supports more than 400 schools in the U.S. and Canada. It boasts that it has helped more than 5,000 students graduate.

MPOWER Financing student loans refinance pros and cons

  • No credit history required
  • Rate discount available
  • No prepayment penalties
  • Origination fee
  • Limited loan term options available
  • No variable rate option

Pros explained

Borrowers don't need to have a credit score or credit history

If you want to apply for a student loan or refinancing through MPOWER Financing, you don't need a minimum credit score. When you apply, MPOWER will run a check to see if you have an existing credit history in the U.S. or Canada, depending on the location of your school. It will also review your credit in your country of origin.

Your credit score, history or lack thereof will not affect your application. If you have a credit history, MPOWER will look to verify your payment history and any delinquencies like late or missed payments. With no credit history required, taking out or refinancing an MPOWER loan can be an excellent opportunity to build credit.

Rate discount available

MPOWER Finance offers a discount opportunity for borrowers who want to lower their annual percentage rate (APR). If you enable automatic payments for your monthly payments, MPOWER will reduce the APR of your loan by 0.25%.

No prepayment penalties

Another advantage to refinancing your student loans through MPOWER Financing is that it doesn't have a prepayment penalty.

Cons explained

Origination fee

When you choose to refinance your student loans through MPOWER Financing, it will charge you an origination fee of 2%. Lenders charge origination fees to cover processing and distribution costs on your loan, but not all lenders have this fee.

Origination fees are not upfront fees. Instead, they get added to the total amount of your loan, and you pay it off over time with the rest of your loan.

Limited loan term options available

Most lenders provide multiple loan terms from which the borrower can choose. The loan term affects the monthly repayment amount, allowing borrowers to customize it. However, MPOWER only provides one option: a 10-year repayment term.

This limitation will be fine if you plan to pay off your loan in fewer than 10 years since there isn't a prepayment penalty. You should look elsewhere if you want lower monthly payments or a more extended repayment period.

No variable rate option

MPOWER's refinance loans all come with a fixed interest rate. Fixed interest rates stay the same for the entire loan term. This is good for those who prefer uniformity. However, some borrowers prefer variable interest rates, which fluctuate to match the market. This can potentially allow for lower interest rates than when you acquired the loan. However, MPOWER doesn't provide an option to choose a variable interest rate. You'll need to consider other options if you want one.

MPOWER private student loan refinance offerings

MPOWER Financing offers student loan refinancing online. You can apply through their website by following a few simple steps.

First, determine if you're eligible for a refinancing loan. Eligibility requirements include:

  • Living or working in the U.S. for at least three months full-time after graduating
  • Having a valid visa or being a DACA recipient, U.S. citizen, refugee or asylum seeker
  • Having two or more years of work authorization

You can then upload your documents to the MPOWER dashboard to apply. MPOWER will disburse your loans directly to your original lender upon approval. MPOWER's refinancing is open to undergraduate and graduate borrowers.

Undergraduate and graduate student loan refinancing

MPOWER offers refinancing options for both undergraduate and graduate programs. MPOWER Financing's refinancing loan doesn't require a cosigner or collateral. In addition, if your original student loans have a cosigner, refinancing through MPOWER can take that cosigner off your debt.

By refinancing through MPOWER, you will also get free access to its Path2Success program. This program provides international students career support in the U.S. job market through one-on-one training sessions with recruiting experts and video interview simulators. It also provides help with resumes, LinkedIn profiles and cover letters.

MPOWER private student loan refinance pricing

MPOWER Financing offers fixed interest rates on its refinancing loans. Loan amounts range from $2,001 to $100,000 and only have the option of a 10-year repayment term. MPOWER charges an origination fee but doesn't penalize you for paying off your loan beforehand. A discount of 0.25% off your interest rate is also available when you enable automatic payments. To determine how long it will take to pay off your student loans, you can look at the MPOWER student loan calculator.

MPOWER private student loan refinance financial stability

MPOWER Financing has received American Banker's "Best Fintech to Work for" five years in a row from 2018 to 2022. Washington Business Journal also awarded MPOWER the "Top Midsize Company in Greater D.C."

MPOWER Financing is not listed on AM Best or S&P Global.

MPOWER private student loan refinance accessibility


MPOWER Financing provides student loans and student loan refinancing to people worldwide. It covers more than 190 countries of citizenship. Students in the U.S. and Canada are also welcome to apply for financial assistance. MPOWER supports over 400 schools in the U.S. and Canada.

Contact information

There are multiple ways to contact MPOWER Financing if you have questions, concerns or need help understanding how to refinance student loans. If you're calling from the U.S., you can dial 202-417-3800. From Canada, call 647-503-4607.

The company's website also has a page where you can fill out a ticket containing a comment or question. This ticket asks for your name, email, phone number and subject. You'll then describe how the representative can help you and whether you're a borrower, interested in borrowing or have already submitted an application. The site also has a QR code to contact a representative through WeChat.

User experience

Online reviews for MPOWER Financing are mostly good. Praises for the company have highlighted a smooth process, easy application and timely responses from customer service. Some complaints have referenced delays, slow speeds and different responses from different customer service representatives.

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MPOWER private student loan refinance customer satisfaction

MPOWER Financing holds an A+ rating from the Better Business Bureau but is not accredited by the institution nor does it show any customer complaints or reviews on the site. Complaints from customers on other platforms have highlighted that it's tough to contact MPOWER Financing. Some claim it took more than two weeks to get a response. They also complained about the process taking a long time to complete, some claiming it almost caused them to delay their schooling a semester.

MPOWER private student loan refinance FAQs

What is MPOWER?

MPOWER is a financing option that assists international and DACA students. International students aren't eligible for federal student loans, so they can use private lenders like MPOWER. MPOWER provides options like student loans, loan refinancing and scholarships. MPOWER also has a program called Path2Success that helps international students navigate job applications and interviews.

Is MPOWER Financing legit?

MPOWER Financing is a legitimate lender providing multiple financial products, including student loans and refinancing. MPOWER focuses on helping international students get the support they need to complete their international education.

Does MPOWER give student loans to students with no credit history?

If you want to get private student loans from MPOWER, you don't need to have any credit history. When you apply, MPOWER will check your credit history in the U.S. or Canada, depending on where your school is. It will also do a credit check in your country of origin. However, if you don't have a credit history, you can still apply for financing through MPOWER, which will not affect your application.

Are MPOWER student loans only for international students?

While MPOWER Financing is most known for assisting international and DACA students attain student loans, it also lends to U.S. citizens and permanent residents.

However, MPOWER currently only supports around 400 schools in the U.S. and Canada, which will limit who can receive funding.

How we evaluated MPOWER private student loan refinance

While reviewing MPOWER Financing's student loan refinancing options, we considered the following criteria:

  • Loan pricing: We assessed the loan pricing, amounts and terms offered by the lender.
  • Application process: We looked at the ease of the application process and how quickly the lender grants approval.
  • Eligibility requirements: We checked who could apply for the loan and how easily they might get approved.
  • Accessibility: We considered where the loans are available and how potential borrowers can apply.
  • Customer service: We evaluated the availability of customer service and how easy it is to contact the lender.
  • Customer reviews: We read through online customer reviews to better understand the common complaints and praises of the company.
  • Third-party rankings: We checked third-party sites like BBB to see how they rated the lender.

Summary of Money's MPOWER private student loan refinance review

MPOWER Financing doesn't require its borrowers to have a credit score or credit history, there are no prepayment penalties and it offers a rate discount when you sign up for automatic payments. On the other hand, it charges a loan origination fee, only provides one loan term option and doesn't give you the choice of a variable rate.

If you want to compare MPOWER Financing to some other student loan refinancing lenders, check out the best student loan refinance options.

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