Access to adequate financing to pursue one’s education abroad is one stumbling block for prospective international students. Except you have a supportive family, a steady work or friends who could rally around; you might just be on the verge of kissing your admission goodbye.
Well, that is why MPOWER was established in the first place. Between 2014 and now, it has helped thousands of students drawn from different parts of the world to solve their money problems when schooling either in the U.S. or Canada.
This guide points you in the direction of the MPOWER financing schools in Canada.
What Is MPOWER Financing?
It was founded by two former international students (Manu Smadja and Mike Davis. MPOWER Financing is designated as a Public Benefit Corporation set-up to help international students concentrate on their studies and worry less about how to finance their education.
How MPOWER Financing Solves International Students’ Money Problems?
The financial solutions include giving loans to these students and assessing their eligibility based on their future potential and not their credit history.
This is one of the effective approaches to international study financing, as for the first time in many years, students from different parts of the world can heave a breath of relief knowing they can get the best education possible.
How Can International Students Take Advantage of the Financing?
As an international student, whether from Nigeria or any other part of the world; it is pertinent to understand what you are getting into.
The fact that MPOWER Financing is available for people like you doesn’t mean that every Tom, Dick and Harry is qualified.
First, understand that the company doesn’t finance loans for Canadian schools, but instead finances the student loans you will take to study in any of these schools.
Second, you must prove that you are an international student as the offer is exclusive to this class.
Third and most importantly; the financing options are restricted to select schools and institutions of higher learning domiciled in either Canada or the United States.
You’d also be able to access the MPOWER student loan if you fall into any of these categories:
- Asylum-seeker
- A DACA recipient
- You are either a graduate student or an undergraduate within 2 years of graduating.
- You are an undergraduate or graduate student about to commence either a one-year or two-year program.
MPOWER Financial Eligible Schools in Canada
For now, MPOWER student loan is available to international students who have gained admission or are currently taking courses in any of the 400+ approved schools in Canada and the United States.
In Canada, the list of MPOWER Financing schools includes:
Ontario
In the State of Ontario, Canada, the following schools are supported:
- Queens University at Kingston
- Carleton University
- Trent University
- Brock University
- McMaster University
- Lakehead University
- Northeastern University Canada
- Toronto Metropolitan University
- Ontario College of Management and Technology
- University of Guelph
- University of Ottawa
- University of Toronto
- York University
- University of Waterloo
- Wilfrid Laurier University
- University of Windsor and;
- Western University – University of Western Ontario
Other supported MPOWER Financing schools in Canada are:
- Dalhousie University at Nova Scotia
- University of Alberta at Alberta
- University of Manitoba at Manitoba
- University of Calgary at Alberta
- University of Victoria at British Columbia (BC)
- University of Lethbridge at Alberta
- University of Saskatchewan at Saskatoon
- University of New Brunswick at New Brunswick
Benefits of MPOWER Financing for International Students in Canada
Feeling stranded because your tuition fees are adding up and no means to pay them? Even if you were to take a traditional student loan, the bureaucratic processes and having a low credit score/history might disqualify you.
Why not check-out the offers from MPOWER Financing?
a. Student Loan without Cosigner
Start your loan application process without using a cosigner or credit history. It is that easy!
b. Individual Loan Assessment
MPOWER Financing makes an individual assessment of each applicant (international student) to ascertain the following:
- The amount of money to borrow.
- The repayment terms and.
- The applicable interest rate on the student loan.
c. Global Payments
Get access to globalized payments, allowing you to pay from any part of the world – and at any time.
d. Credit History Building
Whether you’ve had a bad credit history or none at all; getting a student loan from MPOWER Financing helps put things into perspective.
Stand a chance to rebuild or build your credit history, provided timely payments are made to the MPOWER Financing student loan.
e. Full Study Financing
Take advantage of the up to 100% full coverage for education expenses to finance anything from tuition fees to living expenses.
f. Competitive Interest Rates
International students in Canada will get access to affordable interest rates on loan taken. In addition, the following terms apply to help reduce the rates:
- Getting an interest rate discount of up to 0.25% when signing up for autopay.
- Zero prepayment penalty.
- In-school payment, which is an interest-only payment while still in any of the approved Canadian schools. The payment also applies within a 6-month period of the student’s graduation from the school.
- Fixed interest rates, which keep the rates the same and the payments would remain static, even when interest rates are spiking.
The Terms of Getting MPOWER Financing in Canadian Schools
International students looking to take student loans from MPOWER Financing are advised to take note of the following conditions:
Make Timely Payments
Sticking to the agreements and paying the loans on time is essential. This does not only show the student’s commitment, but also offers these benefits:
- A chance to build a good U.S. credit history.
- Access to career-related services and.
- Visa support.
Zero Out-of-the-Pocket Fees
Allow MPOWER Financing handle all your bills throughout schooling. International students will pay nothing until the first interest-only loan payment.
Get Fully Funded Education
MPOWER Financing will also take care of all your education-related expenses, including living expenses and tuition fees – up to 100% in the U.S.
Concluding Thoughts: MPOWER Financing Can Finance Your Education in Canada
Every year, hundreds of young Nigerians leave the country in search of advanced education and opportunities in Canada. Save for the few from financially buoyant homes, the rest find it difficult to pay tuition and often have to strike a balance between part-time work and studies to foot their bills.
With MPOWER Financing, you can focus on what matters the most (learning), knowing that someone has got your back and willing to finance your education at a reasonable term.