MPOWER Financing is offering high-potential students an amazing chance through its MPOWER MBA Scholarships for the school year 2023.
This master’s scholarship programme is only available to overseas students pursuing a master’s degree in business administration. Up to $10,000 USD will be awarded to students.
They are a group of worldwide people dedicated to reducing educational barriers by providing much-needed funding. As a public benefit corporation, they evaluate themselves based on the influence they have on society rather than just on their financial objectives.
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Interesting Facts About MPOWER Financing
Mpower Financing is a non-profit organisation whose claimed mission is to lower the cost of overseas education. It is headquartered in Washington, DC, and has a presence in Bangalore, India. It was formed in 2014 by Manu Smadja and Michael Davis, who met while attending INSEAD in Paris.
Mpower Financing provides student loans to students who would otherwise be unable to obtain a loan from other banks or lenders without a cosigner or collateral. Tis Financing provides loans to students who are less than two years away from graduating. International students and domestic students whose parents lack the credit history to cosign, as well as DACA recipients, frequently benefit from these services. As of March 2018, this Financing services are accessible at 350 university and college programmes. Approximately 90% of its borrowers are enrolled in graduate school.
Manu Smadja and Michael Davis created Mpower Financing in 2014. Both had struggled to pay for their school in the United States, and they met in 2009 while pursuing their MBAs at INSEAD in Paris. Harvard was the company’s first university partner when it formally launched in May 2015. This Financing stated in October 2016 that it had received $6 million with the help of Zephyr Peacock India.
Mpower Financing services became offered in all 50 states in July 2017 as a result of a collaboration between the company and Bank of Lake Mills. This Financing announced a $100 million debt round in August 2017 in order to provide more student loans. On February 16, 2017, Mpower Financing announced that it has received over $150 million in loan applications. Financing partnered with credit reporting bureau Nova Credit in the summer of 2017 to streamline the application and underwriting process for overseas candidates.
Mpower began its international student loan programme in Canada in 2018, with 12 universities in Ontario and British Columbia participating. Mpower launched a scholarship programme, the Mpower Global Citizenship Scholarship, in the same year. Each year, four awards totaling $5,000 are given out.
Mpower Financing was said to have received over $1 billion in loan applications as of April 2019.
Key Words About MPOWER Financing
MPOWER Financing is a financial technology company that provides loans and scholarships to international and DACA students studying in the United States and Canada. It was founded in 2014 with the mission of empowering students from around the world to achieve their educational and career goals.
Here are some key aspects of MPOWER Financing:
- International Student Loans: offers loans specifically designed for international students who are pursuing higher education in the United States and Canada. These loans help cover tuition fees, living expenses, and other educational costs.
- No Co-Signer Loans: One of the distinctive features of MPOWER Financing is that it provides loans without requiring a co-signer, which is often a challenge for many international students. Instead, MPOWER uses alternative underwriting criteria to assess the creditworthiness of borrowers.
- Competitive Interest Rates: offers competitive interest rates on its loans, making it an attractive option for students seeking financing for their studies.
- Career Support: provides career support services to its borrowers, helping them connect with potential employers and opportunities for internships and job placements. The aim is to assist students in making a smooth transition from their studies to the workforce.
- Scholarships: In addition to loans, also offers scholarships to international students. These scholarships aim to support students with financial need and merit-based criteria.
- Online Platform: application process is conducted through an online platform, making it convenient for students to apply and receive loan offers quickly.
- Commitment to Diversity and Inclusion: MPOWER is committed to promoting diversity and inclusion in higher education. The company believes in providing opportunities for students from all backgrounds and nationalities to pursue their educational aspirations.
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It’s important to note that the specific terms, interest rates, and eligibility criteria for MPOWER Financing loans may vary based on individual circumstances and the educational institution attended. As with any financial decision, it’s advisable for students to carefully review the terms and conditions of any loan before accepting it.
Students interested in MPOWER Financing should visit their official website for the most up-to-date information, application procedures, and loan details.
- University or Organization: MPOWER Financing
- Department: NA
- Course Level: Master’s
- Award: $10,000 USD
- Number of Awards: Up to three
- Access Mode: Online
- Nationality: International
- The award can be taken in the USA and Canada.
- Application Deadline: Applications must be received by July 15, 2023, at 11:59 PM EST.
- Eligible Countries: All nationalities.
- Eligible Course or Subjects: MBA degree programme.
- Eligibility Criteria: To be eligible, the applicants must meet all the following criteria:
- Be admitted to, or enrolled in, a full-time MBA degree program at a U.S. or Canadian school that MPOWER supports,
- Be an international student permitted to study in the U.S. or Canada legally
- Has a valid visa that permits study in the U.S
- Has a valid Canadian study permit
How to Apply For MPOWER Scholarships?
- How to Apply: To start the application process, all the students must fill out an online application form.
- Supporting Documents: The students are required to present the following documents to the university:
- Letter of recommendation
- Admission Requirements: Applicants must have a bachelor’s degree certificate with outstanding academic achievement.
- Language Requirement: Students need to demonstrate that they have a good written and spoken English level.
MPOWER Scholarships Benefits
The MPOWER will provide a $10,000 grand prize scholarship and two $2,000 scholarships for students.