Mpower Monthly Scholarship
MPOWER Financing is a company that offers loans and scholarships to international students who want to pursue their education in the US or Canada. They have two scholarship programs that you can apply for: the Mpower Monthly Scholarship and the Summer Series of Scholarships. Here are the details of each program:
The Mpower Monthly Scholarship is a great opportunity for STEM students who are looking for more financial support. This scholarship is open to international students who are accepted or enrolled at a partner university in the US or Canada, and who are within two years of graduating.
MPower Scholarship Benefits
The scholarship awards $1000 (USD) per month to one lucky student, and the application process is simple and easy. All you need to do is to fill out a short online form and answer a few questions about yourself and your goals. You can also upload a video or a photo to showcase your personality and passion.
Deadline
The application deadline is the last day of each month, and the winner is announced on the 15th of the following month. You can apply as many times as you want, as long as you meet the eligibility criteria. You can find more information and apply online at the official website of the scholarship.
Summer Series of Scholarships
We are excited to share our Summer Series of Scholarships with you! MPOWER is giving away $8,000 USD this summer to help 12 international students achieve their educational goals. Here is how it works: On the first day of each summer month, visit this page to discover the scholarship theme for that month.
You can also sign up for our student newsletter to get notified when the new scholarship is launched. Don’t delay your application! You have until the last Friday of the month to apply.
Each month, we will select one grand prize winner who will receive $1,000, and two honorable mentions who will receive $500 each. The winners will be chosen based on their academic achievements, leadership potential, and alignment with the scholarship theme.
MPOWER Scholarship Eligibility
To apply, you need to meet the following eligibility requirements:
- Be enrolled in, or accepted to, a full-time degree program at one of the schools MPOWER supports in the U.S. or Canada
- Be an international student who is legally allowed to study in the U.S. or Canada, depending on the case:
- For study in the U.S., this means that the applicant fulfills one of these criteria:
- Has a valid visa that authorizes study in the U.S., or
- Is covered by the Deferred Action for Childhood Arrivals (DACA)
- For study in Canada, this means the applicant must satisfy the following criterion:
- Has a valid Canadian study permit
- For study in the U.S., this means that the applicant fulfills one of these criteria:
- U.S. citizens who want to study in the U.S. and Canadian citizens who want to study in Canada are not qualified for this scholarship.
You can find more information and apply online at the official website of the scholarship.
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FAQs
Who is eligible for Mpower financing?
You are eligible for Mpower financing if you are an international student who is enrolled in, or accepted to, a full-time degree program at one of the schools MPOWER supports in the U.S. or Canada. You also need to be legally allowed to study in the U.S. or Canada, depending on your case. U.S. citizens who want to study in the U.S. and Canadian citizens who want to study in Canada are not eligible for Mpower financing.
How much is the Mpower Scholarship?
Mpower offers two scholarship programs: the Mpower Monthly Scholarship and the Summer Series of Scholarships. The Mpower Monthly Scholarship awards $1000 (USD) per month to one lucky student. The Summer Series of Scholarships awards $1000 to one grand prize winner and $500 to two honorable mentions each month during the summer.
How long does it take for Mpower loan to be approved?
The Mpower loan approval process can take anywhere from a few days to a few weeks, depending on how quickly you submit the required documents and information. You can check the status of your application on your Mpower Dashboard.
Does Mpower cover living expenses?
Yes, Mpower can cover living expenses up to 25% of your total loan amount. You can use the loan for tuition, fees, books, supplies, housing, food, transportation, and other costs of attending school.
What are the disadvantages of MPOWER loan?
MPOWER loan is a private student loan that comes with interest charges and fees. You will have to pay back more than you borrow over time. MPOWER loan also has a fixed interest rate, which means it will not change based on market conditions. You may be able to find a lower interest rate with another lender or a variable interest rate that could decrease in the future.
Does MPOWER require Collateral?
No, MPOWER does not require collateral or a cosigner for its loans. MPOWER bases its loan decisions on your future potential, not your credit history or assets.
How do I pay my MPOWER loan?
You can pay your MPOWER loan online through your Mpower Dashboard. You can choose to make interest-only payments while you are in school and for six months after graduation, or you can start making full principal and interest payments right away. You can also prepay your loan at any time without any penalty.
What are the schools that MPOWER supports?
MPOWER supports more than 400 schools in the U.S. and Canada that it believes offer the best outcomes for global citizens. You can find the list of eligible schools on the MPOWER website.
Is Mpower financing for undergraduate students?
Yes, Mpower financing is available for both undergraduate and graduate students who meet the eligibility criteria.
