MPOWER Financing teams up with Sallie Mae to offer student loans to international students in the US

Sallie Mae, which provides credit-based private student loan products to international and DACA students who apply with an eligible U.S. citizen or permanent resident co-signer, is working with fintech MPOWER Financing to deliver loans to “high promise” international students across 350 universities and colleges in cases where a co-signer is not available.

Why should we care?
MPOWER underwrites students based on a series of alternative data points, including future income potential. The company claims to serve students from all academic disciplines. Loans range from $2,000 to $50,000, along with a 6-month interest-only payment period before beginning a 10-year repayment term after graduation. It also operates in Canada and serves DACA as well as international students. Since 2014, it has received over $2B in loan application volume on its platform. “With nearly 500,000 DACA students and 1.1 million international students enrolled in U.S. colleges, and many more students around the globe dreaming of studying here, we have a lot of work ahead of us to build awareness of financing options, and ultimately to level the playing field when it comes to educational access,” said Manu Smadja, MPOWER Financing's CEO and co-founder, in a statement.