Getting funding to study abroad has always been one of the biggest challenges Nigerian students face. While scholarships are competitive and family savings often fall short, the real barrier for most students is the cosigner and collateral requirement that traditional banks demand.
What is working for thousands of Nigerian students today is MPOWER Financing a loan platform specifically built for international students that removes these barriers completely.
MPOWER offers loans from $2,001 up to $100,000 for Nigerian students studying in the United States and Canada without requiring any cosigner, collateral, or even credit history. The entire application process happens online, approval comes within 3 business days, and the loan covers tuition, housing, books, health insurance, and living expenses. Unlike Nigerian banks that might ask for property documents or guarantors with stable income, MPOWER evaluates you based on your future earning potential.
Because this loan option is still new to many Nigerian students, there’s a lot of confusion about eligibility, the application process, interest rates, and repayment terms.
That’s why we always research properly, read through official documentation, track user experiences, and verify information from multiple sources before writing any guide on TechManly.
In this guide, I’ll walk you through everything you need to know about applying for MPOWER loans as a Nigerian student, the exact application steps, eligibility requirements, which schools qualify, the real costs involved, and important things to consider before applying.
1. What is MPOWER Financing?
MPOWER Financing is a U.S.-based company that provides education loans specifically for international students studying in the United States and Canada. They’ve funded over 40,000 students from more than 190 countries, including Nigeria, with over $2 billion disbursed in total.
What makes MPOWER different:
- No cosigner required
- No collateral needed
- No credit history necessary
- 100% online application
- Approval based on your future earning potential
- Builds U.S. credit history when you repay on time
- Includes visa support and career services
Loan details:
- Amount: $2,001 to $100,000 (up to $50,000 per academic year)
- Interest rate: Starts from 9.99% fixed (with 0.25% discount for auto-pay)
- Repayment: Interest-only payments while in school, 6-month grace period after graduation, then 10-year full repayment
- Covers: Tuition, housing, books, health insurance, living expenses
2. Who is Eligible to Apply?
MPOWER is open to Nigerian students, but you must meet these requirements:
Basic eligibility:
- Nigerian citizen or resident
- Admitted or enrolled in an eligible U.S. or Canadian school (full-time)
- Undergraduate students must be within 2 years of graduation
- Graduate students at any stage of their program
- Age 18 and above
- Valid passport or government-issued ID
- No previous loan defaults
School eligibility:
Your school must be on MPOWER’s list of 500+ approved institutions. These schools are selected based on graduation rates and employment outcomes.
Popular schools Nigerian students use MPOWER for include Harvard, Stanford, NYU, Georgia Tech, University of Pennsylvania, University of Toronto, McGill, UBC, and York University.
You can check if your school qualifies at mpowerfinancing.com/get-a-loan/schools-we-support.
3. Step-by-Step Application Process
The application takes 20–30 minutes to complete and everything happens online.
Step 1: Check Your Eligibility
Visit mpowerfinancing.com/get-a-loan and use their eligibility checker.
Select:
- Your country (Nigeria)
- Your school
- Your program
- Your start date
The system will immediately tell you if you’re eligible.
Step 2: Create Your Account and Submit Initial Application
If eligible, fill out the application form with:
- Personal information (name, contact, address)
- Academic details (school, program, expected graduation)
- Financial information (estimated costs, other funding sources)
- Upload a valid photo ID (Nigerian passport works)
There are no application fees.
Step 3: Get Your Conditional Offer
MPOWER reviews your application within 3 business days. Some students get immediate conditional approval.
If approved, you’ll receive access to your dashboard where you can see your loan offer details.
Step 4: Upload Required Documents
You’ll need to provide:
- Your resume or CV
- Proof of address (Nigerian utility bill or bank statement)
- Standardized test scores if applicable (TOEFL, IELTS, GRE, GMAT)
- Admission letter or enrollment verification from your school
- Financial documents if you have sponsors
Make sure all documents are clear and readable. Blurry documents cause delays.
Step 5: Final Review and Approval
MPOWER verifies all your documents. This takes 7–10 business days total, including a mandatory 4-day rescission period.
Once approved, you receive your final loan offer and a visa support letter if you request it.
Step 6: Accept Loan and Set Up Disbursement
Sign the electronic loan agreement.
MPOWER sends the tuition portion directly to your school. Any remaining amount for living expenses comes to you.
Step 7: Set Up Repayment
Interest-only payments start immediately (usually $50–$100 per month depending on loan amount).
Full principal and interest payments begin 6 months after graduation.
Payments happen via automatic bank debit.
4. How Much Does It Cost?
Interest rates:
- Starting from 9.99% fixed rate
- 0.25% discount if you set up automatic payments
- Rates depend on your school, program, and loan amount
Fees:
- No application fees
- No prepayment penalties
- Late payment fees apply if you miss payments
Repayment example:
If you borrow $20,000 at 10% interest:
- Monthly interest-only payment while in school: ~$167
- Monthly payment after graduation (10-year term): ~$264
- Total repayment: ~$31,680
Always borrow only what you need. MPOWER recommends borrowing less than your expected first-year salary after graduation.
5. Important Things to Know Before Applying
MPOWER only works for specific schools
Not all U.S. and Canadian universities qualify. Check the school list before applying. If your school isn’t listed, look at alternatives like Prodigy Finance or NELFUND for domestic studies.
Interest rates are higher than federal loans
MPOWER rates (9.99%–14%) are higher than U.S. federal student loans but much lower than most Nigerian bank loans for education.
You start paying interest immediately
Unlike NELFUND which is interest-free, MPOWER requires interest-only payments while you’re still in school.
Build your U.S. credit history
Making on-time payments helps you build credit in the U.S., which is useful if you plan to work there after graduation.
Combine with other funding sources
Many Nigerian students use MPOWER alongside scholarships, family contributions, or NELFUND to cover total costs.
Apply early
You can apply up to 12 months before you need the funds. Early application gives you time to plan and avoid last-minute stress.
6. Partnership with Nigerian Banks
MPOWER has partnerships with:
- Union Bank of Nigeria: Helps Nigerian students apply and provides support
- Ecobank: Expanded access for 35 African countries including Nigeria
You can visit these banks for guidance on the application process, but the actual application still happens online through MPOWER’s website.
7. Additional Benefits for Nigerian Students
Visa support:
MPOWER provides visa support letters and offers a free Visa Essentials course with mock interviews for F-1 (U.S.) and study permit (Canada) applications.
Career services:
Access to career counseling, resume building, and job search support to help you succeed after graduation.
Scholarships:
MPOWER also offers scholarships. Check mpowerfinancing.com/scholarships and apply for both loans and scholarships together.
8. Common Questions Nigerian Students Ask
Can I apply before getting admission?
No. You must have an admission letter or be enrolled before applying.
Do I need a Nigerian guarantor?
No. MPOWER does not require guarantors, cosigners, or collateral.
Can I use it for undergraduate studies?
Yes, but only if you’re within 2 years of graduation. Graduate students have no restrictions.
What if I can’t find a job after graduation?
MPOWER offers a grace period. If you’re unemployed, repayment can be deferred. In cases of death or permanent disability, the loan is forgiven.
Can I pay back early?
Yes. There are no prepayment penalties. Paying early reduces your total interest.
Will this affect my ability to travel?
No. MPOWER does not impose travel restrictions after graduation.
9. How to Get Help
Official support:
- Email: mpower.me@mpowerfinancing.com
- Live chat: Available on mpowerfinancing.com
- Phone: Check their website for contact numbers
Nigerian bank support:
- Union Bank Nigeria branches
- Ecobank branches
Online communities:
- Follow @MPOWERfinancing on Twitter/X for updates
- Join Nigerian student groups on Facebook
- Check Nairaland forums for user experiences
10. Alternatives to MPOWER
If MPOWER doesn’t work for you:
Prodigy Finance: Similar to MPOWER, focuses on graduate students only
NELFUND: Nigerian government student loan, interest-free but only for domestic studies in Nigerian public universities
Nomad Credit: Connects international students with multiple loan providers
Always verify your school’s eligibility first before choosing any loan provider.
Frequently Asked Questions
1. How long does approval take?
3 business days for conditional approval, 7–10 days for final approval.
2. What is the maximum loan amount?
$100,000 total, up to $50,000 per academic year.
3. Can I apply for multiple academic years?
Yes. You can apply each year you need funding.
4. What if my school is not on the list?
Unfortunately, you cannot use MPOWER. Try Prodigy Finance or other lenders.
5. Do I need to show proof of funds for my visa application?
MPOWER provides a visa support letter that you can use as proof of funding.
6. Can I use the loan for living expenses?
Yes. The loan covers tuition, housing, books, health insurance, and living expenses.
Final Words
MPOWER Financing has opened doors for thousands of Nigerian students who would have struggled to fund their education abroad. The no-cosigner, no-collateral model removes the biggest barrier most international students face.
If you have an admission letter to an eligible school in the U.S. or Canada, check your eligibility today at mpowerfinancing.com/get-a-loan. The application is free, the process is straightforward, and approval happens fast.