Yes, your current monthly payment could change under specific circumstances. Here are the main scenarios where changes could occur:

• End of Grace Period:
  • You are expected to make interest-only payments while in school and during your grace period (6 months after your graduation).  At the end of the 6 months after your graduation, your monthly payments will shift from interest-only to full principal and interest payments, increasing your monthly payment amount.
• Interest rate changes due to discontinuation in previous discount:
  • If you lose your discount for automatic payments due to returned payments or forbearance, your interest rate could increase, thereby increasing your monthly payment.
• Late Payment Fee:
  • Making late payments or incurring other fees and penalties could also temporarily affect your monthly payments due to the added charges.
• Forbearance:
  • If you enter a forbearance period, typically, the requirement for regular monthly payments might be paused temporarily, but interest will continue to accrue, which will increase monthly payments once the forbearance period ends.

You can easily find your monthly payment amount by referring to the email with billing statement, which is sent to you before your payment due date or simply log in to your Launch dashboard to access your account, which has details of your monthly payments and due date.

Additionally, once your loan is disbursed, MPOWER's dedicated servicing team will conduct an onboarding welcome call. During this call, the team will explain your loan terms in detail, ensuring you fully understand your repayment obligations. This is the perfect opportunity to clarify any questions you may have about your MPOWER education loan or its repayment schedule.