Although the interest rate on all MPOWER loans is fixed, we do offer three incentives that could potentially reduce your interest rate by up to 1.50%:
- Autopay: Using autopay will automatically debit your loan payment each month. When you enroll in it, we’ll give you a 0.50% deduction on your interest rate.
- Six consecutive payments: Once we receive six consecutive payments from you via autopay, we’ll reduce your interest rate by an additional 0.50%.
- Proof of employment: After you graduate and receive full-time, salaried employment, you’ll get another 0.50% deduction on your interest rate.