Understanding the loan approval amount

The approved loan amount may differ from the requested amount. Here’s why:

• Creditworthiness:
  • While MPOWER doesn't require a credit score or history, we evaluate them if available to help determine your loan amount.
• Potential earnings and debt:
  • MPOWER assesses your projected loan repayments and earnings to understand if they’re manageable for you.
• Certification and school invoice:
  • Once MPOWER approves the loan, where applicable, your loan goes through a certification process with your school. The school may adjust the approved amount based on tuition, living expenses, and other expenses. Where certification isn’t applicable, we consider the school’s tuition invoice.

Can I request more funds if I’ve been approved for less?

If you have been approved for less than what you had requested in your application, then it is likely that your current eligible amount is limited to the approved amount.

If you’ve been partially approved it’s recommended to wait for 90 days before reapplying, unless there is a significant change in your financial situation. Carefully read the details of your partial approval to understand why you were not approved for the full amount initially, before you reapply.