Is there a prepayment penalty? April 03, 2019 17:18 No. If you decide to repay part or all of your loan ahead of schedule, there is no penalty. Related articles How much will I pay per month while I’m in school? Are there any fees associated with getting a loan from MPOWER? How much time do I have to pay back the loan? What can the loan be used for? What interest rate can I expect?