Understanding MPOWER's Loan Certification Process

After you accept the loan offer, the loan undergoes a required verification process at your school's financial aid office. Here’s a breakdown of why school certification is necessary and what it entails:

• Verification of Enrollment: Confirms your enrollment status based on your loan application.

• Confirmation of Graduation Date: Verifies your expected graduation date, which is essential for establishing a loan repayment schedule.
• Justifying Loan Amount: Ensures the loan amount does not exceed the school's cost of attendance, covering tuition and other educational expenses accepted by the school.
• Compliance with Regulations: Ensures the loan adheres to MPOWER's lending criteria and any applicable governmental regulations regarding student loans.

Timelines for School Certification

MPOWER will send a loan certification request to your school's financial aid office 60 days before your loan term starts. Your school may take up to six weeks to fulfill the request. Notifying your school's financial aid office ahead of time can help expedite the process.

Important Notes:

• Canadian Schools: Most Canadian schools accept funds only for tuition, meaning MPOWER loans typically don’t cover living or other expenses. MPOWER can support only the invoice-billed amount from the school.
• Preferred Disbursement Schedule: Your school might certify a lower amount or choose different disbursement dates. If you have a preferred disbursement schedule, communicate with your school as soon as possible since MPOWER follows the school-certified amounts and dates.