Your interest-only payments begin a month after your school receives the funds and continue until 6 months after you graduate.
After that, you'll begin full (principal + interest) payments over a 10-year repayment term.
How MPOWER’s repayment process helps:
This gives you time to settle in and build your U.S. credit history early with consistent, on-time payments! This structure helps keep payments manageable while you're studying and gives you time to transition after graduation.
Good news! There are no prepayment penalties, so if you’re ready to pay off your loan early, you’re free to do so anytime, with no fees, no extra charges.
Key Details:
The interest-only payment period must not exceed 30 months in total, including the 6-month post-graduation period.
Example for a 2-year (24-month) program:
- 24 months of interest-only payments while you are in school
- 6 months of interest-only payments after graduation
- 120 months (10 years) of regular payments (principal + interest), 6 months after graduation- That’s a total of 150 months of loan payments in this example.
- Monthly payments are based on your disbursed loan amount + the 6.5% origination fee.
