We understand how important an education loan is to your future goals. Some common reasons for denial are choosing an ineligible school or program, academic performance, debt-to-income ratio, funding constraints, or issues with your credit standing. Let’s look at some ways to rectify each reason for decline:
- Choose an eligible school and program: If you’ve been admitted to an MPOWER-eligible school or program, don’t hesitate to contact MPOWER for guidance on the next steps.
- Improve academic performance: While assessing minimum qualifications, we look at your academic metrics like GPA, school, degree, and program. Our team carefully reviews your information before making a decision. If your academic performance improves, we encourage you to reapply 90 days after your initial denial.
- Resolve issues with your credit: Having a credit history is not mandatory for applying with MPOWER. Where available, MPOWER reviews your credit details from select countries or your study country. We verify your credit details to evaluate your creditworthiness by reviewing your credit score, late payments, collections, or delinquencies. Our team reviews your details thoroughly before making a decision. Should you identify any inaccuracies on your credit report, please contact TransUnion for U.S. and Canadian accounts at +1-800-888-4213 or Nova Credit for international accounts at +1-844-423-1345. Once discrepancies are resolved, please contact MPOWER for further assistance.
- Improve debt-to-income ratio: If you have a postgraduate job offer, please provide proof by contacting your relationship manager.
- Demonstrate funding: If you have additional funding sources to help cover your educational expenses, such as personal funds and scholarships, you can use towards your education; let your relationship manager know.
Would you like to know more about the application process after the denial decision? Click here to learn more.
