You only pay interest on the amount disbursed to your school, not the full amount you were approved for. Your interest and fees are calculated only on the disbursed amount, and your payments adjust accordingly.
Example:
If you're approved for $50,000 but only $10,000 is disbursed initially:
- The origination fee is 6.5% of $10,000 = $650
- The total disbursed amount becomes $10,000
- Your monthly payments are then calculated only on $10,650, not the full $50,000
As additional disbursements take place, your monthly payments are calculated based on the actual funds sent to your school.
If you have a loan offer, you can check your current estimated repayment schedule in your loan offer document on the MPOWER Portal.
Please note: This is just an estimate and not your final repayment schedule.
