Refinancing your student loan with MPOWER involves several stages. Below is a detailed outline of the process and the estimated time it takes:
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Initiate Your Application:
- Eligibility Check: First, verify your eligibility on MPOWER’s refinance eligibility page. This initial check takes only a few seconds.
- Complete Application: Fill out the application form with your personal details, loan specifics, and financial status. This step typically takes around 15minutes.
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Prequalification:
- Preliminary Review: After submitting your application, MPOWER reviews it and emails you within 2 to 3 business days regarding the next steps.
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Documentation and Credit Review:
- Submit Required Documents: Provide documents such as a valid government photo ID, proof of admission, financial statements, and more. The detailed review phase also includes assessing your credit history in both your home country and current country of residence.
- Estimated Time: This detailed review takes 3-5 business days and culminates in a final decision on your refinancing application.
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Final Decision:
- Loan Offer: Once all documents are submitted and reviewed, MPOWER’s credit team will make a final decision on your application. If there are additional requirements, expect this phase to take an additional 3-5 business days.
- Disbursement:
Disbursement to Original Loan Lender: MPOWER disburses the approved loan amount directly to your original lender via electronic funds transfer (SWIFT). The time it takes for the funds to reach your original lender varies, but typically, it should be around 5 to 7 business days.