To process your refinancing application with MPOWER, you'll need several key documents. Here's a breakdown:
Proof of immigration status
To refinance your loan with MPOWER, ensure you:
- Live in the U.S. and have a valid visa (H1-B, F-1 on OPT), or are a U.S. citizen, DACA recipient, refugee, or asylum seeker with at least two years of work authorization.
- Are employed full-time in the U.S. for more than three months.
- Are a citizen of the U.S. or one of the following countries: Australia, Austria, Brazil, Dominican Republic, Germany, India, Kenya, South Korea, Mexico, Nigeria, Philippines, Switzerland, Spain, or the U.K.
Note: Canadian citizens and residents are not eligible.
Identification documents
- Valid ID: Upload a clear and valid copy of your passport or a government-issued photo ID from your country of citizenship.
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Additional requirements by status
- U.S. permanent resident: Provide your Green Card or EAD card.
- DACA: Submit your EAD card showing the "C33.".
- Refugee/asylee: Include your EAD card with categories like C08, A03, A04, or A05.
Existing loan documents
- Payoff statement: Submit a payoff statement for the loan you wish to refinance. Ensure it's valid for at least 15 business days to allow processing time.
- Banking details: Include your beneficiary account number, bank-specific routing number, and country-specific routing numbers such as IBAN.
- Additional debts: If applicable, provide the most recent statements for other loans or debts, showing your full name, outstanding balance, interest rate, bank information, and terms.
School documents: Submit your diploma or final transcript indicating your graduation date.
Employment documents
- Job offer letter: Provide a copy of your job offer letter.
- Pay stubs: Submit your pay stubs for the most recent three months.
- Employment verification: Additional employment and salary verification may be required.
Address proof documents:
Acceptable documents include:
- Utility bills (e.g., electricity, water, gas) or insurance company bills
- Signed lease agreements
- Bank statements or loan documents
- Physical letters from your university (e.g., admission letter)
- Government-issued photo ID or document
- Property tax bills or income tax returns
If residing with a family member or friend, provide their ID and complete the MPOWER Relationship Declaration Form.
Living cost documents or proof of rental details: Provide a rent receipt or lease agreement listing your name.
Tips: Ensure documents are valid and issued within the last 90 days (except for ID, admission letters, and lease agreements).
