Reviews

Review Details

• Review fromDenitsa K

  Date: 04/11/2025

  1 star

  Denitsa K

  Date: 04/11/2025

  I have attempted to work with MPOWER several times and their requirements are ever changing. As a lender who claims evaluates our earning potential rather than credit alone, every decision I have received from them seems to be based on credit alone. I addressed some issues I had on my credit report and reapplied again - denied because I didnt meet their risk threshold. Mind you, these are the only student loans I would have upon graduating. The only other loan I have is a car loan. Working with them has been incredibly frustrating from the jump. Their requirements are not very clear. Wouldnt recommend it to anyone.

  MPOWER Financing, PBC

  Date: 05/22/2025

  Dear ******* ******,We have received your concern from the Better Business Bureau on 4/11/2025. We recognize your concern and reviewed the applications and decisions provided to you. We are sorry that your applications could not be approved; our review confirmed that the decisions were justified based on our credit policy. MPOWER may decline loan applications based on credit history and other criteria. Consistent with MPOWERs website FAQs, You do not need a credit score or history to apply. If you do have a credit history, we will review your payment records. Upon review of your applications, we would like to provide clarification on the reasons for the decisions:Application #1 (Created 01/07/2025)Anticipated Graduation Date (***) Beyond Credit Policy Guidelines Your requested loan term was for Fall 2024 Spring 2025, with an anticipated graduation date of May 2027. We are only able to support loan requests where the *** is within two years from the loan period start date. As referenced in your most recent school invoice, there was an outstanding balance owed to your school for this prior semester. While we understand your request for this loan term, the *** exceeds the allowable two-year window from the loans start date.Based on the selection of the fall 2024 term to start the loan, the *** was over 2 years from the requested loan start which falls outside of our eligibility criteria. As such, the application was declined.Application #2 (Created 04/07/2025)Future Debt-to-Income (DTI) Considerations In a separate application, your loan request was declined due to your estimated debt obligation after school, factoring in the financed amount of your tuition, an existing car loan with a third-party lender, and a predictive assessment of your potential salary after graduation. Our credit evaluation assesses the overall financial responsibility and capacity to repay, and in this case, your estimated debt burden exceeded our program thresholds.Based upon our review, the decisions made on these applications are correct.

• Review fromClaudia D

  Date: 01/16/2025

  1 star

  Claudia D

  Date: 01/16/2025

  I am an international student pursuing a Master’s degree in the United States, funded by student loans from MPOWER Financing. My experience with MPOWER has been extremely frustrating and detrimental.
  Main Issues:
  1. Delays and Discrepancies in Loan Approval and Certification:
  o Certification Delays: MPOWER promised the certification process would begin 60 days before classes and be completed within 3 to 6 weeks, as stated in email communications. However, there was a 3-month delay.
  o Approved Amount Discrepancy: Only $37,428 of the $50,300 offered in the loan offer letter was approved, leaving a $12,872 deficit. This was due to the Cost of Attendance (COA) limit, which was not clearly communicated.
  2. Lack of Transparency and Crucial Information:
  o Course Completion Date Error: The loan contract included an incorrect early completion date for my master’s program (which is technically possible). However, this does not apply to me as I opted for the 2-year program, as confirmed in communications and provided documentation. MPOWER refuses to adjust the date.
  3. Financial and Emotional Impact:
  o Financial Difficulties: Due to discrepancies and delays, I was forced to reduce spending on food and limited myself to one meal a day because I do not have a sponsor and cannot work as a student.
  o Academic Impact: Financial instability compromised my academic performance and overall well-being.
  4. Inefficient Communication and Inadequate Support:
  o Lack of Adequate Response: MPOWER’s responses were vague and inconsistent, even after escalating the issue to management. Promised deadlines were never met, leaving me without effective support.
  Conclusion:
  My experience with MPOWER Financing has been extremely negative, marked by a lack of transparency, unjustified delays, and financial discrepancies that jeopardized my education and well-being. I strongly recommend exercising extreme caution when considering MPOWER Financing for student loans.
  

  MPOWER Financing, PBC

  Date: 01/24/2025

  Dear ******* Dispinzeri,We have received your concern through the Better Business Bureau on January 22nd, 2025 related to the communication and status of your loan applications and disbursements. Upon review, MPOWER agrees there were opportunities to better address your concerns through our recent communication with you and are using this response to formally articulate the status of your application and pending disbursements.Your first referenced application was approved for $50,300; however, U.S. schools are required to certify loan amounts prior to disbursement. In this case, your school certified an amount of $37,428 for the requested time period. This amount was disclosed on your Final Truth in Lending disclosure, and was subsequently divided into two disbursements (one for September 27th, 2024 and the other for January 22nd, 2025). During the certification process, your school also acknowledged a target graduation date of July 31, 2025.While MPOWER encourages students to reach out to their financial aid offices in such cases, it is not appropriate for a lender to unilaterally supersede the certification amount received from a school without receiving an update from the school directly. In this case, we did not receive updated instructions from your school allowing us to increase the amount of the disbursements for the school terms described in your first application. We apologize for any effect that this change had on your expected available budget, and we note that you have since re-applied to allocate the remaining approved funds to different semesters.We have already sent your second loan request in the amount of $2,050 to your school for certification. While we have escalated this internally to your school, you may consider reaching out to your financial aid office to see if there is additional information needed to process the certification request. We are currently considering your third application, and we need confirmation of two pieces of information to proceed. We acknowledge that your graduation date should be updated on the basis of a two-year program; please confirm that you are expecting to graduate on or about May 31, 2026 (Spring 2026) or whether it is a different date.We also need to confirm the semester for which these funds are requested in your third application. Please let us know whether these funds are needed for Spring 2025, Fall 2025, or Spring 2026 (or a combination of two consecutive terms therein).I have also shared the results of this review with our Customer Relations team; your Relationship Manager will be sending a similar request through e-mail to ensure we resolve this concern as quickly as possible. Feel free to respond back to either of these messages, and we will facilitate these updates with our Underwriting and Servicing teams accordingly.MPOWER apologizes for the challenges you experienced in trying to get your concern resolved, and we are using this feedback as an opportunity to enhance the quality of the service provided to all of our applicants and borrowers. We genuinely appreciate you bringing this concern to our attention.