Granted, there are certain benefits that Federal student loans have when compared to private loans. But these federal loans are not offered to non-citizens or international students.
That said, international students have several options when it comes to choosing loans that fit their needs.
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Therefore, international students must look to loan options like either MPower or Quorum Federal Credit Union student loans to fund their university education.
So Afterschool Africa compares side by side two of the best loan options that will help narrow your choices significantly.
Note that these options do require you to have a Social Security Number (SSN).
What are the differences between MPower Loans & Quorum Loans?
Table of Contents
Current Stats:
MPower Finance Student Loan
MPower Finance was founded in 2014 by Michael Davis and Manu Smadja who were inspired by the difficulty in paying for their university tuition.
Since then, MPower builds its reputation as the first official loan partner of Harvard University.
In 2017, MPower announces that they received and approved about $ 150 million in student loan applications.
Additionally, they go on to work on simplifying the loan application process for international students who wish to study in the United States of America.
In 2018, they launch their Canadian international loan program that involves 12 universities. And in 2019, MPower reports over $ 1 billion in loan applications.
Note that the top countries that makeup about 50% of MPower globally are India, Nigeria, China, Brazil, and Ghana.
Additionally, MPower student loans stand to attain quality education, gender equality, industry, innovation, and infrastructure, and reduce inequalities.
Quorum
Due to the increasing cost of education, Quorum student loans provide a credit line that covers your books, food, rent, and tuition fees.
With a rate that ranges from 11.25% – 12.25% APR and over $1 million in international student loans made in 2022, it shows they are one of the best options today.
The Quorum Federal Credit Union only covers student loans for students that are studying in the USA.
However, if you are an international student that is studying in the US, then you may apply to get the private student loan option from Quorum as long as you meet the requirement.
Note that international students can borrow up to $75,000 with a repayment term of 20 or 25 years.
Ease Of Application Process
MPower Finance Application Process
The application process for the MPower student loan is done online, and you can click here to get started! However, you must select all the academic periods that you will need to fund.
- You must first complete the eligibility check to see if you meet the MPower’s basic eligibility requirements.
- Then if you meet the requirements, you can start processing your application.
Note that you have the option to save your application at some point and come back later.
Finally, if your application is on already you can log in to complete it. Furthermore, those who need to request additional funds from their approved amount, just need to click “Request my funding.”
Quorum Loan Application Process
The Quorum private student loan requires a long processing period.
This is because it involves reviewing the documents and also waiting for the university to approve the loan amount. Moreover, you will be getting updates via your email address during the process.
The information you will need to complete the application successfully:
- Your Personal Info (such as name, date of birth, social security number)
- Your reference personal info (Note that the reference cannot be co-borrower)
- Information on income
- The information on the school you enrolled in
- The amount you need for the current semester
- If you are applying with a co-borrower, then you must be with them at the time of application, as they also need to provide the same kind of information.
Lastly, note that you do not have to be a member of the Credit Union Membership to start the application, but the borrower must be a member in order to receive funding. Visit the Quorum Federal Credit Union website for membership information.
Eligibility Conditions
MPower Eligibility Conditions
To be eligible for the MPower Student loan you must be an undergraduate or a graduate within 2 years of graduating or you are about to begin a 1 or 2-year program.
For international students;
- you may be a DACA recipient (note that this is a program that delays the deportation of children that come into the US without documents)
- you may be a citizen of the United States of America
- you may be a refugee or an asylum-seeker.
Quorum Eligibility Conditions
To be eligible for the Quorum Student Loan;
- you must be enrolled in a degree program at an approved school
- you must also be a member of Quorum Federal Credit Union.
However, you can apply for the student loan without being a member of the credit union, but you must be a member before you can receive the funds. Therefore, you must review all eligibility requirements.
Supported Programs
MPower Supported Programs
Eligible Programs include:
Bachelor’s
Masters
Doctorates
PhD
MBA
JD
DDS
Post-Graduate Dental Certificates
LL.M
Harvard Business School’s Online CORe
Ineligible Programs include:
Certificates/Licenses – except for Post-Graduate Dental Certificates
English Language Prerequisites
Exam Prep
Boot camps – except for CORe
Pilot Training
Quorum Supported Programs
The Quorum Federal Credit Union supports programs like:
1. Undergraduate programs
2. Graduate programs
3. Health professions programs (medicine, dentistry, nursing, pharmacy, physical therapy, and more)
4. Law school programs
5. Business programs
6. Engineering and technology programs
Note that these programs are liable to change so you are advised to check their website regularly for regular updates.
Supported Schools
MPower Supported Schools
Click the link here to check out the lists of schools that MPower supports.
Quorum Supported Schools
Click the link here to check out the lists of schools that Quorum supports.
Supported Study Destinations
The MPower Finance program supports the top 400+ colleges and universities in North America (majorly the United States and Canada).
While the Quorum Federal Credit Union loan is eligible for international students in the USA alone.
Eligible Countries
You may be eligible for the MPower student loan if you are an undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year program. Additionally, international students, DACA recipients, U.S. citizens, refugees, or asylum-seekers from any country are eligible.
For the Quorum student loan, international students from any country can apply and be granted the loan as long as the university they apply to is in the USA.
Interest Rates (Variable Or Fixed)
The MPower interest rates:
- Fixed-rate loans: 7.99%-13.99% APR
- Variable-rate loans: 5.00%-11.50% APR.
The Quorum interest rates:
- Fixed interest loan rates: 4.74%-11.74% APR
- Variable interest loans: 3.25%-9.99% APR
Disbursement Of Funds
MPower disburses funds directly to your university. Additionally, you can see your disbursement schedule after signing your loan documents. While the Quorum Federal Credit Loan also disburses the loan directly to the university. Note that this is for the payment of your tuition, fees, and accommodation.
Repayment Term For Mpower and Quorum
For the MPower Student Loan, repayments can begin 45 days after loan disbursement. However, the loan can begin to accrue interest after graduation with an additional grace period of six months.
The Quorum federal loan has a repayment plan of 20 years if your principal balance at repayment is less than $40,000. Their 25 years repayment plan is for those that are more than $40,000.
Start With Us For Your Loan Application Support
Do you want to study abroad? Note that obtaining a bachelor’s degree or a master’s degree abroad helps to improve your chances in the labor market. Studying abroad is no joke for international students due to the cost. However, you can achieve your dreams without breaking the bank by applying for overseas graduate scholarships or student loans, which you can pay for as long as 10 years.
MPower Finance and Prodigy Finance are some of the best student loan providers for international students. They also do not require a cosigner or collateral before an application. Reach out to us today, and let’s help you get started.
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