You can benefit from lower interest rates and a more extended repayment period by having a private lender refinance your student loans. Borrowers can help in numerous ways, from refinancing their student loans.
In the first place, you might get a better deal by negotiating a lower interest rate or shorter repayment period. If you want to prolong the length of your loan’s repayment period to reduce your monthly payment, you can do so through several available refinancing alternatives.
Student loan refinancing has several advantages, but one major drawback is that many institutions only work with U.S. citizens. This prerequisite can make it harder for non-permanent resident alien borrowers to refinance their school loans (green card holders).
However, refinancing overseas student debt is doable. You might be amazed at how many loan companies are open to working with you. Here we will discuss the best refinancing alternatives and how to get started for overseas students.
What is MPower refinancing?
For graduates of any university with a cosigner, collateral, and/or high-interest student or education loan in the USA, India, or other countries. MPOWER will pay off the remaining outstanding balance to the originating lender and issue a lower-interest rate loan payable over 10 years.
What are the benefits to the borrower?
Reduced interest rate
Lower monthly payment
Release your cosigner/collateral
Build U.S. credit history
Don’t have to wire money internationally every month
Be eligible for employer-provided Student Loan assistance
Which loans can be refinanced?
Any loan that was used for educational expenses, made from any financial institution worldwide
Where will the funds be sent?
Directly to the financial institution that issued the original loan
Who is eligible?
Graduates of any university (not just one of MPOWER’s schools)
Any degree is supported (undergraduate, graduate, bootcamp, etc.)
Must have a minimum of 3 consecutive months of work experience in a post-graduation position (as either a permanent employee or long-term contractor) as of their application date
Resident of the U.S. (anywhere)
Over 190 countries supported
Visa status: we have a long list, including OPT and H1-B
Must have at least 2 more years of U.S. work authorization (i.e., graduates on OPT must be eligible for the STEM extension)
Release of existing cosigner and collateral obligations
Fixed-rate loans up to $100,000
Stated Interest rate from 7.99%
Available Rate Discounts
0.50% discount for signing up for auto-pay
0.50% discount for making 6 automatic monthly payments using autopay
Net rate: 6.99%
2% origination fee, capitalized and not paid upfront
Term: 10 Years (120 Principal and Interest payments)
No prepayment penalty
Must be authorized to legally work (for a minimum period of 2 more years) in the country of current residence (e.g., in U.S. – OPT, H1-B, etc.)
Includes U.S. financial planning and immigration support from our Path2Success program
No cosigner or collateral required
Loans up to $100,000
Interest rate of 7.99% (8.45% APR), plus a 2% origination fee (capitalized, not paid upfront). Discounts available up to 1%.**