A FICO score doesn’t tell us about the future potential of the borrower. We are able to look beyond the short term to ensure top students from around the world have opportunities.
Washington, DC (PRWEB) April 04, 2016
MPOWER, a public benefit company and start-up lender whose mission is to remove financial barriers to higher education in the U.S., is on track to fund $20 million (U.S.) in loan volume by the end of the year. In only six months, loan volume has multiplied more than eight-fold, with more than 80 percent supporting borrowers in emerging markets.
“This rapid growth emphasizes an unmet need in the market,” said Michael Davis, CTO and co-founder, MPOWER. “MPOWER offers solutions that fill a critical niche not met by conventional banking.”
Every year, there are more than three million students in the U.S. — including international students studying in the States — who are ineligible for traditional student loans. MPOWER offers them a solution by leveraging lending best practices in combination with school partnerships, international servicing, and credit assessments. Using proprietary credit risk models that evaluate a student's future earning potential, MPOWER does not require a FICO score or co-signers on loans.
“We help students get the money they need so they can continue their education,” said Davis. “A FICO score doesn’t tell us about the future potential of the borrower. We are able to look beyond the short term to ensure top students from around the world have opportunities.”
The need for global student loans continues to rise, with U.S. Department of Education statistics pointing to 8.5 percent annual growth in international student enrollment in U.S. institutions. Lending at 137 schools across 14 states with plans to expand to more than 200 schools in 21 states by the end of the year, MPOWER focuses on servicing this market, filling a wide lending void.
Sharing MPOWER’s mission and vision, current investor partners include 1776, GS2, Baltimore Angels, Panther Angels, Ruppert International, and Village Capital. To learn more about MPOWER, visit mpowerfinancing.com.
About MPOWER Financing
As a Public Benefit Company, MPOWER removes financial barriers to higher education in the U.S. by working with investors and universities to lend to high-potential students who are left out by traditional banks. In addition to providing students with access to the financial resources necessary to attend and complete college, MPOWER builds students’ credit histories, provides them with personal finance education, and offers gateway financial products to prepare them for life after college. For more information, visit mpowerfinancing.com.