US student loan refinance scheme rolled out

Hyderabad: Mpower Financing, a leading provider of education loans to international students, has launched an international student loan refinancing program ('Refi') for Indian graduates now working in the United States.

Through the scheme, the company is ensuring that promising graduates from around the world are able to kickstart their new careers on sound financial footing by refinancing up to $1,00,000 (about Rs 75 lakh) of education loans from Indian financial institutions. In addition to releasing cosigner and collateral obligations, successful applicants can significantly reduce their interest rates while building their US credit history.

"Our aim is to empower students studying in the US by providing them the option of refinancing their education loans through a quick and easy process," says Ashwini Kumar, General Manager at Mpower's India office.

"Having the ability to refinance my Indian student loan through Mpower has been such a relief," says Aniket Sinha, a recent refi customer. "Since graduating from the University of Florida, I've secured a fantastic job in my chosen field of computer science. However, I was still concerned about my loan repayment, along with the fact that my parents were still on the hook for the loan. With Mpower, not only am I saving thousands of dollars each year, but I also have the peace of mind that my parents are free and are no longer burdened as my co-signers as they are about to retire."

"Refinancing my Indian loan leaves more money in my pocket and helps to establish myself financially in the US," says Rahul Gunasekaran, another recent refi customer. "Now that I've graduated from George Mason University and have a great job in information security, I want to ensure that my parents are no longer financially burdened. My loan helps save thousands of dollars annually while putting me on sound footing and releasing my parents' financial obligations."

The loans are collateral-free and cosigner-free, and students benefit from complimentary credit-building, immigration guidance, and job placement assistance through Mpower's Path2Success program. As a mission-driven organisation, the company is committed to making loans that are financially sustainable for students.