Every year, over 3 million students at US College campuses are left out of student financing, causing them to delay their education, downgrade universities, or often times drop out of school altogether. This issue affects both moderate-income American students who need funds to supplement their financial aid, as well as international students at US campuses, whose family savings might not always be sufficient.
Manu, Mike, and MPOWER
Manu and Mike experienced this issue first-hand nearly two decades ago. Manu, as an international student from France at the University of Virginia, and Mike as low-income citizen who entered Purdue at age 14. Together, Mike and Manu founded MPOWER Financing, a start-up leveraging alternate credit data, marketplace lending, and university partnerships to cater to high-potential students left out of traditional banking options.
MPOWER’s vision and mission
For MPOWER, financing should not be based on how wealthy a student’s family is or where the student comes from. Instead, MPOWER believes that it’s all about the students’ future potential and their earning power post-graduation. MPOWER’s mission is to remove financial barriers to higher-education, and it hopes to reach 100,000 students by 2017.