MPOWER Financing partners with Sallie Mae to expand higher education access for international & DACA students

Rhea-AI Summary

MPOWER Financing, a fintech platform focused on educational loans, has formed a strategic partnership with Sallie Mae to enhance access to higher education for international and DACA students. This collaboration aims to provide better education financing solutions and is bolstered by a recent $30 million investment from Tilden Park Capital Management and Education Testing Services (ETS). Both companies seek to support nearly 500,000 DACA students and 1.1 million international students in the U.S. by broadening their financing options.

Positive

• Strategic partnership with Sallie Mae to expand financing for international and DACA students.
• Recent $30 million investment from Tilden Park Capital Management and ETS to enhance operations.

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• None.

WASHINGTON, April 20, 2021  MPOWER Financing, an innovative fintech platform and the leading provider of educational loans to high-promise international and DACA students, announced that it has launched a strategic partnership with Sallie Mae. Together, the companies will expand global access to higher education, particularly to international students.

The Partnership Will Provide More Education Financing Solutions to International and DACA Students

The partnership builds on MPOWER's recently announced $30 million investment from Tilden Park Capital Management and Education Testing Services (ETS), the non-profit administrator of the TOEFL English-language proficiency test and GRE graduate admissions examination.

Sallie Mae is the leader in U.S. private student lending and currently provides credit-based private student loan products to international and DACA students who apply with an eligible U.S. citizen or permanent resident co-signer. When a co-signer is unavailable, MPOWER leverages its proprietary data and technology to underwrite high-promise international students across 350 top universities and colleges in the U.S. and Canada.

"Higher education is the foundation for success, an equalizer of opportunities, and a proven pathway to economic mobility," said John D. Volpini, vice president, Sallie Mae. "We believe that every student who wants a higher education should have the help they need to get one. Our partnership with MPOWER provides students with the responsible financing they need to begin their journey."

"Sallie Mae has helped millions of families plan and pay for college and we're pleased to be working with them to open the doors of opportunity to more international and DACA students across the country," said Manu Smadja, MPOWER Financing's CEO and co-founder. "With nearly 500,000 DACA students and 1.1 million international students enrolled in U.S. colleges, and many more students around the globe dreaming of studying here, we have a lot of work ahead of us to build awareness of financing options, and ultimately to level the playing field when it comes to educational access."

For more information visit www.mpowerfinancing.com.

MPOWER Financing, headquartered in Washington, D.C., and with offices worldwide, is a mission-driven fintech company and provider of global educational loans. It is the only student lender in the world that leverages both overseas and domestic credit data, as well as future earning potential, to serve high-promise international and DACA students. MPOWER Financing works with over 350 top universities and colleges across the U.S. and Canada to provide financing to students from over 200 countries. Since 2014, it has received over $2B in loan application volume on its platform. MPOWER Financing helps students build their credit histories and provides them with personal finance education and career support to help prepare for life after school. MPOWER was named one of the best places to work in Washington DC, one of the best tech workplaces for diversity, and one of American Banker's top fintech firms to work for four years in a row.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, they provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Contact: Sasha Ramani, sasha.ramani@mpowerfinancing.com

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SOURCE MPOWER Financing

FAQ

What is the recent partnership announced by MPOWER Financing?

MPOWER Financing has partnered with Sallie Mae to expand education financing options for international and DACA students.

How much investment did MPOWER Financing recently secure?

MPOWER Financing secured a $30 million investment from Tilden Park Capital Management and ETS.

What is the goal of the MPOWER and Sallie Mae partnership?

The goal is to provide more education financing solutions to international and DACA students to improve their access to higher education.

Who are the target students of the MPOWER Financing and Sallie Mae partnership?

The partnership targets international students and DACA students seeking higher education in the U.S.