MPOWER Financing Extends Student Loan Program to All 50 States Through Partnership with Bank of Lake Mills

MPOWER Financing is a public benefit corporation whose mission is to remove the financial barriers to higher education in the U.S. by providing the financial resources necessary for students to attend schools and complete their undergraduate or graduate studies. Founded in 2014, MPOWER Financing provides financial resources to domestic students, DACA students and international students who are often undervalued and do not fit traditional credit criteria. At a time when banks and fintech companies are still figuring out whether they're competitors or partners, MPOWER has taken a strong stance on the partner path. As an international student loan origination platform, MPOWER Financing has the advantage of being able to work with banks and traditional lenders in a variety of ways. "We are looking forward to a fruitful relationship with MPOWER Financing as we work together to expand its audience of eligible students seeking loans to finish their higher education in the U.S.," said Peter Schleicher, EVP/chief financial officer, Bank of Lake Mills. "As it services international and DACA students, as well as domestic students, MPOWER Financing fills an important niche in the education landscape, which makes them a particularly attractive partner." "This partnership with Bank of Lake Mills is very important to us as we are able to instantly increase our loan volume with a forward-thinking bank that knows the educational loan market like few others," said Manu Smadja, CEO and co-founder of MPOWER Financing. "Being able to offer our services in every state, including those with a high concentration of international and DACA students such as Texas and California, marks a key milestone in delivering on our mission to remove the financial barriers to higher education in the U.S. for those who fall outside of the standard credit system."