Study of academic research and data on 20,000 students from 182 countries shows the world-changing power of international education
BENGALURU,
December 17, 2024 : MPOWER Financing, the leading
provider of no-cosigner loans and scholarships to high-potential students from
India and around the world, has released its fourth annual Social Impact
Report. The report highlights how international education transforms lives and
communities, with a special focus on the positive contributions of Indian
students and the role of education financing in empowering them to succeed.
Drawing on data from nearly 20,000 students across 182 countries,
including significant representation from India, the report showcases how
MPOWER’s financing model generates far-reaching benefits for students, their
home countries (ie. India), and the global community.
Financing international education has long been a challenge for
Indian students, with traditional loans often requiring cosigners, collateral,
or high interest rates. MPOWER addresses these challenges with its unique
lending model based on students’ future earning potential, rather than their
parents’ financial standing. This approach has been pivotal, with 92% of MPOWER
students reporting that the firm’s loans were essential to their ability to
study abroad.
Some key
findings from the 2024 report include:
●
India at the forefront: Thousands
of Indian students have leveraged MPOWER’s support to access premier
universities in the U.S. and Canada
●
15x income growth: MPOWER
students who graduate and find employment in the U.S. see an average 15x
increase in their pre-graduation household income, underscoring the
transformative value of their education.
●
Strengthening families: 75% of
surveyed MPOWER students send an average of $645 (approximately ₹50,000) per
month back home to support their families after graduation.
●
Empowering women: MPOWER
scholarships and loans have helped bridge the gender gap, with 68% of female
MPOWER students pursuing STEM fields—nearly double the global average.
“Since our founding a decade ago, we’ve witnessed the phenomenal
impact that international education can have on students, their families, and
their home countries,” said Manu Smadja, CEO of MPOWER Financing.
MPOWER goes beyond financial support with its free Path2Success program for approved students, which provides exclusive career and
immigration guidance to help students thrive during their studies and after
graduation.
In 2024, MPOWER saw a stunning fivefold year-over-year rise in
applications for students to study artificial intelligence and machine
learning. 70% of MPOWER students pursue engineering, computer science or
technology fields: all in-demand professions in the global economy.
The report ends with a case study on the Indian diaspora,
including how those who have temporarily left India continue to bring back
global expertise to drive innovation, create jobs, and transform industries.
Examples like the late Ratan Tata, who graduated from Cornell University and
Harvard Business School and later ran one of India's largest and most respected
conglomerates, and Azim Premji, who studied at Stanford University and later
transformed Wipro into a global leader in the software industry, highlight how
international exposure fuels local entrepreneurship and economic development.
Additionally, diaspora leaders like Microsoft CEO Satya Nadella continue to
invest in and advocate for India, demonstrating how talent circulation fosters
mutual growth and global influence.
The full
report is available for download on MPOWER’s website.
About
MPOWER Financing
Co-headquartered in Washington, D.C. and
Bengaluru, India, MPOWER Financing
is a mission-driven fintech company and the leading provider of global
education loans. Its proprietary algorithm analyzes overseas and domestic
credit data as well as future earning potential to serve promising
international students. MPOWER works with over 400 top universities across the
U.S. and Canada to provide financing to students from over 200 countries. The
MPOWER team consists primarily of former international students and provides
students with personal financial education, immigration guidance, and career support
to prepare them for their professional careers after graduation.
MPOWER is a Certified B-Corp and has
been named a Great Place To Work, one of
the best fintechs to work for and the best tech workplace for diversity. The company is hiring for
various positions worldwide.
Media Contact
Madhushri Verma
madhushri.verma@mpower.financing