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Heidi Rivera is a student loans writer for Bankrate. She began her journey in the personal finance space in 2018 and is passionate about collecting data and creating content around higher education and student loans.
Hannah has been editing for Bankrate since late 2022. They aim to provide the most up-to-date information to help students navigate the complexities of loans and make the best financial decisions.
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Prodigy Finance is an online lender specializing in private international student loans for graduate students. Its loans, which are backed by investors and not by a traditional bank, don’t require any co-signers or collateral. This alone makes them a good option for international students, as well as for U.S. students looking to complete their master’s degree abroad.
This lender is best for U.S. students looking to complete a master’s degree abroad in STEM, business, nursing, law or public health.
No co-signer or collateral needed
Open to international students in the U.S.
Flexible repayment terms
Not available at every school or state
High interest rates
No discounts available
Loans for master’s degrees only
To qualify for a student loan with Prodigy Finance, you must:
No co-signer or collateral needed: Prodigy Finance approves your loan based on your future earning potential, not your credit. This, in turn, makes it easier for students to get the funding they need to pay for school.
Open to international students in the U.S.: International students without a co-signer often have a hard time getting private student loans to study in the U.S. However, Prodigy Finance offers loans for international students who choose to attend a U.S. school for their graduate degrees.
Flexible repayment terms: Repayment terms with Prodigy are flexible, ranging from seven to 20 years. If you’re having trouble making payments, the company offers a three-month forbearance period, so you can get back on your feet without damaging your credit.
Not available at every school or state: If your school is in Alabama, Connecticut, Delaware, Idaho, Indiana, Iowa, Michigan, Mississippi, Minnesota, Montana, Nevada, North Dakota, Rhode Island, Vermont, Washington, or West Virginia, you won’t be eligible for a loan. Besides that, you must be enrolled at one of the company’s partner schools to receive funding.
High interest rates: Other lenders offer APRs starting at 2.99 percent, while Prodigy Finance’s APRs start at 9.54 percent. The company also lacks a fixed-rate interest option, which means your payments can go up, depending on market conditions.
No discounts available: Lenders typically offer a 0.25 percent interest rate reduction for signing up for automatic payments, which can make your payments more affordable. Prodigy Finance, however, doesn’t offer this option.
Loans for master’s degrees only: The company only offers student loans for master’s degrees in high-demand areas, such as nursing, engineering and business, which is very limiting.
Prodigy Finance’s customer service department can be reached over the phone at 866-533-3304. You can also send your questions via email at info@prodigyfinance.com or join one of the company’s Q&A webinars on Wednesdays or Fridays at noon GMT.
Borrowers can choose a repayment term between seven, 10 and 20 years. Payments are deferred while you’re in school and during a six-month grace period after classes end — if you’re a full-time student. If you’re a part-time student, repayment starts three months from your loan disbursement.
To apply for a loan with Prodigy Finance, first, you’ll need to create an account on the website. Then, you must provide the following:
Your contact information (full name, email and phone number).
Your address for the past three years.
Your plan to fund your education (whether you have scholarships, savings or other assets to pay for school).
Details about your income (if you’re currently working on anything other than an internship).
Details about any outstanding debts you may have (credit cards, other loans, etc.).
Once you provide this, you’ll get a quote almost instantly. It will include details such as the amount you’re preapproved for, the terms and the interest rate.
Then you’ll be asked to upload copies of documents that can verify the details you’ve entered above. You’ll also have to submit a credit report from your country of origin, as this will help the company determine a fair interest rate based on your risk.
If everything checks out, you’ll get matched with an investor, and the company will finalize your application. Your school will also certify the loan amount, which could take a few weeks.
After you accept the loan offer, the funds will be sent to your school within three to five business days. Then the school will give you any amount left over after covering your tuition costs.
Prodigy Finance is not a bank. The company is a fintech consumer credit platform, regulated by the UK Financial Conduct Authority. All student loan funds come from partner investors, each of whom establish their own lending criteria.
Prodigy Finance matches applicants on a weekly basis, depending on funding availability. Once you get a match, the company will send the funds directly to your school within three to five business days. If after covering all of your tuition expenses, there’s still money left on your account, your school will disburse those funds to you, which could take several weeks.
You can use Prodigy Finance student loans to pay for your tuition and fees, plus living expenses.
Prodigy Finance’s student loans can charge either compound or simple interest, depending on the agreement that’s offered to you. Regardless, all of the company’s student loans have a variable interest rate, and there are no discounts available.
As far as your particular rate goes, it will depend on how risky of a borrower you are based on the information you’ve provided and the guidelines set by your particular investor. It’s also worth noting that that rates are based on your future earning potential — not your credit score.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Bankrate scores student loan providers across 14 data points. State availability, the length of the grace period offered and available loan amounts are all considered when evaluating lenders. Scores are divided into three categories.
Availability: Includes loan amounts, loan types, repayment options and state availability.
Affordability: Includes grace period length, APR range, cosigner requirements and fees.
Customer experience: Includes app availability, repayment options, online availability and customer service hours.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
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Prodigy Finance Student Loans: 2023 Review – Bankrate.com
