Prodigy Finance offers private student loans to international students who don’t have a cosigner. Only students pursuing graduate degrees in business, science, technology, engineering, math, law, public policy, or healthcare qualify for Prodigy Finance loans.
Students can choose from three payback terms, and payments are automatically deferred while in school. However, students can make payments at any time without fees and penalties. There are no application or prepayment costs, however each loan is subject to a 5% administrative fee.
Eligibility Requirements
To qualify for a loan from Prodigy Finance, you must meet the following requirements:
- Must plan to attend a school and course supported by Prodigy Financing—currently, Prodigy supports more than 750 schools worldwide. Programs are limited to business, public policy, law, health, science, technology, engineering, and math (STEM).
- Must plan to study abroad. Prodigy Finance gives loans to study in a country different from where you reside. You can study in a country you’ve been living in for less than a year.
- You are a citizen of one of the 120 countries supported by Prodigy Finance.
Types of Loans from Prodigy Finance
- Graduate Student Loans: for graduate students in business, science, technology, engineering, math, public policy, economics, law, and medical programs.
International Student Qualifications
To be eligible, international students have to study an approved program at an approved school. Only students pursuing graduate degrees in business, science, technology, engineering, math, law, public policy, or healthcare qualify for Prodigy Finance loans.
You must be from a country that Prodigy Finance supports. Check if your country is eligible here. Citizens from these African countries are not eligible: Algeria, Benin, Burkina Faso, Burundi, Chad, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gambia, Guinea, Guinea-Bissau, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Namibia, Niger, Republic of Congo, Rwanda, Seychelles, Somalia, South Sudan, Swaziland, Eswatini, Tanzania, and Togo.
International Student Loans From Prodigy Finance
Here are some features of Prodigy Finance loans to consider as you do your research.
- Loan Amounts: $15,000, offers can be greater depending on circumstances
- Repayment Terms: 7 to 20 years
- Application or origination fees: 0 to 5% of the total loan amount, depending on school and program
- Late fees: $25
- Cosigner requirements: not required
- Repayment options: Several
- Discounts: None
- Forbearance: Borrowers can apply for forbearance, which is offered in 3-month increments
- Loan discharge: Prodigy Finance doesn’t discharge loans in the case of death or disability
Best Features of Prodigy Finance Loans
- You don’t require a cosigner to qualify for a loan
- You don’t require collateral to qualify for a loan
- The lender uses a simple-interest calculation (instead of compound interest) that is more affordable for borrowers
Repayment Options
- Full-time students are not required to make payments until 6 months after graduation.
- Part-time students have to start making payments 3 months after loan disbursement.
- There are no in-school options for complete repayments. However, you can still make payments while in school without penalties
- While in school, borrowers can make bulk payments (payment of more than 3 times the contractual instalment) up through your grace period. The lender will re-amortize your loan to lower your monthly payment once your grace period is over.
How to Apply for a student Loan from Prodigy Financing
The initial loan application process comprises 8 stages. Some of the information you’ll need to complete it include:
- Personal details and contact information
- School information
- School payment plans (such as scholarships, savings, gifts, loans from other lenders, and the loan you’re requesting)
- Income (with verifying documents)
- Debts and assets
Once you submit an application, Prodigy Financing will send a provisional offer that includes the total amount you can borrow, interest rate, repayment terms, and fees.
You’ll also be requested to upload other documents including a proof of identity, a copy of your credit report, admission, address, income, savings, and scholarship or company sponsorship if applicable. You’ll then be asked to sign a loan agreement, after which Prodigy Finance will send the funds directly to your school.
The process from submitting documents to approval can take up to 2 weeks. However, current borrowers can get pre-approved for the next year’s loans if they apply at least a month before the start of the next academic period.
