Prodigy Finance Student Loans Review 2021 | US News

Prodigy Finance offers postgraduate student loans and student loan refinancing for qualified borrowers who are studying abroad.

Prodigy Finance specializes in offering loans for postgraduate students studying abroad. Loans are available in 150 countries for borrowers attending one of 400 schools. Prodigy Finance also offers student loan refinancing for international graduates living and working on any visa in the United Kingdom or eligible U.S. states who earned a master’s degree at one of 285 eligible universities.

In the U.S., Prodigy Finance loans are not available to students in these states:

Unlike other private student loan lenders, Prodigy Finance doesn’t have a uniform amount eligible students can borrow. Instead, participating universities and programs set their own terms for acceptance of these loans. Some schools or programs, for example, may only allow borrowers to pay tuition costs with Prodigy Finance loans, while others allow borrowers to pay the full cost of their education.

Interest rates are based on credit history, debt-to-income ratio, income, potential earnings post-graduation and other financial factors. Prodigy Finance uses the LIBOR rate as its base for setting APRs. Borrowers may pay an administrative fee of up to 2.5 percent for a loan; there’s no prepayment penalty for early repayment.

To be eligible for a student loan from Prodigy Finance, you must be accepted to a participating postgraduate program. Currently, Prodigy Finance lends to borrowers pursuing a graduate degree in business, engineering, law or public policy. Borrowers must live in a country, region or state that Prodigy Finance supports and be attending a participating school outside their home country. While Prodigy Finance considers debt-to-income ratio, credit history and credit scores for loans, you don’t necessarily need a credit history to apply.

Unless borrowers are enrolled part-time, they have a grace period that extends until six months after their class end date. Prodigy Finance allows borrowers to make payments while they’re still in school or during the grace period. There’s no penalty for early repayment.

Prodigy Finance does not have any defined policies for forbearance or loan discharge. Instead, the lender works with borrowers on a case-by-case basis to determine solutions when they’re unable to pay.

Prodigy Finance offers money-saving benefits to borrowers, including discounts on student housing and on international cellphone plans. There are also two scholarship programs available, worth $10,000 each. One is designed for general international students while the other is earmarked for women pursuing engineering degrees.

Prodigy Finance is currently not rated with the Better Business Bureau, nor does it have a rating on Trustpilot.