Getting your MBA can be an investment in your future. However, that investment can come with a hefty price tag and student loans. When you’re a resident noncitizen in the United States, refinancing those student loans can feel like a monumental task.
The good news is that Prodigy Finance specializes in education loans and student loan refinancing for international students. If you’re trying to figure out how to lower your student loan payments and get out of debt faster, our Prodigy Finance review can help you decide if this lender is the right choice for you.
Prodigy Finance review
Prodigy Finance was co-founded by Cameron Stevens in 2007. He realized that talented and successful international students weren’t given the same access to financing as their peers. The lender’s refinancing service aims to give those students who didn’t have the initial chance the opportunity of better loan terms.
Prodigy Finance student loan refinancing is aimed at successful MBA graduates looking to manage and pay off their education debt as quickly as possible while working. Prodigy Finance has provided more than $480 million in loans to more than 9,900 students in 127 countries.
The Prodigy Finance student loan refinancing program is relatively new. However, the company’s history in the lending space is likely to lead to a smooth process for noncitizens living in the U.S. who want to refinance education loans.
Advantages of student loan refinancing through Prodigy Finance
There are a few advantages in refinancing with Prodigy Finance:
Low interest rates for qualified borrowers
Prodigy Finance offers relatively low rates on education debt refinancing, depending on your credit profile, application, and loan term. Prodigy Finance bases its rates on the three-month LIBOR, which changes based on market conditions.
Many international students have a hard time qualifying for education loans, including refinancing. Because Prodigy Finance specializes in refinancing for noncitizens, it’s possible to get a better rate in the long run.
For instance, let’s say you borrowed $75,000 to complete your MBA and your rate is 8.25% on a 20-year repayment term. Refinancing to a lower interest rate of 6.55% can save you more than $18,000 over the life of your loan, according to our refinancing calculator:
Not only can refinancing save you money on interest, but it also improves your monthly cash flow. You can use your savings to pay down your debt faster or invest in your future in another way.
Release your cosigner
Some student lenders don’t have a cosigner release program. That means if you fall behind on payments, your loved one can be held responsible for your debt. Prodigy Finance student loan refinancing allows you to put your loans entirely in your name.
No fees or penalties
You don’t have to worry about additional refinancing fees with Prodigy Finance. You won’t be penalized for early repayment, either.
Who’s eligible for Prodigy Finance student loan refinancing?
Not everyone is eligible for student loan refinancing through Prodigy Finance. In order to qualify, you need to meet the following requirements:
- You must have a job.
- You need to be a non-U.S. citizen.
- You can’t have U.S. permanent residence.
- You must be refinancing a private student loan made by a U.S. lender.
- Your degree must come from a program supported by Prodigy Finance.
- The loans you refinance can’t be an existing Prodigy Finance loan.
Additionally, you also have to live in a state where Prodigy Finance is a lender. If you don’t live in one of the available states, you need to wait. However, you can send an email to firstname.lastname@example.org to learn when your state of residence becomes eligible.
If you meet the eligibility requirements, you can apply for refinancing and receive feedback within two business days.
How to apply for Prodigy Finance student loan refinancing
To start, go to the Prodigy Finance website and click on “Apply Now.”
Prodigy Finance requires applicants to provide a credit report. This allows it to evaluate your credit and show you potential offers without dinging your credit score. Additionally, the quote you receive is non-binding, so you can change your mind later.
You start by filling in your details, including your full name, birthdate, mobile number, and email address. There’s a space for a Social Security number, but if you don’t have one, it’s OK to leave the space blank.
On the next page, you’ll add your address information. Remember that you need to live in the U.S. to qualify, and you can’t be a citizen. After that, you’ll be taken to a page where you provide your employer’s name and your salary.
The type of employment you have makes a difference. You’ll need to be honest about the type of arrangement you have at work.
Next, you need to share information about your current loans. Prodigy Finance will take your program into account. You can choose from programs available in the dropdown menu.
Prodigy Finance refinancing prefers fields of study where you’re likely to make a good income, with a preference for business. You can choose “Other” and fill in the field manually, too. Prodigy Finance reviews the information you submit to make its decision.
In addition to providing information, you need to upload loan statements, as well as share information on any other types of debt you have. If you have a credit card, car loan, or some other debt, that needs to be disclosed on your application.
Once you accept the terms and click “Next,” your application is submitted.
You might need to submit more documents for verification and work out other details before you finish.
You can then click on the “View Application” button and see a summary of your application.
Applying for refinancing is simple and only takes a few minutes.
Prodigy Finance review: Bottom line
Student loan refinancing as a noncitizen living in the U.S. can be challenging. Finding a lender willing to work with you can be difficult. However, Prodigy Finance’s entrance into the education loan refinancing space offers you the opportunity to save money on your debt.
As you compare refinancing options, don’t forget to include Prodigy Finance.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.54% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of March 18, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 0318/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.5% effective February 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.54% – 7.12%3||Undergrad & Graduate|
|2.54% – 7.27%1||Undergrad & Graduate|
|2.67% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.69% – 7.43%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|