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 2018!
|Lender||Rates (APR)||Eligible Degrees|
|Get real rates from up to 4 Lenders at once
Check out the testimonials and our in-depth reviews!
|2.57% – 6.32%||Undergrad & Graduate||Visit Earnest|
|2.80% – 7.02%||Undergrad & Graduate||Visit Laurel Road|
|2.51% – 7.80%||Undergrad & Graduate||Visit SoFi|
|2.76% – 8.54%||Undergrad & Graduate||Visit Lendkey|
|2.57% – 6.65%||Undergrad & Graduate||Visit CommonBond|
|2.75% – 8.69%||Undergrad & Graduate||Visit Citizens|