Prodigy Finance International Student Loans Review

 October 23, 2020
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Prodigy Finance review

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Private Student Loan rates starting at 0.94% APR

1.19% to 11.98% 1

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1.62% to 11.73% 2

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0.94% to 11.44% 3

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  • Variable APR

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Prodigy Finance specializes in graduate student loans for international students. These loans are characterized by the fact that they charge simple interest and don’t require cosigners. However, it’s important to note that there is no fixed-rate option with a Prodigy Finance loan.

So you can decide if it’s right for you, this Prodigy Finance review will take you through these important topics:

Prodigy Finance student loans review: basic overview

Prodigy Finance International Student Loans
APR range Variable APR: From 5.6% as of Aug. 25, 2020
Loan amount Up to 100% of the cost of attendance
Loan terms Up to 20 years
Administrative fees Up to 4% of the loan amount
Grace period Up to 6 months from end-of-the-class date

Eligibility requirements

Prodigy Finance student loans are available to international students from 150 countries. However, if you live in the United States as an international student and want to study, you first need to check if you live in an eligible state. Once you check that you meet state eligibility requirements, you then need to make sure your university is on the list of schools supported by prodigy finance.

It’s also possible to get a Prodigy Finance student loan if you’re a U.S. resident studying abroad. If your residency is in an eligible state, and you’re attending school outside the U.S., you can apply for a loan and potentially get one. This can be one way to pay for going to school internationally.

Once you confirm that your residency and school match requirements, you can move forward. To finalize the loan, you do need an acceptance letter from the school in question. While you don’t need an acceptance letter to qualify, you will eventually need to provide one to finalize the loan and have the payment sent to the school.

You should also be able to show that you have an income and will be able to repay the loan. Even though Prodigy Finance uses a future-earnings model, you should still show some sort of income.

Repayment options

In general, Prodigy Finance repayment is based on a future-earnings model that helps determine loan affordability. As a result, it’s possible to set up a budget around your repayment. On top of that there’s a grace period of six months when you finish a full-time program. If you attend school part time, you have to start repaying your loan three months from the disbursement date.

There is no Prodigy Finance prepayment penalty when you decide to pay off your student loan early. It’s worth noting that Prodigy Finance charges simple interest, rather than compound interest. As a result, you won’t pay interest on the interest that accrues from your loan. For some students, this could potentially save money. With many loans, you pay compound interest, meaning that the interest on the loan is added to the balance, and you pay interest on that total, too. With Prodigy Finance, you only pay interest on the actual amount you borrow.

You can make payments on your Prodigy Finance loan through their app, setting up automatic payments to ensure that you don’t end up missing a payment. Additionally, it’s possible to use third-party payment vendors like Transferwise and Flywire to make payments. Direct bank transfers are also a possibility. However, it’s important to note that some payment options take longer than others to move the money, so plan ahead to make sure your payment arrives by the due date.

How to apply for Prodigy Finance student loans

The application process is fairly simple.

First, you register for an account and provide information. This information will be used to give you a quote and let you figure out if you prequalify.

Next, you upload the Prodigy Finance documents required to complete your loan:

  • Proof of identity
  • Credit report
  • Acceptance letter from the college
  • Scholarships received
  • Proof of your address
  • Proof of your savings
  • Proof of your income

Once the loan is approved, you sign the finalized paperwork and then Prodigy Finance sends the money directly to your school.

In general, you’re required to upload a copy of your credit report to Prodigy Finance for the credit check. Because there are different credit-scoring models used in different countries, and those credit scores don’t automatically translate across borders, Prodigy Finance makes it a point to review your credit history. This gives them an idea of your creditworthiness without relying heavily on credit scores. However, you still might end up with a hard credit inquiry on your report.

How Prodigy Finance deferment and forbearance works

Deferment and forbearance are two different ways to postpone or reduce your payments when you can’t make them. With deferment, you put off your payments until a later time. Forbearance, on the other hand, can encompass delayed payments or a reduced payment. Note that because Prodigy Finance offers private student loans, you don’t have access to federal deferment programs.

Prodigy Finance offers a forbearance program related to hardship. If you can’t make your payment, contact Prodigy Finance customer service and they will review your situation to see what you’re eligible for.

Prodigy Finance offers three months of forbearance, with payments based on what you can afford. At the end of the three months, your circumstances are reviewed again to see if you need another forbearance period. Depending on the situation, there might even be the ability to set up a forbearance plan that requires you to make no payment.

There are no fees associated with Prodigy Finance forbearance. If you can’t make your payments, Prodigy Finance suggests that you contact them before you miss a payment to avoid going into default. In many cases, you’re better off contacting any student loan servicer as early as possible to make payment arrangements rather than trying to catch up later.

A defaulted student loan can negatively impact your credit score.

How to make Prodigy Finance student loan payments

Payments must be made in the currency they were issued in. So, if your loan is in U.S. dollars, your loan payments need to be made in U.S. currency. You can use the Prodigy Finance app to review your payments and figure out what makes the most sense for you.

The simplest way to make payments is to set up auto-debit from your eligible U.S. bank account. It’s also possible to set up auto pay from some U.K. and European banks. Find out if your bank qualifies.

Each month, Prodigy Finance takes care of the payments and you don’t have to worry about fees. You can also use third-party vendors transfer the money:

  • Flywire
  • Transferwise
  • InstaRem
  • Revolut

When transferring money through third parties, it’s important to check how long it’s likely to take. Transfers can take between three and five business days – or longer. Make sure you understand the terms and the fees associated with using these services.

Prodigy Finance makes it clear that payments aren’t accepted through PayPal, so you need to double-check that you’re set up with an accepted way to make payment before you move forward.

Finally, you can also make a direct bank transfer. Again, you need to double-check how long it takes, since there are situations in which a bank transfer can take more than a week, especially if it’s between international banks.

How to contact Prodigy Finance customer service

It’s fairly simple to contact Prodigy Finance customer service via various methods. After you complete your Prodigy Finance login, you can access the live chat. It’s also possible to send an email to [email protected] to get information and help.

There are also phone numbers you can call, depending on your country.

  • Global number: (+44) 20-3900-3535
  • U.S. number: 866-533-3304

When contacting Prodigy Finance customer service, have your account information ready and be prepared to talk about your issue.

Pros and cons of Prodigy Finance student loans

Pros Cons
No cosigner: You don’t need a cosigner to qualify.
Simple interest: Rather than charging interest on your interest, you only pay interest on the amount borrowed.
Flexible repayment: There are flexible repayment options as well as a forbearance plan for hardship.
No fixed-rate loan option: All the loans have a variable rate.
Only for graduate programs: You must be enrolled in a graduate or professional degree program.
Must be an international student: In order to get a loan, you have to be studying abroad.

How to refinance your Prodigy Finance student loans

If you’re not happy with your loan, you can refinance your Prodigy Finance loan. While prodigy offers its own student loan refinancing program, you might want to look elsewhere if you’re not satisfied with your Prodigy Finance student loan.

Start by looking at a student loan marketplace to get an idea of what’s available to you, as well as the types of terms that are available. Once you find a loan that meets your needs, you can take the next step and apply. Your new loan will be used to pay off your Prodigy Finance loan.

One of the main reasons to consider refinancing a Prodigy Finance loan is to get a fixed-interest rate.

Prodigy Finance FAQ

Are undergraduates eligible for loans from Prodigy Finance?

No, undergraduate students aren’t eligible for Prodigy Finance. You must be working on a graduate or professional degree.

Are Prodigy Finance loan payments reported to the credit bureaus?

Prodigy Finance reports your payment history to the credit bureau Experian. As a result, your payment history can impact your personal credit score.

Does Prodigy Finance offer refinancing?

Prodigy Finance does offer student loan refinancing. You can refinance your other qualifying loans with Prodigy Finance, as long as they are from eligible programs.

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