Prodigy Finance Snapshot
Prodigy Finance is an online lender that offers non-cosigned graduate student loans to international students. It is best for international students who don’t have a credit history and can’t access a qualified cosigner.
Fixed APR Range: N/A
Variable APR Range: 6.7%+
Loan Amounts: $10,000 ($35,000 in specific U.S. states) to $220,000
Minimum Credit Score: N/A – No credit score required.
| Best Features | Drawbacks |
| • Offers non-cosigned graduate student loans for international students • A variety of repayment options • No prepayment penalties or hidden charges | • Limited interest and repayment options • Higher interest rates and fees than other online lenders • Only available to graduate students • Not available in all 50 U.S. states • Limited grace period for part-time students |
What’s Inside
- Interest Rates, Fees, and Terms
- Eligibility Requirements – Financial
- Eligibility Requirements – Personal
- Repayment Options
- Customer Service
- FAQ
Best Features of Prodigy Finance
Offers non-cosigned graduate student loans to international students
International students studying abroad often struggle to finance their education because they do not have access to federal student loans and are not eligible with most private lenders.
Luckily, Prodigy Finance has given international graduate students an option. Prodigy Finance offers non-cosigned graduate student loans to international students.
Prodigy Finance uses information such as future income potential and credit history to determine your creditworthiness and make a lending decision. While the company reviews credit history, credit scores are not a factor in its decision since most international students do not have U.S. credit scores.
A variety of repayment options
Prodigy Finance provides its borrowers with repayment terms ranging from 7-20 years. Borrowers can choose between 7, 10, 15, or 20-year repayment terms.
Borrowers can also choose between immediate and deferred repayment. If the borrower selects immediate repayment, they will be required to make full monthly payments as soon as the loan is disbursed. If the borrower selects deferred repayment, they will not be required to make full monthly payments until after the grace period.
No prepayment penalties or hidden charges
While Prodigy Finance does have a single 5% origination fee, you will not face any prepayment penalties or hidden charges if you borrow a loan with them.
Drawbacks of Prodigy Finance
Limited interest and repayment options
Prodigy Finance, unlike many other private lenders, does not offer a fixed interest rate option. If you are comfortable with your interest rate changing throughout the life of your loan, this may be a good option for you. If not, you may want to look at other lenders.
Additionally, Prodigy Finance only offers immediate and deferred repayment options. So, borrowers either have to (1) begin making loan payments immediately after disbursement or (2) defer repayment until after the grace period. It would be nice to see Prodigy Finance offer more in-school repayment options for borrowers such as interest-only repayment.
Higher interest rates and fees than other online lenders
Prodigy Finance is unique in that it does not require a cosigner or collateral. With that said, its rates are slightly high compared to other lenders. Additionally, due to not having fixed interest rates, your interest rate could get higher over time.
Unlike most private lenders, Prodigy Finance also charges a 5% origination fee that is added to your loan balance. You can spread the origination fee across the lifetime of the loan. So for example, if you borrow $10,000, you will have to pay a $500 fee at the end of the loan term.
Only available to graduate students
Prodigy Finance’s student loans are only available to students pursuing graduate degrees. If you are an undergraduate international student, you will want to look elsewhere for your private student loans.
Not available in all 50 U.S. states
Prodigy Finance offers private student loans to students studying at over 850 schools across 18 different countries. When it comes to the United States, Prodigy Finance loans are available to borrowers in all 50 states except Alabama, Arizona, Arkansas, California, Delaware, Hawaii, Idaho, Indiana, Louisiana, Maine, Montana, Nevada, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington and Wyoming.
If you are an international student planning to attend school in one of these states, you may want to check out loan options with MPOWER who lends to international students in all 50 states.
Limited grace period for part-time students
Prodigy Finance offers a standard 6-month grace period for full-time student borrowers. Meaning, repayment will begin 6 months from the class end date. For part-time student borrowers, however, Prodigy Finance only offers a 3-month grace period, with repayment beginning 3 months after the final disbursement date. So, in a typical spring semester, with the final loan disbursement being in January, repayment will begin in April for part-time student borrowers. Knowing that most college programs end in May, it would be nice to see Prodigy Finance extend the grace period for part-time student borrowers.
Prodigy Finance: The Nuts and Bolts
Interest Rates, Fees, and Terms
| Fixed APR Range | N/A |
| Variable APR Range | 6.7%+ |
| Loan Terms | 7, 10, 15, or 20 years. |
| Loan Amounts | $10,000 ($35,000 in specific U.S. states) to $220,000. |
| Application or Origination Fee | Yes, 5% origination fee added to the loan balance. |
| Prepayment Penalty | No. |
| Late Fees | No. |
Eligibility Requirements – Financial
| Minimum Credit Score | N/A. |
| Minimum Income | N/A. Future earnings are considered. |
| Typical Credit Score of Approved Borrowers | N/A. |
| Typical Income of Approved Borrower | N/A. Future earnings are considered. |
| Maximum Debt-to-Income Ratio | Not based on current income. Future earnings are considered. |
| Ability to qualify if you’ve filed for bankruptcy | Yes, on a case-by-case basis. |
Eligibility Requirements – Personal
| Citizenship | International students. |
| Location | Available to borrowers in all 50 states except Alabama, Arizona, Arkansas, California, Delaware, Hawaii, Idaho, Indiana, Louisiana, Maine, Montana, Nevada, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington and Wyoming. |
| Must be enrolled half-time or more | Most of Prodigy Finance’s borrowers are full-time students, however, they do support part-time students on a course-by-course and case-by-case basis. |
| Types of schools served | No specific type of school. Prodigy Finance supports over 850 schools in 18 different countries. |
| Percentage of borrowers who have a cosigner | N/A. |
Repayment Options
| In-school Repayment Options | Immediate: Start making full monthly payments as soon as the loan is disbursed. Deferred: Borrowers are not required to make any payments until the grace period ends. |
| In-school Deferment | Reviewed on a case-by-case basis. |
| Military Deferment | Reviewed on a case-by-case basis. |
| Disability Deferment | Did not disclose. |
| Forbearance | Reviewed on a case-by-case basis. The length of forbearance given ranges depending on the circumstances. |
| Cosigner Release | N/A. |
| Death or Disability Discharge | Reviewed on a case-by-case basis. |
| Loan discharge if cosigner dies or becomes disabled | Did not disclose. |
| Autopay | Allows for surplus payments via autopay: No. Allows for biweekly payments via autopay: No. |
Customer Service
| Loan Servicer | Prodigy Finance. |
| In-house Customer Service Team | Yes. |
| Process for Escalating Concerns | Yes. |
| Borrowers get assigned a personal customer service representative | No. |
| Average time from application to approval | 3 weeks. |
Before you take out a loan from Prodigy Finance…
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FAQ
Is Prodigy Finance a legitimate lender?
Yes, Prodigy Finance is a legitimate lender that offers private student loans to international students.
Is Prodigy Finance available in all 50 states?
No, Prodigy Finance is not available in Alabama, Arizona, Arkansas, California, Delaware, Hawaii, Idaho, Indiana, Louisiana, Maine, Montana, Nevada, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington and Wyoming. Prodigy Finance is available in all other U.S. states.
How long does it take to get a Prodigy Finance student loan?
Submitting an application through Prodigy Finance takes a few minutes. Once you’ve submitted your loan application, Prodigy Finance will instantaneously return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.
It may take some time to actually receive your loan. Your school must approve the loan which may take between four to six weeks.
What happens if I don’t qualify for a Prodigy Finance student loan?
If you don’t qualify for a Prodigy Finance student loan, the company will inform you why. Depending on the reason, you may consider applying with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s free search engine. In just two minutes, you can receive real, personalized offers from over 15 different lenders ready to help you get the best rates. And best of all, it won’t impact your credit score.
Are Prodigy Finance student loans federal or private?
Prodigy Finance’s loans are private loans. Before you take out a private student loan, we recommend that you exhaust your federal funding options, as well as grants and scholarships.
Does applying for a loan through Prodigy Finance hurt my credit score?
Yes, it may temporarily hurt your credit score. Although Prodigy Finance doesn’t use your FICO score to make loan decisions, the lender does review your credit history. If you have documented credit issues (missed payments, collection items, charge offs, etc.), these will negatively impact your chances to be pre-approved for a loan.
See Prodigy Finances’s disclosures here.