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Prodigy Finance Reviews: Student Loan Refinancing and Private Student Loans

Sept. 13, 2019
Loans, Student Loans
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Prodigy Finance offers loans to international grad students and refinancing to international students who have graduated and are working in the United States. Both are niche options that are best for students from one of the 150 countries whose citizens Prodigy lends to.

Here we review Prodigy Finance’s refinance loan; you’ll find a review of its private student loan below.

Review of Prodigy Finance’s private student loan

Prodigy Finance student loan refinancing

4.5 NerdWallet rating

Bottom line: Best for international working graduates without U.S. credit history or a co-signer.

prodigy-finance-logo.png
Reviewed loanStudent loan refinancing for international graduates.
Interest ratesVariable: 4.24% - 7.49%
Loan terms7, 10, 15 or 20 years.
Loan amounts$35,000 to $250,000.
Co-signer release availableYes.
Can transfer a parent loan to the childNo.

Pros & Cons

Pros

  • The only lender that offers non-co-signed student loan refinancing for international graduates.
  • No late fees.
  • No cosigner or U.S. credit history needed.

Cons

  • No fixed interest rates.
  • No formal deferment/forbearance options.
  • Available only to borrowers in Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Maryland, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Wisconsin.

Full Review

Prodigy Finance’s refinanced loan is for international students who have graduated and are working in the U.S. (U.S. citizens can refinance student loans with better terms and more beneficial repayment options from other lenders. If you’re a U.S. citizen, check other student loan refinancing options.)

Prodigy has no U.S. credit history requirements and its interest rates are determined by an assessment of an individual’s ability to pay, including income. The typical debt-to-income ratio of approved borrowers is 8%. Prodigy considers a borrower’s student loan payments as the “debt” factored into its assessment. Use a debt-to-income calculator to find out your ratio.

Prodigy Finance student loan refinancing at a glance

  • Ideal for international students without U.S. credit history.
  • Offers only variable interest rates.
  • Best for higher-income individuals: The average approved income among borrowers is $139,140.

How Prodigy Finance could improve

Prodigy Finance could improve its student loan refinance product by offering:

How much can refinancing save?

Prodigy Finance student loan refinancing details

  • Soft credit check to qualify and see what rate you’ll get: Yes, however, credit history is not required for this loan.
  • Loan terms: 7, 10, 15 or 20 years.
  • Loan amounts: $15,000 to $350,000.
  • Can transfer a parent loan to the child : No.
  • Application or origination fee: No.
  • Prepayment penalty: No.
  • Late fees: No.

Compare Prodigy Finance’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your future income. To see what rate Prodigy Finance will offer you, apply on its website.

Financial

Prodigy Finance doesn’t disclose specific details about what it takes to qualify for refinancing. Borrowers must have enough income to afford their debts.

  • Minimum credit score: No credit history requirements.
  • Minimum income: No income requirements.
  • Typical credit score of approved borrowers or co-signers: No credit history requirements.
  • Typical income of approved borrowers: $139,140.
  • Maximum debt-to-income ratio: Did not disclose.
  • Can qualify if you’ve filed for bankruptcy: Yes, on a case-by-case basis.

Other

  • Citizenship: International working graduates.
  • Location: Must be working in the U.S. or U.K.
  • Must have graduated: Yes they must have graduated and be employed..
  • Must have attended a school authorized to receive federal aid: Not necessarily. Prodigy Finance supports 285 universities around the world. Most in the U.S. are Title IV programs.
  • Percentage of borrowers who have a co-signer: No co-signers are allowed for this loan.

  • Academic deferment: Reviewed on a case-by-case basis. Prodigy’s academic deferment is known as a “study extension” in which borrowers can get up to 12 months of deferment in three-month increments.
  • Military deferment: Reviewed on a case-by-case basis.
  • Forbearance: Reviewed on a case-by-case basis. Reasons like “financial difficulty” could provide borrowers with three months with a maximum of nine months of forbearance, for example.
  • Co-signer release available: Not applicable.
  • Death or disability discharge available: Reviewed on a case by case basis.
  • repayment preferences:

    • Allows greater-than-minimum payments via autopay: No.
    • Allows biweekly payments via autopay: No.

  • Loan servicer: Prodigy Finance.
  • In-house customer service team: Yes.
  • Process for escalating concerns: Yes.
  • Borrowers get assigned a dedicated banker, advisor or representative: No.
  • Average time from approval to payoff: 3 weeks.

  • Opportunity to build U.S. credit: Prodigy will report repayments on its student and refinance loans to Experian as an opportunity for international graduates to bolster their local credit score by reporting payments made by U.S. residents on their loans.
  • Phone discounts: Up to 35% off your monthly mobile phone rates when traveling to the U.S., including discounts on mobile phones and U.S. data plans and a $500 deposit fee waived.
  • Moving assistance: Prodigy offers help with finding a place to live; help securing a student visa; and a comprehensive travelers guide.
  • Member perks and networking: Access to their City Lookbook; networking events; and access to the Prodigy Finance Community group on LinkedIn.
  • Career services: From online workshops and discounts to individual career-coaching sessions and a free career course.

How to refinance with Prodigy Finance

You can apply for a Prodigy Finance refinanced student loan on its website. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.

If you’re an international graduate working in the U.S., there are only a few options when it comes to refinancing. Compare them here.

Prodigy Finance private student loan

4.5 NerdWallet rating

Bottom line: Best for international students in the U.S. without co-signers.

prodigy-finance-logo.png
Type of loanPrivate student loan for international students.
Loan terms7, 10, 15 or 20 years.
Loan amountsBetween 80% and 100% of the degree, depending on the program and school.
Grace period6 months.
Co-signer release availableNo. There is no co-signer for this loan.

Pros & Cons

Pros

  • Offers a hard-to-find option: non-co-signed student loans for international students.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • No late fees.

Cons

  • No fixed interest rates.
  • No formal deferment/forbearance options.
  • Not available to borrowers in all 50 states including: Alabama, Arizona, Arkansas, California, Delaware, Hawaii, Idaho, Indiana, Louisiana, Maine, Montana, Nevada, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington and Wyoming.

Full Review

Unlike many other international and private loan options, Prodigy requires no co-signer or collateral. Interest rates are determined by a borrower’s future earnings potential as well as credit history.

However, Prodigy Finance should be used only for its primary purpose: fulfilling lending needs for international students. U.S. students have access to federal student loans and can get private loans with better terms and more beneficial repayment options from other lenders. If you’re a U.S. citizen in search of a private student loan, you can compare lenders here.

Prodigy Finance’s private student loan at a glance

  • Best for international students without a co-signer or U.S. credit history.
  • 20% of borrowers qualify for the lowest-advertised interest rate.
  • Borrowers receive, on average, $40,000 in loans.

How Prodigy Finance could improve

Prodigy Finance could improve its private student loans by offering:

Prodigy Finance private student loan details

  • Soft credit check to qualify and see what rate you’ll get: Yes. However, credit history is not required for this loan.
  • Loan terms: 7, 10, 15 or 20 years.
  • Loan amounts: $15,000 ($35,000 in certain U.S. states) to $220,000.
  • Application or origination fee: 2.5% of your loan amount at the beginning of your loan term.
  • Prepayment penalty: No.
  • Late fees: No.

Compare Prodigy Finance’s range of interest rates with other private student loan lenders. Your actual rate will depend on factors including your future income. To see what rate Prodigy Finance will offer you, apply on its website.

Prodigy Finance considers future income, rather than current income or credit score to make lending decisions. Co-signers are not allowed for the Prodigy Finance student loan. The loan is for international students on any visa type.

Financial

  • Minimum credit score: No credit score required.
  • Minimum income: No income required. Future earnings are considered.
  • Typical credit score of approved borrowers or co-signers: No credit score required.
  • Typical income of approved borrowers: No salary required. Future earnings are considered.
  • Maximum debt-to-income ratio: Based on future income.
  • Can qualify if you’ve filed for bankruptcy: Yes, on a case-by-case basis.

Other

  • Citizenship: This product is for international students.
  • Location: Available to borrowers in all U.S. 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 borrowers are full-time students, but Prodigy will support part-time students on a course-by-course and case-by-case basis.
  • Types of schools served: Not necessarily. Prodigy Finance supports 450+ schools around the world.
  • Percentage of borrowers who have a co-signer: No co-signers are allowed for this loan.

In-school repayment options

  • Immediate: Begin making full monthly payments as soon as the loan is disbursed. This option will save you the most in interest.
  • Deferred: You won’t be required to make any payments until your grace period ends, but you can choose to make payments if you’d like. Interest will accrue while you’re in school and will capitalize, or get added to your principal balance, at the end of your grace period.
  • Post-school repayment options

    • Grace period: 6 months.
    • Academic deferment: Reviewed on a case-by-case basis.
    • Military deferment: Reviewed on a case-by-case basis.
    • Forbearance: Reviewed on a case-by-case basis. Reasons like “financial difficulty” could provide borrowers with three months with a maximum of nine months of forbearance, for example.
    • Co-signer release available: Not applicable.
    • Death or disability discharge: Reviewed on a case-by-case basis.

    Repayment preferences

    • Allows greater-than-minimum payments via autopay: No.
    • Allows biweekly payments via autopay: No.

  • Loan servicer: Prodigy Finance.
  • In-house customer service team: Yes.
  • Process for escalating concerns: Yes.
  • Borrowers get assigned a dedicated banker, advisor or representative: No.
  • Average time for approval: 3 weeks.

  • Referral bonus: You may receive a $300 bonus for referring other borrowers.
  • Scholarship opportunities: As a borrower, you can apply for a scholarship worth $10,000.
  • Phone discounts: Up to 35% off your monthly mobile phone rates when traveling to the U.S., including discounts on mobile phones and U.S. data plans and a $500 deposit fee waived.
  • Moving assistance: Prodigy offers help with finding a place to live; help securing a student visa; and a comprehensive travelers guide.
  • Member perks and networking: Access to their City Lookbook; networking events; and access to the Prodigy Finance Community group on LinkedIn.
  • Career services: From online workshops and discounts to individual career-coaching sessions and a free career course.

How to apply for a Prodigy Finance student loan

You can apply for a Prodigy Finance student loan on its website. Before taking out a Prodigy Finance student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.

» MORE: NerdWallet’s FAFSA Guide

Compare your international student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

STUDENT LOANS RATINGS METHODOLOGY

NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s private student loans ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines.5 stars out of 5 — Among the very best for consumer-friendly features

4.5 stars out of 5 — Excellent; offers most consumer-friendly features

4 stars out of 5 — Very good; offers many consumer-friendly features

3.5 stars out of 5 — Good; may not offer something important to you

3 stars out of 5 — Fair; missing important consumer-friendly features

2.5 stars out of 5 — Poor; proceed with great caution

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