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Prodigy Finance Reviews: Student Loan Refinancing and Private Student Loans

Dec. 7, 2018
Loans, Student Loans
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

Prodigy Finance offers loans to international grad students and refinancing to international working graduates 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

3.5 NerdWallet rating

Prodigy Finance’s refinanced loan is for international working graduates. U.S. citizens can find student loan refinancing with better terms and more beneficial repayment options from other lenders. If you’re a U.S. citizen in search of refinancing, you can compare lenders here.

Prodigy has no 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.
prodigy-finance-logo.png
Reviewed loanStudent loan refinancing for international graduates.
Interest ratesVariable: 4.49% - 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.

How Prodigy Finance student loan refinancing scores

NerdWallet student loan experts evaluated more than 50 data points across five categories to see whether Prodigy Finance ranks below average, average or above average compared with other student loan refinance lenders.

Enables faster repayment:
Below average
Lenders score highly if they offer a variety of term lengths and make extra payments easy.

Discloses requirements, limits costs:
Above average
Lenders score highly if they limit fees and interest rates, are transparent about their underwriting criteria and allow borrowers to get personalized rate estimates before applying.

Serves range of borrowers:
Below average
Lenders score highly if they cater to customers in varying locations, in different financial situations, and with varying citizenship statuses.

Offers payment flexibility:
Below average
Lenders score highly if they offer longer than 12-month forbearance periods, in-school and military deferment, and any other flexible policies that help borrowers during tough times.

Supports customers:
Average
Lenders score highly if they assign borrowers an advisor, offer multiple ways to get in touch, and have in-house customer service. Websites should display full APR ranges, fees and forbearance policies.

How Prodigy Finance could improve

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

Prodigy Finance student loan refinancing details

  • Get a personalized rate before applying: Yes, however, credit history is not required for this loan.
  • Application or origination fee: No.
  • Prepayment penalty: No.
  • Late fees: No.

Compare Prodigy Finance’s range of interest rates with lenders that refinance student loans. 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 doesn’t disclose specific details about what it takes to qualify for refinancing. Borrowers must have enough income to afford their debts.

Financial

  • 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.
  • Must have attended a Title IV-accredited school: 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.
  • Military deferment: Reviewed on a case-by-case basis.
  • Forbearance: Reviewed on a case-by-case basis.
  • Are loans discharged in the event of death/disability of borrower? Reviewed on a case-by-case basis.
  • 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.

  • 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

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 few options when it comes to refinancing. If you’re ready to refinance with Prodigy Finance, you can apply on Prodigy Finance’s website.


Prodigy Finance private student loan

4.5 NerdWallet rating

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 can find 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.
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.

How Prodigy Finance private student loan scores

NerdWallet student loan experts evaluated more than 50 data points across five categories to see whether Prodigy Finance ranks below average, average or above average compared with other private student loan lenders.

Enables faster repayment:
Below average
Lenders score highly if they offer a variety of term lengths and make extra payments easy.

Discloses requirements, limits costs:
Above average
Lenders score highly if they limit fees and interest rates, are transparent about their underwriting criteria and allow borrowers to get personalized rate estimates before applying for the loan.

Serves range of borrowers:
Average
Lenders score highly if they cater to customers in varying locations, in different financial situations, and with varying citizenship statuses.

Offers payment flexibility:
Below average
Lenders score highly if they offer longer than 12-month forbearance periods, in-school and military deferment, and any other flexible repayment policies that help borrowers during tough times.

Supports customers:
Average
Lenders score highly if they assign borrowers an advisor, offer multiple ways to get in touch, and have in-house customer service. Websites should display full APR ranges, fees and forbearance policies.

How Prodigy Finance could improve

Prodigy Finance could improve its private student loans by offering:

Prodigy Finance private student loan details

  • Get a personalized rate before applying: Yes. However, credit history is not required for this loan.
  • 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.
  • Must attend a Title IV-accredited school: Not necessarily. Prodigy Finance supports 285 universities around the world. Most of them in the U.S. are Title IV programs.
  • 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

    • 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.
    • Are loans discharged in the event of death/disability of borrower? 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.

  • 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

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.

If you’re ready to borrow with Prodigy Finance, you can apply on its website.

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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