Janice Lozano
Prodigy Finance is a private lender that provides loans for international students pursuing master's degrees in business, engineering, law, and public policy. It is available in over 150 countries and 1,600 schools, with loans offered to students from roughly 150 countries and over 850 schools across 18 different countries, including the United States. Prodigy Finance does not require a co-signer, collateral, or U.S. credit score, making it accessible to international students who may not have a credit history or a qualified co-signer. The company considers future income potential rather than current income or credit score when making lending decisions. While Prodigy Finance is a valuable option for international students, it is important to carefully consider the affordability of monthly payments and explore other refinancing options.
| Characteristics | Values |
|---|---|
| Target customers | International graduate students |
| Loan type | Non-cosigned private student loans |
| Availability | Over 850 schools in 18 countries |
| Loan amount | Depends on future income potential |
| Interest rate | 10.8% (as of June 2024) |
| Application process | Online |
| Documents required | Proof of identity, address, credit report, income, admission, savings, scholarship |
| Grace period | 6 months for full-time students, 3 months for part-time students |
| Fees | 4% administration fee, $500 processing fee |
| Citizenship | For international students on any visa type |
| Credit score | Not required |
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What You'll Learn
Prodigy Finance is only for international graduate students
Prodigy Finance is a private lender that provides loans for international graduate students pursuing master's degrees in business, engineering, law, and public policy. The company was founded in 2007 by three former MBA students to address the funding gap for international students, who often struggle to secure financing due to a lack of credit history or eligibility for federal student loans.
Prodigy Finance offers non-cosigned loans to international graduate students in over 150 countries and at more than 1,600 schools. The company considers future income potential rather than current income or credit score when making lending decisions, which sets it apart from traditional lenders. This approach enables Prodigy Finance to provide funding to students who may not have a strong credit profile or collateral but are pursuing degrees that are expected to lead to high-earning careers.
The application process for Prodigy Finance loans is entirely online, and the company provides resources to help international students navigate the challenges of foreign study. While Prodigy Finance does not require collateral or a co-signer, it conducts thorough reviews, including KYC (Know Your Customer), AML (Anti-Money Laundering), and PEP (Politically Exposed Person) checks.
It is important to note that Prodigy Finance loans are not available for undergraduate studies or for students seeking degrees in their home countries. The company focuses solely on international graduate students, and even within this niche, loan availability depends on the specific country, school, and degree program. Each university and programme has its own terms for accepting Prodigy Finance loans, with some allowing financing only for tuition and others permitting coverage of living expenses as well.
Prodigy Finance charges a 4% administration fee and a $500 processing fee, which must be paid upfront. While the company offers competitive rates and flexible repayment options, borrowers should carefully consider their ability to afford the monthly payments upon graduation. Additionally, missed payments can lead to late fees, additional interest, and potential negative impacts on credit scores and future financial opportunities.
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Loans are not available for undergraduate students
Prodigy Finance is a private lender that provides loans for international graduate students pursuing master's degrees in business, engineering, law, and public policy. The company was founded in 2007 by three former MBA students and has since supported over 1800+ schools in over 19 countries.
Prodigy Finance's student loans are not available for undergraduate students, regardless of whether they are international students or not. The company's primary purpose is to fulfil the lending needs of international graduate students who are pursuing master's degrees and do not have access to federal student loans or most private loans.
Prodigy Finance offers non-cosigned loans to international graduate students, meaning they do not require a co-signer, collateral, or U.S. credit scores. The company considers future income potential rather than current income or credit score to make lending decisions. This approach enables Prodigy Finance to offer financing to students who lack U.S. credit reports but have high future earning potential.
While Prodigy Finance provides loans for international graduate students, it is important to note that the loans may be expensive and have limited availability. The company charges a 4% administration fee and a $500 processing fee. Additionally, the loans are not available in all U.S. states, and borrowers should carefully consider whether they can afford the monthly payments upon graduation.
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Loans are available in 18 countries
Prodigy Finance provides loans for international graduate students pursuing master's degrees in business, engineering, law, and public policy. Prodigy Finance is available in 18 countries and supports over 1,800 schools. The company's website has a school search page that allows prospective borrowers to check if their college and course are supported.
Prodigy Finance's loans are not available in all 50 US states. They are 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's loans are designed for international students who do not qualify for US federal aid or most private loans. The company does not require a co-signer, collateral, or US credit score to apply for a loan. Instead, Prodigy Finance considers future income potential and credit history to determine creditworthiness.
Prodigy Finance's application process is entirely online, and the company works with students to understand documentation differences. Applicants will need to pass KYC (Know Your Customer), AML (Anti-Money Laundering), and PEP (Politically Exposed Person) checks.
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Prodigy Finance does not require a co-signer
Prodigy Finance provides loans for international graduate students pursuing master's degrees in business, engineering, law, and public policy. The company offers loans in over 18 countries and supports over 1800 schools.
Prodigy Finance fills a funding gap for international students by offering loans without requiring a co-signer, credit score, or collateral. The company works with individual investors to fund the loans. This unique approach solves a specific need for international students who may not have access to federal student loans or eligibility with most private lenders.
Prodigy Finance uses information such as future income potential and credit history to determine creditworthiness and make lending decisions. By considering future income rather than current income or credit score, Prodigy Finance removes traditional funding barriers for international students.
While Prodigy Finance does not require a co-signer, it is important to carefully consider the affordability of the monthly payments upon graduation. International students should also be aware of the potential impact on their local and international credit scores in case of missed payments.
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Prodigy Finance considers future income, not credit score
Prodigy Finance is a private lender that provides loans for international graduate students pursuing master's degrees in business, engineering, law, and public policy. The company operates in over 18 countries and supports over 1,380 schools and 426 universities.
Prodigy Finance fills a funding gap for international students by offering loans that do not require a cosigner, credit score, or collateral. The company understands that international students often struggle to finance their education because they do not have access to federal student loans or eligibility with most private lenders.
Prodigy Finance considers future income potential rather than credit score to determine creditworthiness and make lending decisions. This approach enables Prodigy Finance to offer financing to students who lack U.S. credit reports. However, borrowers should be cautious about the potential to over-borrow if they are unable to earn the expected salary right out of school.
The company's loan eligibility tool allows students to check if their school, country of study, and programme are supported. Additionally, Prodigy Finance provides a standard six-month grace period for full-time student borrowers, with a three-month grace period for part-time borrowers. The company also offers multiple repayment options, and there are no penalties for early repayment.
Prodigy Finance's online application process is straightforward and does not require hard copies of documents. Students will need to provide a credit report and pass KYC, AML, and PEP checks. While there is no cost to apply, a $500 processing fee is required upfront, and an additional 4% to 5% administration fee is added to the loan balance.
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Frequently asked questions
Prodigy Finance provides loans for international graduate students pursuing master's degrees in business, engineering, law, and public policy. The company offers loans in over 150 countries and 1,600 schools. However, it is not available in all U.S. states.
There is no cost to apply for a Prodigy Finance loan, and you don't need a co-signer, collateral, or U.S. credit score. Prodigy Finance considers future income instead of current income or credit score to make lending decisions. You will need to provide proof of identity, address, credit report, income, admission, and savings or scholarships (if applicable).
You can apply for a Prodigy Finance loan on their website. The application process is fully online, and you will need to provide personal, residential, academic, financial, and course-related information.
Prodigy Finance offers competitive interest rates, with rates as low as 10.8% as of June 2024. There is a 4% administration fee added to the loan total, and a $500 processing fee that must be paid upfront.
