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Prodigy Finance

Updated on 28th August 2024

* Editorial Note: At 8B Education Investments, our mission is to provide clear, reliable guidance to help African students make informed decisions about their education financing. While we may receive compensation from our lending partners, our evaluations and opinions are independently crafted.

Prodigy Finance Overview

Who Are They?

Prodigy Finance specializes in offering loans to international students pursuing higher education, particularly those attending top universities around the world. They have a unique funding model that doesn't require a co-signer or collateral, making it accessible to students who might not have traditional credit histories.

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Key Features


  • No Co-Signer Required:

    One of the standout features of Prodigy Finance is that they don't require a co-signer, collateral, or a credit history in the U.S., which is particularly beneficial for international students.


  • Competitive Interest Rates:

    Interest rates are personalized and based on your profile, including your course, school, and potential future earnings.


  • Coverage:

    Loans cover up to 100% of tuition and living expenses, depending on the course and university


  • Repayment Terms:

    Flexible repayment terms, typically starting 6 months after graduation, with terms ranging from 7 to 20 years.


  • Supported Schools:

    Prodigy Finance works with a network of top universities across multiple countries, focusing primarily on business, engineering, law, and public policy programs.

Eligibility

Who Can Apply?

International students who have been admitted to one of the supported schools.

Application Process

The application is entirely online, with a preliminary offer typically provided within minutes. Full approval requires additional documentation and a final review

Pros and Cons

Pros

  • No co-signer or collateral needed
  • Access to funding without a U.S credit history
  • Covers both tuition and living expenses
  • Interest rates based on future earning potential
  • No penalties for early repayment, allowing you to save on interest costs if you can pay off the loan sooner

Cons

  • Limited to specific schools and programs

Repayment Options

You'll choose a repayment term length between 7 and 20 years when you apply for your loan. Once it's disbursed, Prodigy Finance will place it in one of the following buckets:

  • Deferment: This period lasts while you're in school, and for a six-month period after you graduate (known as the "grace period"). During this time you don't have to make payments, but you can if you’d like. Interest will continue to add up on your loan.

  • Full Repayment: After the six-month grace period has passed, you'll start making payments on the 28th of each month. Since the loans are variable-rate, your monthly payment amount can change as markets fluctuate.

How It Works


  • Step 1:

    Apply online with your personal, academic, and financial details.


  • Step 2:

    Receive an initial loan offer based on your potential future earnings


  • Step 3:

    Upload required documents for final approval.


  • Step 4:

    Upon approval, the loan is disbursed directly to your school for tuition and any remaining amount to your personal account for living expenses

Final Thoughts

Prodigy Finance is a strong option for international students who need financial assistance for their education without the need for a co-signer or collateral. With their competitive interest rates and flexible repayment terms, they offer a tailored solution for those studying at top-tier institutions.

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Frequently Asked Questions

What happens if I don't find a job immediately after graduation?

Prodigy Finance offers flexible repayment plans that can be adjusted based on your financial situation, but it's important to contact them early if you anticipate any issues.

Can I apply if I am already studying?

Yes, students can apply for loans for the remaining period of their studies.