Prodigy Finance Student Loans Review 2023

Prodigy Finance specializes in offering loans for postgraduate students studying abroad. Loans are available in 150 countries for borrowers attending more than 850 schools focused on business, engineering, law, public policy and medicine.

In the U.S., Prodigy Finance loans are not available to students in these states:

The entire loan process takes place online, from submitting an application to signing your loan agreement.

To get started, create an account and confirm your email address. Then share some details about your finances and education plans. Prodigy Finance will send you a customized quote based on the information you provide.

If you decide to accept the quote offered, you’ll need to upload a few documents. Prodigy Finance will then try to match your application with funds from its investors. If you’re matched and accept, Prodigy Finance sends you a loan approval letter to use with your visa application.

Once you get to campus, you can sign your loan agreement digitally and funds will be disbursed directly to your school. Payments aren’t due until six months after classes end for full-time students. If you’re a part-time student, repayment begins three months from the date funds are sent to the school.

Applying for a loan from Prodigy Finance is free. Prodigy Finance charges a 5% administration fee, but there are no other fees associated with your loan (as long as payments are on time). There is also no penalty for paying your loan early.

Flexible repayment terms of seven to 20 years are available.

After completing the online application, you should receive your quote immediately – how much you qualify for, your interest rate and loan term.
Even before you receive your admittance letter, you can apply for a quote. However, Prodigy Finance needs proof of admission when it finalizes your loan.

There is no minimum credit score required. Like traditional banks, Prodigy Finance reviews your credit report when evaluating your application. However, it also uses a model to evaluate the future earning potential of loan applicants, and uses additional data to determine the risk and maximum amount a student is eligible to borrow.

Due to regulatory or funding restrictions, the lender does not operate in 16 states. Many countries and Canadian provinces/territories are also excluded.

Prodigy Finance does not have a profile with the Better Business Bureau. The lender is rated a great 3.8 out of 5 stars by Trustpilot, based on 17 reviews. The Consumer Financial Protection Bureau received a single complaint concerning Prodigy Finance in 2021, which was closed with an explanation in a timely manner.

Additionally, every Thursday at 5:30 p.m. India Standard Time (7 a.m. Eastern Time), Prodigy Finance hosts an online Q&A. If you have questions about schools, visas or funding, you can register for one of these webinars.

Full-time students have a grace period that extends until six months after their class end date. Part-time students begin payments three months after payment is dispensed. Prodigy Finance allows borrowers to make payments while they’re still in school or during the grace period. There’s no penalty for early repayment.

Prodigy Finance does not have many defined policies for forbearance or loan discharge. Instead, the lender works with borrowers on a case-by-case basis to determine solutions when they’re unable to pay. Prodigy Finance may grant some borrowers zero installment forbearance, which halts required payments for three months, during which interest still accrues.