Prodigy Finance is a student loan company that offers students who want to further their education abroad loan. The company was founded in 2007 and has a record of over 19,000 students getting financial aid from them for their master’s degree. Students get more than $1 billion even without requiring cosigners or collateral. Applying for a loan on this platform is very flexible as it does not make use of credit histories rather the borrower’s future earning potential. It supports enough international students.
WHAT YOU SHOULD KNOW
- Prodigy Finance does not require a cosigner or Collateral for eligibility qualification. This means that prodigy is designed to meet the needs of students who don’t have access to a creditworthy cosigner.
- It is a simple interest loan. As a result of compound interest, many lenders get into the risk of repayment because it gives them trouble. But prodigy finance uses a simple interest calculation, making it easy for a borrower to save money.
- The loan is meant for a student in pursuit of graduate programs only. Undergraduates and students looking for master’s degrees in the arts aren’t eligible for prodigy finance student loans.
Available Prodigy Finance Student Loans
Graduate Student Loans
Prodigy finance student loans are available for graduate students in programs study like a business. Science, technology, engineering, math, public policy, economics. Law, and medical professions. However, the school really matters. Because it determines the minimum and maximum (APR and loan terms). This means that they can lend up to 80% of the cost. of attendance and vary the loan terms by school and application.
| Variable APR | minimum of 6.7% |
| Loan Amounts | $15,000 to 100% of the total cost of attendance |
| Loan Terms | 7, 10, 15, or 20 years |
QUALIFICATION TIPS FOR PRODIGY FINANCE STUDENT LOANS
- First, you should be in a course it supports and attends a school that supports it. More than 900 schools globally support prodigy finance currently. The program is limited to business, law, health, science, technology, engineering, public policy, and Maths.
- Secondly, Your place of study should be abroad. You should plan to live to attend schools aside from the country you live in. But if you are living in a country where you applied for study in, you will be considered if you’ve lived for less than a year.
- Thirdly, You should be a citizen of the 150 countries prodigy finance supports. Over the U.S and Canada, there are some states and regions that the company is unable to lend.
Student Loan interest rates
There are basically two obtainable interest rates on prodigy finance.
- Firstly, A fixed margin. This simply from the details you provide and that of your supported schools and from past borrowers.
- Also, A variable-rate – determined by the three-month report of LIBOR
Note: Late payments are charged for a total cost of $25 and an administration fee of up to 4% of the total loan amount added to your loan. The fee may vary if the school has a close relationship with prodigy finance for as low as 2.5%.
How to Apply for a Prodigy Finance Student Loan
Fill out the application form online. On the course of the registration, you need to present proof of admission before your loans are distributed. There are eight stages to undertake, lasting for 30 minutes to complete the application. You will be required to, the following information.
- Firstly, School info
- Secondly, Personal details and contact information
- Thirdly, School payment plans.
- Also, Income (with verifying documents)
By the end of your submission, you will be offered the total amount that you can borrow, interest fees, and repayment terms. Afterward, proceed with uploading your documents (copy of credit report and proof of identity, admission, address, income, savings, and scholarship or company sponsorship). Funds are sent directly to the school when you confirm your agreement. There is also an option for refinancing.
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