In today’s competitive world, pursuing higher education has become more important than ever.
However, the rising costs of tuition and living expenses can often pose a significant barrier for many aspiring students. That’s where Prodigy Finance comes in, offering a unique solution to bridge the financial gap and make your dreams of studying abroad a reality.
In this article, we take a deep dive into this Prodigy Finance, how you can sign up, its pros and cons, plus if it’s the right choice for you if you are considering getting a loan to fund your university education.
What is Prodigy Finance?
Prodigy Finance is a financial company that helps foreign students go to college abroad by giving them loans.
They offer loans for a wide range of degrees, including advanced ones like an MBA, engineering degree, law degree, or public policy degree.
Prodigy Finance was founded on the idea that money shouldn’t be a barrier to education. Their credit assessment is forward-looking and looks at things like pre-study salary, university acceptance, and future income to make sure individual loans are affordable without the need for collateral, co-signers, or guarantors.
How to sign up for Prodigy Finance
Here’s how you can get signed up to Prodigy Finance.
1. Create an account.
Set up an account and make sure your email address is correct. You’ll get a link to verify your email and complete the sign up process.
2. Apply for funding.
You’ll get a customized quote in return for some more information about your plans.
If you aren’t sure where to go to school yet, you can make a different application for each school and compare their offers.
3. Upload your documents.
Accept the quote that’s right for you and upload your documents.
4. Finalize your loan.
If you’re matched, you will get notified so you can commit to your loan and get a loan sanction letter to use for your visa appointment.
If you are attending a school in the US, Prodigy Finance will request your school to certify your loan.
5. Get to school and sign your loan agreement.
When you get to school, you sign your loan agreement online on campus, and your money will be sent to you.
You don’t have to worry about making complicated foreign transfers because the money will be sent straight to your school. If part of your loan is for living costs, the full amount (tuition and living costs) will be paid to your school, and your school will put the amount for living costs into your personal bank account.
6. Study first, pay 6 months later.
If you go to school full-time, payments don’t start until 6 months after you finish.
This gives you time to get your degree and find your dream job. If you only go to school part-time, you have to start paying back the loan 3 months after they send the money to the school.
The date your first payment is due will be written in the loan agreement. During your studies, they’ll also send you the odd email to help you get ready to start paying back your loan.
The Prodigy Finance mobile app can also be used to check your statements, see how much you owe, see when your payments are due, and find out how to pay.
Student Loan Debt: The Top 3 Facts You Never Knew About
How to qualify for a loan on Prodigy Finance
There are three basic requirements you have to meet to qualify for a loan.
- You must be admitted to a school and program supported by Prodigy Finance.
- You must be looking to study abroad
- You must reside in one of the supported countries or regions.
Are there any exemptions?
There are some exceptions which all depend on where you live when you apply and where you plan to study:
What is the current Prodigy interest rate?
11.06% is the minimum possible Annual Percentage Rate you could be offered.
This APR assumes a:
- 4.98% fixed margin rate
- 4.89% variable base rate
- 5% administration fee.
The average APR for student loans is 14.88%.
What is the processing fee for Prodigy?
Aside from interest fees, the only other fee you’ll usually have to pay for a private student loan from Prodigy Finance is a management fee of up to 5% of the loan amount. This will be added to the amount you owe to Prodigy Finance.
How much does Prodigy Finance give?
Depending on your course and school, Prodigy Finance will pay up to 100% of your school costs. The money will be paid directly to your school.
Is Prodigy Finance available in Canada?
Prodigy Finance is available in Canada in Alberta, British Columbia, Ontario and Quebec only at this time.
4 Pros of Prodigy Finance
No Co-signer Required
One of the best things about Prodigy Finance is that their loans don’t need a co-signer or collateral. This can help students who don’t have a co-signer or who don’t have much of a credit background.
Get a quote before you’re admitted
One big difference with Prodigy Finance is that if you aren’t sure which school to go to yet, you can get loan offers from more than one school.
With this information and your financial help package, you can choose the school that will cost you the least. To finish your loan offer, you will need a letter of entry.
Wide choice of repayment term lengths
You can choose between 7 and 20 years to pay back the loan.
Keep in mind that if you choose a longer time, your monthly payment will be less, but you will pay more in interest unless you pay off the loan early.
Repayment flexibility
Prodigy Finance gives students different ways to pay back their loans to fit their cash situations after they graduate.
They usually give students a grace period during which they don’t have to pay back their loans in full. This gives students time to find work or settle into their jobs.
4 Cons of Prodigy Finance
Relatively high variable-rate options
Prodigy Finance has a lot to give, but it costs a lot.
Private student loans from Prodigy Finance cost more than loans from other lenders with similar choices but stricter requirements. Also, since the rates change, you’re agreeing to pay an amount in the future that you don’t know.
Only international graduate students are eligible
Prodigy Finance mostly works with international students, so if you need a student loan to study in your home country or for your college studies, you won’t be able to get one from them.
Need to be “matched” with a funder
Prodigy Finance gets its money for loans from a number of different places.
When you ask for a loan, you’ll be put on a waitlist that’s reviewed once a week. You’ll only get a loan if you’re matched with a funding source.
Not applicable to all programs, schools, or countries
Prodigy Finance does things differently, instead of requiring security, a co-signer, or good credit. It decides whether to give you a loan or not based on what you’re studying and where. The idea is that you’ll only get a loan if you’re likely to make a lot of money in the future.
Final Thoughts
As an international graduate student, it’s important to know that you have a lot of affordable choices.
It can be hard to figure out how to pay for college in a foreign country.
Prodigy Finance can help you pay for your schooling and ease your financial troubles, but it may cost a lot. The interest rate is high, and that’s after you meet all the requirements to be eligible.
There are many institutions that give scholarships, grants, and work-study programs for international students. These cash aids can make a big difference in how much it costs to go to school and live.
Also, it’s worth looking into universities in places where the cost of living is cheaper.
Even though going to a famous school may be appealing, it often costs more. By looking at universities in cheaper places, you can make your money go further and maybe even get into a better school.