Prodigy Finance Student Loans: 2024 Review

Prodigy Finance: In the details

Prodigy Finance student loan requirements

To qualify for a student loan with Prodigy Finance, you must:

• Be a graduate student.
• Be admitted into a school and program supported by the company.
• Be pursuing a degree abroad.
• Be from an eligible country or state.
• Have lived less than a year in the country where you’ll be going to school, if you already moved.

Interest rates and terms

Repayment terms and grace period

Borrowers can choose a repayment term between seven and 20 years. Payments are deferred while you’re in school and during a six-month grace period after classes end — if you’re a full-time student. If you’re a part-time student, repayment starts three months from your loan disbursement.

Fees and penalties

Prodigy Finance charges an admin fee of 5 percent of your total loan amount. The percentage is added to what you are paying back rather than being paid upfront or taken out of the loan funds.

The Prodigy Finance website also states late fees and other charges may come up, but it doesn't specify how much they cost.

How to apply for a loan with Prodigy Finance

To apply for a loan with Prodigy Finance, first, you’ll need to create an account on the website. Then, you must provide the following:

• Your contact information, including full name, email and phone number.
• Your address for the past three years.
• Your plan to fund your education, including whether you have scholarships, savings or other assets to pay for school.
• Details about your income if you’re currently working on anything other than an internship.
• Details about any outstanding debts you may have, including credit cards, other loans and the like.

Once you provide this, you’ll get a quote almost instantly. It will include details such as the amount you’re preapproved for, the terms and the interest rate.

You’ll be asked to upload copies of documents that can verify the details you’ve entered above. You must also submit a credit report from your country of origin, which will help the company determine a fair interest rate based on your risk.

If everything checks out, you’ll get matched with an investor, and the company will finalize your application. Your school will also certify the loan amount, which could take a few weeks.

Prodigy Finance frequently asked questions

Methodology

The Bankrate team evaluated over 20 lenders to select our top picks for the best student loans. To do this, Bankrate considers 14 factors, including loan amounts, fees, repayment terms and options, as well as fixed and variable APR ranges. Then, lenders are rated using our vetting system known as the Bankrate Score, which focuses on three main categories.

• Availability: We looked at minimum and maximum loan amounts, as well as the lender’s eligibility requirements, co-signer option, degrees covered and state availability. Lenders that offered the most flexibility as well as nationwide servicing and that offered financing for a variety of programs ranked higher in this section.
• Affordability: Fixed and variable interest rates, fees, penalties and discounts were measured in this category. Lenders with the lowest rates, fewer fees and multiple discounts got the higher scores.
• Customer experience: Our team looked at the ease of the application process, as well as online account management tools, customer support hours, app availability, repayment options and grace periods offered by the lenders. This allowed us to determine the lenders’ ability to satisfactorily serve customers.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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