Prodigy Finance Review - All You Need To Know

Prodigy opens the world of refinancing student loans available for international students. Learn more about the refinanced loan offered, the eligibility, how they go about calculating their interest rate and much more.

Updated by Taskeen Fatema on 15th June 2020

Prodigy Finance is one of those enterprises that paves the way for students across the border to pursue further education easily by providing an opening to a  world of opportunities for them.

Prodigy Finance is a revolutionary platform enabling easy finance options available to international students in postgraduate education, either attending a participating business school or certified postgraduate institution.

They have radically changed the way in which borrowers and investors look at student loans from an international perspective. It is registered in London[ with offices in London, Cape Town and New York.

Over the past decade, Prodigy finance has helped almost 9,500 students from over 100 nationalities to gain access to postgraduate education by dispensing over $400 million. In this article, we will thoroughly review every aspect of refinancing as well as loans offered by Prodigy finance.

Table of contents 

Refinancing with Prodigy: Overview

Graduate students across borders and U.S. non-citizen residents face certain obstacles while indulging in the refinancing of student loans. What Prodigy Finance is looking to change is that the borrower’s creditworthiness is often given less importance as compared to the bank regulation in a lending market. Giving a general summary of student loan refinancing with Prodigy :

- It is an optimal choice for international students without any U.S. credit history.

- Only variable interest rates are offered. It is highly favorable for individuals with high incomes. (an average approved income to verify falling in the bandwidth of ‘high income’ has been given)

Getting a cosigner on board is crucial as it helps you qualify for a better interest rate. Which is got with a good application profile strengthened with a good credit score. Getting a co-signer release is crucial during the repayment journey of the student debt. For student loan borrowers getting their refinanced loans from prodigy, they are lucky to have the cosigner release option.

Reviewed Loans Interest Rates Loan terms Loan amounts Availability of
co-signer release
Parent Loan
transferable to child
Student loan refinancing
for international graduates
Variable Interest rate :
4.62% - 7.62%
No of years :
7,10,15 or
20 years
$35000 to
Yes No

 Making education accessible is one of the main motives of Prodigy Finance, and they are proving it by offering reasonable terms to facilitate refinancing as seen in the table above.

Learn more about student loan refinancing

Prodigy student loans review

The highlight about teaming up with Prodigy for your educational needs is that they assess students mainly based on their future earning potential, rather than only their credit history, taking into consideration that current investment in a strong career is more viable to both the parties with a prospective of stronger return on investments.

They are backed by a community of investors whose greater intention is to have a social impact on society as a whole which in turn offers the required financial return.

Collectively, loans from Prodigy Finance are funded by a community of alumni, institutional investors and qualified private investors who receive a return as mentioned above; whilst the borrower gains access to higher education that they might not otherwise be able to finance own their own.

Prodigy Finance offers loans to students at over 150 schools worldwide (most based in the United States, the United Kingdom, and the European Union).

Advantages and Disadvantages of refinancing with Prodigy

After analysis of the procedure, the loan amounts granted, terms involved, interest rates and so on, we have charted a list of advantages and disadvantages on the whole.

Advantages of refinancing with Prodigy

Among the main advantages that stand out are the following:

  • The biggest benefit is the amount of money that will be saved.

  • Prodigy Finance does not have a compulsion in offering student loan refinancing to only co-signed student loans.

  • Early repayments can be made without fees.

  • Competitive interest rates are offered along with flexible loan terms

  • There are no late fees.

  • As mentioned above, there is no requirement for a U.S. credit history.

Disadvantages of refinancing with Prodigy

Here are the disadvantages of getting your loans serviced with Prodigy 

  • There are no fixed interest rates.

  • There aren’t any formal options for deferment/forbearance.

  • Finance service not accessible to borrowers in all the states

Refinancing details to look out for

When you opt for the option of refinancing, there are certain details to be aware of so that you are well versed with the financial outlook for the next few years of your life.

Qualifying for Student loans with Prodigy Finance

In order to be eligible for a student loan from Prodigy Finance, you must be part of a participating postgraduate program. Currently, Prodigy Finance lends to borrowers pursuing a graduate degree in fields such as business, engineering, law or public policy.

Borrowers must be residing in a country, region or state that Prodigy Finance supports and should be attending a participating school outside their home country. Among factors considered by Prodigy Finance are debt-to-income ratio, credit history and credit scores for loans.

You need not worry unnecessarily about having a credit history as such to apply.

To determine the eligibility for a Prodigy Finance Loan, there are two basic prerequisites:

1) To be part of a school and programmed supported by Prodigy.

Note that a quote can be applied before you have an admit.

Proof of admission will only be asked once the loan has been finalized.

2) To be from one of the 150 countries supported by Prodigy, with an intention to study abroad.

Apart from the 150 countries that are supported, the entire list of countries that are not supported can be found on the official website. 

There are some exceptions which all depend on where you live when you apply and where you plan to study: 

  • If you're a UK resident, you'll be eligible for a loan for studies in the UK or abroad. You just need to meet the first requirement. 

  •  If you're a US resident, you'll be eligible for a loan for studies in the US or abroad as long as you're living in an eligible state (see the ineligible states in this article). Again, you just need to meet the first requirement.

  • Currently living in the country you want to study in? If you've lived in your study country for less than 1 year when you apply for a loan, you'll still be eligible. 

Student Loan Options Offered by Prodigy Finance

As we now know, Prodigy Finance specializes in offering loans for postgraduate students studying overseas. Loans are available in 150 countries for borrowers attending one of 400 schools.

In U.S. alone, Prodigy Finance loans cannot be accessed by students living in these states:

  • Alabama

  • Arizona

  • Arkansas

  • California

  • Delaware

  • Hawaii

  • Idaho

  • Indiana

  • Louisiana

  • Maine

  • Montana

  • Nevada

  • North Dakota

  • Oregon

  • Rhode Island

  • South Dakota

  • Vermont

  • Washington

  • Wyoming

Dual degrees can also be funded by Prodigy Finance.

The only thing to keep in kind before going that route is to make sure your school as well as your course is funded and supported by them.

As per the official website, given below is the list of schools that are supported to be funded for dual degrees.

Worried about your college tuition? Learn more about student loans

Eligibility for refinancing with Prodigy

The primary criterion for this is that you must be an international graduate who is currently working but have attended a top masters program in the past. Additionally, you must be residing on any visa in either the UK or eligible US states

Eligible States 

Here is a list of the eligible states to avail the services of Prodigy finance - 

Alaska (AK)

Colorado, (CO)

Florida, (FL)

Georgia, (GA)

Illinois, (IL)

Kansas, (KS)

Kentucky, (KY)

Maryland, (MD)

Mississippi, (MS)

Massachusetts (MA)

Missouri, (MO)

Nebraska, (NE)

New Hampshire, (NH)

New Jersey, (NJ)

New Mexico, (NM)

New York, (NY)

North Carolina, (NC)

Oklahoma, (OK)

Oregon, (OR)

Pennsylvania, (PA)

South Carolina, (SC)

Tennessee (TN)

Texas, (TX)

Utah, (UT)

Virginia, (VA)

Washington DC (DC)

Wisconsin. (WI)

Eligible universities

A masters’ program graduate completed from any one of the 285 universities globally selected by Prodigy Finance.

Eligible visas

An international working graduate on any is eligible visa type applies. The Social Security Number is not a necessity.

Eligibility of lenders/Currency

The currency of your existing loan will be settled USD. The new loan will also be paid in USD.


There are no administration or origination fees for your loan. There are also no penalties or fees for early repayment or early loan settlement.

Programs supported for refinancing

A masters degree in the following fields can render you eligible for refinancing:

- Business

- STEM (including engineering)

- Public policy

- Law

  • Health sciences (dentistry, public health, and nursing)

Application process

The application process for Prodigy Finance is simple and quick. It is divided into certain steps which means that you can complete the whole process in a single sitting if you are having all the required documents and for those who are not U.S. citizens should still check to see if they’re eligible for any federal financial aid.

Today the online application is becoming more convenient as the process can be completed in a single sitting but for that certain information is required that should be ready. Like borrower’s personal information( contact, home address, social security, etc), proof of income, and the specifics of your loan. Then after choosing “Get My Rate” you will get an estimation of refinancing the loan and the best part is your credit score will not be impacted. 

The Prodigy Finance requires applicants to provide a credit report from which they evaluate borrower’s credit and show their potential offers without affecting the credit score. Prodigy Finance reviews the information you submit to make its decision and in other additional information like loan statements and information about the debts have to be uploaded. Once you’ve submitted your application, you’ll get a provisional offer with the total amount you can borrow, interest rate, fees, and repayment terms, you also cross very your application through “View Application” and after signing with the Prodigy Finance they will send all the funds directly to your school.

Once you submitted all the required documents it takes up to two weeks to get approved for the loan, remember that applying for a loan a  month before is a better option to avoid last minutes chaos.

Deferment and Repayment Options

 Borrowers generally get a grace period that extends until six months after their class end date which help borrower to start payment in a stable state. One benefit of Prodigy Finance is it allows borrowers to make payments while they're still in school or during the grace period without charging any penalty for early repayment. So if you think that you can manage studies and work together at wanted to remove the burden of loans from your shoulder you can choose this option as well.

Forbearance and Discharge Options

Prodigy Finance does not have any defined policies for forbearance or loan discharge but the lenders work with borrowers to determine the solution for the situation when the borrower is unable to pay.

Calculation of Interest rate

The interest rate offered by Prodigy is not the same for each borrower, it varies from person to person depending on various factors assessed by them. It is tailored based on what information is gathered from the application of the borrower as well as certain external factors.

The best thing about Prodigy is that it considers the future prospects of your career rather than only concentrating on your current financial status.

It is such variables that make Prodigy Finance’s credit model unique, ensuring that they can offer the borrower the most competitive rates possible, without the need for collateral or a co-signer.

The interest rate has 2 variables: a fixed margin and base rate.

A 3 month LIBOR is used for the base rate which is the benchmark interest rate used by lenders and banks around the world and varies with market fluctuations.

Once the application has been completed and submitted, you will receive a quote.

This quote represents your provisional offer which you have around one month in hand to respond to, whether accept or reject before its validity expires.

In case it does expire, you will be required to start a new application altogether.

Contact details

Prodigy Student loans are best suitable for those U.S students who are pursuing or wish to pursue a graduate degree overseas, for international or across the border graduate students in the field of business, law, engineering or public policy. It is also beneficial for working postgraduates who wish to refinance their existing student loans and make it less strenuous.

Beginning their story 12 years ago with 3 INSEAD students in 2007, today, it can proudly be said that Prodigy finance has funded more than 15,000 students for their postgraduate studies.

The team at Prodigy finance is very diverse, with members from across 150 countries.

Responsive customer service can be contacted through various mediums:

Through Phone:

Student Loan Enquiries

Hours of operation: Monday - Friday: 06:00 - 22:00 GMT

Global: (+44) 20 3900 3535

India: 000 800 9190 242 

UK: 0800 368 8766 

US: 866 533 3304 

Brazil: 11 3197 8763 

Refinance Enquiries

Hours of operation: Monday - Saturday: 11:00 - 04:00 GMT

US: 866 9909 782

UK: 0800 3689 291

Investor Enquiries

Hours of operation: Monday - Friday: 07:00 - 15:00 GMT

Global: (+44) 20 3900 1741

School Administrator Enquiries

Hours of operation: Monday - Friday: 08:30 - 19:00 GMT

Global: (+44) 20 3900 2126

US: 212 920 4556

Through Email :

General Enquiries

Student Loan Enquiries

Refinance Enquiries

Repayments Enquiries

Prodigy Finance can also be contacted through other means of connection such as Whatsapp or Wechat.

By joining this group, you will be agreeing to receive promotional communications from Prodigy Finance Limited and agree to their privacy policy. You can unsubscribe from the group at any time. 

You can physically reach out to their offices on the following addresses.

London | Cape Town | New York

London Headquarters:

Hardy House 

16-18 Beak Street 

W1F 9RD 


United Kingdom