Prodigy Student Loans Review 2024 (2024)

Prodigy Finance is a U.K.-based lending company founded in 2007 by three M.B.A. students who aimed to make education more accessible to international students. The company supports over 1,100 schools across 150 countries and has funded $1.5 billion in graduate student loans.

The company offers loans to international students who are accepted into specific schools of study (e.g. STEM, health sciences, law and more) at designated institutions. Prodigy Finance tailors its student loans toward underprivileged students, as most borrowers make less than $40,000 annually.

If you’re considering a Prodigy Finance loan to fund your graduate degree, review some important details before applying.

Loan Amounts and Terms

• Loan amounts. Prodigy Finance’s loan amounts generally range from $15,000 up to 100% of your school’s total attendance costs, depending on the institution. Once you receive an offer, you can request a higher loan amount and Priority Finance will determine your eligibility based on your information.
• Terms. Prodigy Finance offers seven- to 20-year repayment periods. Payments typically begin after the grace period.

Loan Costs and Fees

• Annual percentage rates (APRs). Variable rates start at 11.18%. This rate assumes an 8.48% fixed margin rate and a 5.30% overnight financing rate, which fluctuates based on a three-month prediction of the market.
• Origination fees. Prodigy Finance charges a 5% administration fee once you receive your loan.
• Additional fees. Prodigy will send you a notice and charge a fee based on your country of residence if you miss two or more monthly payments.
• Prepayment penalty fees. Prodigy Finance doesn’t charge any prepayment penalty fees.

Repayment Options

Prodigy Finance extends a deferred payment plan to its international borrowers. As a full-time student, you have a six-month grace period between the end of your studies and your first payment. For part-time students, payments begin three months after the loan is disbursed to the school.

Borrowers make monthly principal and interest payments based on their loan amount. Prodigy Finance allows borrowers to make advanced payments, which are double the amount of their monthly payments.

Payments must be made with the same currency as the loan.

Perks and Features

Since Prodigy Finance evaluates your application based on your future earning potential instead of your credit score, international students require no co-signer or collateral to qualify for student funding.

Prodigy Finance also doesn’t charge any prepayment fees, which allows you to repay the loan faster by making early payments.

Although Prodigy Finance doesn’t consider your credit score and income, there are several basic requirements you’ll have to meet before applying for a student loan.

Eligibility Requirements

International students attending a Prodigy-supported school can qualify for a Prodigy Finance student loan. A list of eligible institutions is featured on Prodigy Finance’s website.

Students must have less than 90 days of residency in their country of study before the first day of classes, which ensures a student isn’t a permanent resident of their study country.

Prodigy Finance doesn’t offer loans to students attending schools in certain countries or U.S. states. For example, residents from Afghanistan and the U.S. states of Rhode Island or Vermont are ineligible for funding.

1. Confirm That You’re From an Eligible Region

Before applying for a loan, check to confirm that you’re from a qualifying region. Prodigy loans aren’t available in certain countries, U.S. states or Canadian provinces and territories.

2. Verify That Your School and Program Are Approved

Prodigy Finance provides loans for specific schools with graduate programs in STEM, public policy, law and health sciences. If your school isn’t listed, contact Prodigy Finance or your school’s financial aid office to express your interest.

3. Create an Account

All borrowers must create an account with Prodigy Finance to apply for a loan. To create an account, provide your name, email and a password.

4. Fill Out an Online Application

Visit the Prodigy Finance website and click on the ‘Apply now’ button. You’ll need to provide residency information, work experience and your school’s total cost of attendance.

Upon approval, you’ll receive a provisional offer from Prodigy Finance outlining your rates, repayment terms and loan amount. The offer is valid for two weeks, and you’ll need to submit another application if this time passes.

5. Submit Verification Documents

Once you accept your offer, you’ll need to provide documents to verify the following:

• Identity and address. Provide a color copy of your passport’s ID page and proof of your residential address dated within three months of your application.
• School admission. Proof of admission can include a copy of correspondence from your school stating your name, course, acceptance and the school name.
• Credit report. A copy of your credit report from your country’s credit agency is also required. If you don’t have any credit history, you’ll need a letter from the credit agency stating such. Credit history isn’t a requirement for student loans, but it can help Prodigy Fiance evaluate your candidacy if you have it.
• Income. You must provide pay stubs and bank account statements based on your employment situation. If you have a post-study job offer, submit a copy of your signed employment contract.
• Letter of sponsorship or scholarship. If you have any scholarship, grants or other forms of financial sponsorship from your institution, you must submit proof in an unalterable file format, like a PDF.
• Proof of declared savings. Provide bank account statements for savings or family contributions toward your graduate program.

6. Sign Your Loan Agreement

After submitting your documents, Prodigy Finance will match your application with its pool of community and investment funds. Once your application is matched, the company will notify you and request that you sign your loan agreement. After you sign, your loan is disbursed directly to your school.

Prodigy Finance has a contact form on their website that requires your email address and information on your question or problem.

You can also contact a Prodigy Finance representative by emailing info@prodigyfinance.com or by phone at 1-866-533-3304 (U.S.) or 44-20-3900-3535 (global). Phone numbers for Brazil and India are also listed online.

We reviewed Prodigy Finance based on 16 data points in the categories of interest rates, fees, loan terms, hardship options, application process and eligibility. We rated Prodigy Finance based on the weighting assigned to each category:

• Hardship options. 30%
• Application process. 16%
• Loan terms. 14%
• Eligibility. 14%
• Interest rates. 13%
• Fees. 13%

Specific characteristics taken into consideration within each category included number of months of forbearance available, economic hardship repayment options available beyond traditional forbearance, perks like cash-back rewards upon graduation, discounts, time to default, disclosure of credit score and income requirements, and other factors.

Lenders who offered interest rates below 10% scored the highest, as did those who offered more than the standard 12 months of forbearance, who made their loans available to non-U.S. citizens, who offered interest rate discounts beyond the standard 0.25% for automatic payments, who offered multiple loan terms maxing out at 15 years and who charged minimal fees.

In some cases, lenders were awarded partial points, and a maximum of 3% of the final score was left to editorial discretion based on the quality of consumer-friendly features offered.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our .