Prodigy Finance is a reputable online financial institution that offers graduate students access to private, international student loans. Because its loans are guaranteed by investors rather than a typical bank, neither a co-signer nor collateral is necessary. Because of this, they attract not just students from other countries but also Americans who want to earn their master's degree in another country.
Prodigy Finance: How Does It Operate?
You may complete the loan procedure online, from the application to the final signature. Create an account and verify your email to get started. Then, discuss your personal finances and future academic objectives. Once you supply some information to Prodigy Finance, they may present you with a unique quotation.
You'll need to provide some paperwork to accept the provided estimate. If Prodigy Finance thinks you're a good fit for its investors, they'll look into providing you with financing. Once matched, if you choose to proceed, Prodigy Finance will send you a letter of loan acceptance to submit with your visa application.
Digital loan agreements can be signed upon arrival on campus, with proceeds sent straight to your institution. Full-time students' payments aren't due until six months after school. A part-time student has three months from the time funds are disbursed to the institution until repayment must begin.
What Are the Rates and Requirements, Exactly?
There is no set maximum loan amount available with Prodigy Finance. Acceptance of these loans is determined case-by-case by the individual colleges and programs that provide them. Loans from Prodigy Finance may be used to cover the entire cost of education at some institutions, while at others, they may be used solely to cover tuition.
Loan applications submitted via Prodigy Finance are cost-free. There are no extra costs associated with your loan other than the 5% administration fee charged by Prodigy Finance. Prepayment of your loan is not penalized in any way.
Interest rates offered by Prodigy Finance are not set in stone. The lowest interest rate available is 9.54 per cent annualized. Your rate will be established after considering your credit, loan amount, payback length, and other personal and financial details.
Loan Costs and Repayment Opportunities
The main disadvantage of a loan from Prodigy Finance is the higher interest rate than other lending institutions. The components are as follows.
Financial Costs of Borrowing
In most cases, the only cost associated with a private student loan from Prodigy Finance is a one-time origination charge of up to 5% of the loan's principal. This sum will be added to your loan balance by Prodigy Finance.
If you take out a loan to pay for school and need $10,000, you might initially have a loan debt of up to $10,500. 3 If you miss two payments in a row, Prodigy Finance will charge you a $96 default fee.
The Financing Genius. What if I Can't Pay Back My Loan?
In addition to not charging late fees for missing payments, returned payment costs, early payment penalties, forbearance and deferral fees, etc., Prodigy Finance does not charge any extra loan fees.
Discharge and Forbearance of Loans
Talk to Prodigy Finance about requesting deferment on your loan payments if you have difficulty making payments due to things like losing your job or becoming hurt. You can take a break from making payments to Prodigy Finance for a maximum of three consecutive three-month periods. This choice does not cost you anything.
The two main drawbacks of forbearance are that your loan balance will increase due to interest accrual and that the length of your loan will increase by the number of months you are in forbearance.
To Apply For A Student Loan from Prodigy Finance
As the application process for student loans with Prodigy Finance is more in-depth than with some other lenders, it's best to have all the necessary paperwork ready before you begin. The required details are as follows:
- Three-year addresses
- A current utility bill or similar showing your present residence.
- A photocopy of your passport or other valid government-issued photo ID
- Scholarship award notification letter or confirmation
- Acceptance letter from your chosen institution
- Estimated tuition and funding sources
- Your savings, debts, and income
- Recent bank statements
Final Verdict
Overseas graduate students must realize that they may find cheaper alternatives. However, not everyone can get these loans, especially if they do not come from affluent backgrounds. Prodigy Finance fills the void by providing money based on your projected income. Prodigy Finance can help you get the money you need to pursue your school goals if you're planning to enter a high-paying field.
