Prodigy Finance supports international students from 150 countries attending top schools globally. Over the past 10 years we’ve funded over $500 million to more than 10,300 students from more than 120 countries.
1. Which universities and programmes does Prodigy Finance support?
If you’re looking to study your Masters in STEM Prodigy Finance supports STEM programmes in top 100 universities in US as per the US News rankings. Additionally, we support a select number of engineering programmes in Canada and Europe.
We also support top 100 Business schools globally and select Law and Policy Schools.
2. How can Prodigy Finance offer loans without co-signers, co-borrowers or collateral?
Prodigy Finance loans don’t require (or accept) collateral or co-signers (sometimes known as co-borrowers) and over the past 10 years we’ve funded over $500 million to more than 10,300 students.
3. I’m keen to fund my education without burdening my parents. What documents are required to borrow from Prodigy Finance?
All Prodigy Finance loans are without collateral or co-signer. We require basic documentation of the student including:
4. How much can I borrow from Prodigy Finance for my education? Does that include living expenses?
For all programmes in the US, Prodigy Finance provides loans which can include living expenses. The maximum loan is full cost of attendance (tuition and living expenses) for STEM programmes outside of business departments.
At business schools, the maximum loan is 80% of the full cost of attendance.Your loan size might be smaller than the full cost, based on your financial situation and the degree you’re pursuing.
5. How and where can I apply for a Prodigy Finance loan?
The entire Prodigy Finance application process is online. Please register on our website and submit an initial application to learn your uniquely assessed loan terms. Subsequently, you’ll upload the required documents to receive your loan confirmation.
There’s no risk as there’s no need to accept your offer from Prodigy Finance.
6. What is APR? How is it different from interest rates? Where will I find the APR of my loan?
APR (Annual Percentage Rate) is a financial tool that helps you understand the full cost of your loan (interest rate and fees) as an number representing the cost of your loan annually, expressed as a percentage. There are two main benefits for this - there are no hidden fees (surprises), and you can compare loan products with each other.
Even if two students have the same interest rate, APR might be different. One common reason is the loan size. APR includes admin fee, which is a function of the loan size, and as admin fee changes, APR will differ.
7. What are some upfront charges or fees with education loans? How is Prodigy Finance different?
Education loans charge a variety of fees. These could be informed to you upfront, or they could be hidden and intimated later on. Some common fees charged by lenders are:
Unlike other lenders, Prodigy Finance offers an APR upfront. Your APR (Annual Percentage rate) includes all costs of the loan - interest and any other fee associated with the loan. Prodigy Finance has only one fee (charged on date of first disbursement) and no hidden charges.
8. What are the loan terms offered by Prodigy Finance? Where will I find more information about them?
Prodigy Finance loan size varies from minimum of $15k per annum to up to 80% or 100% of the total cost of attendance (tuition and living expenses) depending on your school and programme.
Interest rates are split into a fixed margin and a variable portion. The fixed margin is fixed between 5.5% and 8.5%, and our variable portion is the relevant LIBOR rate which is dependent on the currency of your loan.
9. Is the Prodigy FInance loan letter valid for official documentation such as I-20 or student visa applications? Is the letter sufficient proof for immigration officials?
Yes! Prodigy Finance provides you with a loan confirmation letter than can be used for I-20, visa application as well as those from other countries - and other official needs, such as university proof of payment requirements. We provide a digital PDF which you can print. Should you need an original copy, we’ll send one to you and all you’ll pay is the cost of shipping.
10. Are there any penalties for early repayment of my Prodigy Finance loan? How does it impact my interest?
Prodigy Finance does not charge any penalties for early prepayment. Moreover interest is charged only on outstanding balance. If you prepay, your outstanding balance will be lower and you’ll save money; the more you repay, the less you’ll pay in interest fees.
This article is a part of Prodigy Finance's FinLit series of webinars and blog articles. Read the rest of the articles here:
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