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Prodigy Finance Student Loans: 2024 Review

Updated on Jan. 1, 2024

At a glance

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Check rate with Bankrate
Rating: 3.5 stars out of 5
Bankrate Score
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Repayment Options
Rating: 3 stars out of 5
Rating: 3 stars out of 5
Customer Experience
Rating: 4.5 stars out of 5

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Lender Details


Loan amount

$15,000 to total cost of attendance


APR from

Representative APR is 14.68%

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Term lengths

7 to 20 years

Prodigy Finance features

Prodigy Finance provides value to students who want to study abroad. It supports 850 schools in 18 different countries. You also don't need to be from the U.S. to qualify. 

Prodigy Finance: In the details

Prodigy Finance pros and cons


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    No co-signer or collateral needed

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    Open to international students

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    Flexible repayment terms

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    Considers factors beyond credit


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    Not available at every school or state

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    High interest rates

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    No discounts available

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    Loans for master’s degrees only

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

Loan product Variable rate Fixed rate
Master's student loans Representative APR is 14.68% N/A

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

How Bankrate rates Prodigy Finance

Overall Score 3.5
Repayment Options 3.0 Prodigy Finance can cover up to your total cost of attendance. However, it offers only one type of loan and is available in only 34 states.
Affordability 3.0 Prodigy Finance’s minimum APR is high, especially for a variable rate, though it does not require co-signers. It also charges several fees.
Customer Experience 4.5 While Prodigy offers borrowers an app for managing their loans, it doesn’t specify its customer service hours on its website.


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 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.