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Prodigy Finance Student Loans: 2023 Review

Updated on Jun. 22, 2023
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At a glance

Rating: 3.4 stars out of 5
Bankrate Score
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Repayment Options
Rating: 3 stars out of 5
Rating: 2.6 stars out of 5
Customer Experience
Rating: 4.6 stars out of 5

About Bankrate Score

Prodigy Finance is an online lender specializing in private international student loans for graduate students. Its loans, which are backed by investors and not by a traditional bank, don’t require any co-signers or collateral. This alone makes them a good option for international students, as well as for U.S. students looking to complete their master’s degree abroad.

Loan amount $15,000 to total cost of attendance
APR from 11.18%
Clock Wait
Term lengths 7 to 20 years

This lender is best for U.S. students looking to complete a master’s degree abroad in STEM, business, nursing, law or public health.

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Prodigy Finance pros and cons


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    No co-signer or collateral needed

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    Open to international students in the U.S.

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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

Do you qualify?

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 one of the countries or states listed on Prodigy’s website.
  • Have lived less than a year in the country where you’ll be going to school, if you already moved.

Prodigy Finance: In the details

Loan rates

Loan product Variable rate Fixed rate
Master's student loans Starting at 11.18% APR N/A

Repayment terms and options

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.

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 (full name, email and phone number).
  • Your address for the past three years.
  • Your plan to fund your education (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 (credit cards, other loans, etc.).

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’ll also have to submit a credit report from your country of origin, as this 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.

After you accept the loan offer, the funds will be sent to your school within three to five business days. Then the school will give you any amount left over after covering your tuition costs.

Prodigy Finance FAQs

How Bankrate rates Prodigy Finance

Overall Score 3.4
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 2.6 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 4.6 While Prodigy offers borrowers an app for managing their loans, it doesn’t specify its customer service hours on its website.


Bankrate scores student loan providers across 14 data points. State availability, the length of the grace period offered and available loan amounts are all considered when evaluating lenders. Scores are divided into three categories.

  • Availability: Includes loan amounts, loan types, repayment options and state availability.
  • Affordability: Includes grace period length, APR range, cosigner requirements and fees.
  • Customer experience: Includes app availability, repayment options, online availability and customer service hours.

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.