Prodigy Finance Student Loans Review 2025: Filling a Funding Gap for International Grad Students

3.1 _/5

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Private Student Loans

• Accessible to international students
• No cosigner or credit history requirement
• Impressive customer service

• Only funds Master’s degrees
• Expensive administration fee
• $500 processing fee due upfront

Rates (APR)	Starting at 11.06%
Loan amounts	$10,000 – 100% cost of attendance
Repayment terms	7, 15, or 20 years

Prodigy fills a funding gap for international students by offering loans for full and part-time master’s degrees in the United States. You don’t need a cosigner, credit score, or collateral to get a loan from Prodigy since the company works with individual investors to fund the loans. It’s a unique option that solves a specific need. 

The company’s customer service is exceptional—helpful representatives answer the phone almost immediately. However, the loans are expensive. Prodigy charges a 4% administration fee added to the loan total. You also must pay $500 out of pocket when you accept the offer. But the cost likely isn’t a deal breaker if Prodigy is your only option.  

Table of Contents

1. How do Prodigy student loans work?
2. How much do Prodigy loans cost?
3. How do you qualify?
4. Pros and cons

How do Prodigy student loans work? 

Prodigy works with individual investors from various countries to get money for the loans. The model differs from other lenders because Prodigy isn’t a bank and doesn’t partner with one.  

Once you submit a loan application, the company works to find a match for you. Matching occurs every week, so it’s usually quite fast. Loans include specific conditions from the investor outlined in your offer letter. You can skip two matches, which gives you some flexibility as you wait for the right fit.  

Once you’re happy with the match, you must pay a processing fee to reserve the funds. This is due upfront; there’s no option to add it to your loan balance. It’s a trade-off—the application includes extra steps, but you can get funding that isn’t otherwise available. 

Your future earning potential determines loan eligibility, so you don’t need a cosigner, credit score, or collateral. Cosigner loans are available, but only for Indian residents. Qualifying for a lower rate and a bigger loan with a cosigner might be easier. However, the grace period for cosigner loans is shorter. 

Detail	Non-cosigned	Cosigned
Residency requirements	150+ countries	India
Rates (APR)	Variable rate starting at 11.06%	Variable rate starting at 11.06%
Loan amounts	$10,000 – 100% cost of attendance	$10,000 – 100% cost of attendance
Repayment terms	7, 15, or 20 years	7, 15, or 20 years
Fees	4% administration fee and $500 processing fee	4% administration fee and $500 processing fee
Grace period	6 months for full-time students and 3 months for part-time students	None—$100 monthly payment while studying

How much do Prodigy loans cost?

Prodigy student loans have a variable rate, so your monthly payment will change throughout your repayment term. It could increase or decrease depending on the current market conditions. Variable rates can make budgeting more challenging, but you can benefit from lower payments if rates decrease. 

The minimum rate is 11.06% APR, but the average rate is higher at 14.96% APR. The rates are higher than average, but it might be worth it if you have limited options as an international student. 

Prodigy offers three repayment terms: seven, 10, or 20 years. Multiple repayment options make it easier to find a monthly payment that fits your budget. In contrast, MPOWER, another lender for international students, only has one repayment term. 

You won’t owe penalties if you pay off your balance early. But you must pay a $500 processing fee upfront, and an additional 4% is added to your loan to cover the administration fee. For example, let’s say you borrow $30,000. The administration fee is $1,200, so the starting loan balance is $31,200.

Fee	Cost
Application	None
Processing fee	$500
Administration fee	4% of loan
Prepayment penalty	None

How do you qualify for a Prodigy loan? 

Prodigy Finance student loans don’t require a minimum credit score or income, and you don’t need a cosigner. The company’s accessible eligibility requirements are nearly impossible to find anywhere else, making it a top lender for international students. 

It doesn’t matter if you’re applying for a non-cosigned or cosigned loan—the eligibility requirements are the same. The only difference is that cosigned loans are only available for Indian residents. 

Non-cosigned loans have some specific residency requirements. The company lists countries that don’t work with Prodigy, including China and Belgium. For American residents and citizens, Prodigy only offers loans in about half of the states. You also can’t get a loan from Prodigy if your university is in Rhode Island or Vermont. 

Detail	Non-cosigned	Cosigned
Citizenship	150+ eligible countries	India
State of residence	Not available for residents of Alabama, Alaska, Delaware, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Mississippi, Montana, Nevada, North Dakota, Oregon, Rhode Island, South Carolina, Vermont, Washington, Wyoming	Not available for residents of Alabama, Alaska, Delaware, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Mississippi, Montana, Nevada, North Dakota, Oregon, Rhode Island, South Carolina, Vermont, Washington, Wyoming
Min. age	18	18
Eligible schools	Eligible master’s programs in 48 states, excluding Rhode Island and Vermont	Eligible master’s programs in 48 states, excluding Rhode Island and Vermont
Credit score	None	None
Income	None	None

Pros and cons of Prodigy loans

Prodigy is a solid pick for international students without a cosigner and the only solution for some students. However, borrowing money with Prodigy is expensive, and funds are only available for one type of degree. 

Pros

• Accessible to international students

  Prodigy exists to help international students get funding to study abroad. The eligibility requirements are realistic, even if you don’t have any connections in the United States. The company also helps you navigate the complicated process of studying abroad—connect with a Student Mentor to ask questions and use your loan acceptance letter as part of your visa application. 

• No cosigner or credit history requirement

  The biggest benefit of working with Prodigy is that you don’t need a cosigner or credit history in the United States. Most lenders have strict eligibility requirements, including minimum credit scores and income. Prodigy looks at your earning potential, previous earnings, and school acceptance to determine eligibility.

• Impressive customer service

  Prodigy’s customer service is excellent. Representatives answer the phone on the first ring, and wait times are nonexistent. Once you’re connected, customer service representatives are happy to answer questions and don’t make you feel rushed. You can email i[email protected], chat with a Student Mentor online, or call 1-866-533-3304. The company also provides local contact numbers for various countries. 

Cons

• Only funds master’s degrees

  Prodigy only offers loans for master’s degrees. You can’t get a loan for an undergraduate, associate, or certificate program.

• Expensive administration fee

  The administration fee is 4% of the loan. It’s added to your loan balance and accrues interest throughout the repayment term, so the cost is even higher. Most lenders don’t charge a fee, making Prodigy a more expensive option. 

• $500 processing fee due upfront

  Prodigy charges a $500 processing fee to confirm your funding after a match. You have to pay the fee upfront, so you need access to cash or a credit card. Lenders often add fees to the loan balance, so the upfront cost might be a deal breaker.

Read More

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Should you get a student loan from Prodigy or another lender? 

Prodigy offers a hard-to-find solution: loans for international students without a cosigner. It’s one of the only options for a master’s degree in the United States. The biggest limitation is that Prodigy doesn’t work with undergraduate students. 

If Prodigy isn’t the right fit, you might want to consider one of the best student loan companies, including the following options. 

MPOWER vs. Prodigy

MPOWER  lender works with international students and doesn’t require a cosigner. You’ll pay an origination fee of 6.5%, and there’s only one repayment term option for 10 years. 

However, MPOWER is one of the only companies that lends to international undergraduate students who don’t have a cosigner. Unlike Prodigy, MPOWER uses a traditional funding method and partners with Bank of Lake Mills to provide loans. 

Credible vs. Prodigy

As an online marketplace, Credible allows you to review multiple loan offers at once. Most lenders work with international students, but some require a cosigner, which can be frustrating for students who don’t have one. You also might need a credit history or a minimum score. 

SoFi vs. Prodigy

With no fees, low interest rates, and helpful benefits, SoFi is a top pick for student loans. You need a high credit score to get the lowest rates, and international students need a cosigner. It’s an excellent option for international students with a family member who lives in the United States, but it’s likely not an option if you don’t.

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How to apply for a student loan from Prodigy Finance 

Prodigy student loans are more intensive than applying for loans from other lenders because you need to match with an investor. It’s still quite fast—most applications finalize within two weeks—but it takes longer than most.

Let’s take a look at what you can expect when applying for a loan from Prodigy.  

1. Create account: The first step is to create an account with Prodigy and provide your contact information.
2. Apply: The next step is to apply for a provisional offer, which takes 15 to 20 minutes. You’ll receive an offer, sometimes within a few seconds. 
3. Upload documents: You must upload documentation for proof of identity, pre-salary and post-salary estimates, address, and admission.  
4. Accept an offer: To confirm the funding, accept the match, and pay the $500 processing fee. 
5. Receive funds: Your school will receive the funds, and Prodigy communicates with the university to ensure they arrive on time. 

Read More:

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FAQ

What happens if you don’t pay Prodigy Finance?

If you fall behind on your payments to Prodigy Finance, the consequences can be serious. Missed payments may lead to late fees and additional interest, which increases your overall balance. Your delinquency could also hurt your international and local credit scores, potentially affecting your future financial opportunities.

In some cases, Prodigy may turn your account over to a third-party debt collection agency or pursue legal action to recover the debt. While rare, unresolved debt could also affect future visa or immigration applications. If you’re struggling to make payments, it’s best to contact Prodigy Finance as early as possible—it may offer restructuring options or assistance.

Is Prodigy Finance federal or private?

Prodigy Finance is a private lender and is not part of the U.S. federal student loan program. As a result, its loans are not eligible for federal benefits such as income-driven repayment plans, student loan forgiveness programs like PSLF, or interest subsidies.

However, Prodigy is a valuable option for international students who typically do not qualify for U.S. federal aid or most private loans. It offers financing in cases where other lenders may not, especially for students studying abroad.

How we rated Prodigy Finance student loans

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Prodigy Finance to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Rating
Prodigy Finance student loans	3.1 / 5.0