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    Prodigy Finance Student Loan Refinance Review: An Option for International Student Borrowers

    What you should know:

    • Prodigy gives pupil mortgage refinancing for individuals who aren’t U.S. residents however work within the U.S.
    • Debtors can refinance by way of Prodigy with out collateral or a co-signer.
    • Prodigy is restricted to solely sure states and sure applications for eligibility.
    • No Pupil Mortgage Planner® purchasers have refinanced with Prodigy, so we will’t touch upon buyer satisfaction based mostly on that.

    Prodigy Finance is without doubt one of the few firms that supply refinancing for worldwide college students. Refinancing is a good technique for lowering the full quantity you pay on pupil loans. If you scale back your rate of interest, you find yourself paying much less towards your pupil debt general.

    For those who’ve graduated from a global program and at the moment are working within the U.S., refinancing pupil loans with Prodigy Finance is likely to be a superb possibility. Be taught extra about Prodigy to see if it may well assist you to repay your pupil loans quicker.

    Prodigy pupil mortgage refinance assessment

    Prodigy Finance began in 2007 with pupil loans for worldwide college students and expanded its merchandise to pupil mortgage refinancing for worldwide pupil graduates working within the U.S.

    It may be more durable for worldwide college students to search out viable refinancing choices, so Prodigy is a good alternative if different choices aren’t accessible to you. Check out a number of key particulars of a Prodigy Finance pupil mortgage refinance.

    Prodigy Pupil Mortgage Refinance

    As of Might 7, 2021

    Mortgage phrases

    7, 10, 15 or 20 years

    Mortgage quantities

    $15,000 to $350,000

    Late charges

    No

    Utility charge

    No

    Administration charge

    Sure, as much as 5% added to your starting mortgage stability

    Prepayment charge

    No

    Autopay

    Sure

    Credit score examine / Credit score historical past

    You would possibly nonetheless qualify for a mortgage even with no prior U.S. credit score historical past

    Loss of life or incapacity discharge

    Obtainable on a case-by-case foundation

    Navy deferment

    Obtainable on a case-by-case foundation

    Prodigy Finance pupil mortgage refinance: Execs and cons

    Prodigy Finance pupil mortgage refinancing is likely to be a strong possibility for some debtors, however the lender’s scope is reasonably small. Check out a number of the important professionals and cons of refinancing by way of Prodigy.

    Execs

    • You will get authorised for refinancing with no credit score historical past within the U.S., making it a superb possibility for graduates who haven’t lived within the nation very lengthy. You could run a credit score report, even when it reveals you haven’t any prior credit score historical past.
    • No cosigners are required for a Prodigy pupil mortgage refinance.
    • Prodigy refinancing is nice for non-U.S. residents working within the U.S., who may need restricted mortgage choices.
    • Prodigy experiences borrower funds to a credit score bureau, giving you a chance to construct your credit score within the U.S.
    • Prodigy’s forbearance coverage permits debtors to pause compensation for as much as three months at no cost. Debtors should apply for forbearance if wanted, and curiosity would possibly accrue throughout this era.

    Cons

    • Prodigy Finance solely gives pupil mortgage refinancing in some states.
    • The lender doesn’t enable autopay quantities that differ out of your month-to-month minimal cost.
    • Prodigy at the moment doesn’t have a score with the Higher Enterprise Bureau, and its score at TrustPilot is poor, as of writing.
    • Although Prodigy Finance gives to waive the primary three months’ price of curiosity in a COVID-19 associated forbearance settlement. It hasn’t instituted an extended pause because the U.S. authorities did for federal pupil loans.
    • It’s tough to be taught particular details about refinancing from Prodigy Finance, as the corporate web site gives restricted data.

    Prodigy Finance eligibility necessities

    To use for a Prodigy pupil mortgage refinance, you don’t want a ton of knowledge. Most individuals are eligible for Prodigy Finance companies even with no cosigner or collateral. Prodigy would possibly run a tender credit score examine, however there’s no prior credit score historical past required to qualify for a mortgage refinance.

    Prodigy isn’t releasing many particulars about what it takes to qualify for mortgage refinancing, and at the moment, there’s a waitlist to use. The corporate examines debtors’ revenue and debt to get an image of their debt-to-income ratio and decide your means to pay again the mortgage.

    You’ll must have graduated from considered one of over 750 universities Prodigy helps to be eligible for a pupil mortgage refinance.

    Utility data

    The states the place Prodigy refinancing isn’t accessible are Alabama, Connecticut, Delaware, Hawaii, Idaho, Indiana, Iowa, Maine,  Michigan, Mississippi, Minnesota, Montana, Nevada, New York, North Dakota, Ohio, Rhode Island, South Dakota, Vermont, Washington, West Virginia and Wyoming.

    Sadly, if you happen to’re a resident of considered one of these states or the opposite areas excluded resulting from funding or regulatory restrictions, you received’t be capable to use them for refinancing.

    The applying course of for a Prodigy pupil mortgage refinance is pretty easy. Because you don’t must have a cosigner on the mortgage and also you don’t want a preexisting credit score historical past, Prodigy Finance primarily appears at your revenue and excellent debt.

    Prodigy gives a number of completely different time period lengths for refinanced pupil loans:

    • 84 months (7 years)
    • 120 months (10 years)
    • 180 months (15 years)
    • 240 months (20 years)

    A bit over half (56%) of those that utilized in the course of the pilot section of Prodigy refinancing selected the shortest possibility of 84 months to repay the mortgage.

    Pupil mortgage refinancing with Prodigy Finance

    Prodigy Finance has been round as a pupil lender for about fourteen years, however has solely been refinancing loans for the previous few years. It operates in a small area of interest — worldwide debtors working within the U.S. Except you actually haven’t any different lending choices, it is likely to be finest to discover different refinance alternate options.

    Though Prodigy Finance gives companies that not many firms do (refinancing for worldwide college students), it doesn’t have a protracted observe file. To this point, none of our Pupil Mortgage Planner® purchasers have used Prodigy Finance for his or her refinancing wants.

    For those who’re contemplating Prodigy, discover whether or not there are different alternate options, particularly when there’s a protracted waitlist for refinancing. Credible is a good refinancing possibility, and Earnest is a strong possibility for debtors with excessive mortgage balances.

    Pupil Mortgage Planner® has constructive relationships with many extra high quality lenders that supply clear phrases and nice bonuses for refinancing pupil loans. For those who’re a U.S. citizen and in a position to work with considered one of our companion lenders, try the small print from these finest pupil mortgage refinance firms.

    Refinance pupil loans, get a bonus in 2021
    1 Disclosures
    $1,050 BONUS1 For 100k+. $300 bonus for 50k to 99k.1
    VISIT LAUREL ROAD Variable 1.64-5.65percent1 Fastened 2.25-5.75percent1

    2 Disclosures
    $1,050 BONUS2 For 100k+. $300 bonus for 50k to 99k.2
    VISIT COMMONBOND Variable 2.49-6.84%%2 Fastened 2.59-6.74percent2

    3 Disclosures
    $1,000 BONUS3  For 100k or extra. $200 for 50k to $99,9993
    VISIT EARNEST Variable 1.88-5.64percent3 Fastened 2.44-5.79percent3

    4 Disclosures
    $1,000 BONUS4 For 100k+. $300 bonus for 50k to 99k.4
    VISIT SPLASH Variable 1.88-6.15percent4 Fastened 2.44-6.62percent4

    5 Disclosures
    $1,275 BONUS5  For 150k+. Tiered 300 to 575 bonus for 50k to 149k.5
    VISIT ELFI Variable 2.39-6.01percent5 Fastened 2.47-5.99percent5

    6 Disclosures
    $1,000 BONUS6 For $100k or extra. $200 for $50k to $99,9996
    VISIT SOFI Variable 2.25-6.59percent6 Fastened 2.49-6.94percent6

    7 Disclosures
    $1,250 BONUS7  $350 for 50k to 100k7
    VISIT CREDIBLE Variable 1.80-8.90percent7 Fastened 2.15-9.15percent7

    Undecided what to do along with your pupil loans?

    Take our 11 query quiz to get a customized suggestion of whether or not it is best to pursue PSLF, IDR forgiveness, or refinancing (together with the one lender we expect might provide the finest charge).

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