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Prodigy Finance student loan refinancing review

Student loan refinancing available for international MBA students — with no cosigner needed.

  • Best for international students looking to save on their student debt load.
  • Pick something else if you don't meet the exclusive eligibility criteria.

4% + 3 month LIBOR RATE



Product NameProdigy Finance Student Loan Refinancing
APR4% + 3 month LIBOR RATE
Interest Rate TypeVariable
Minimum Loan Term7 years
Maximum Loan Term20 years
RequirementsNoncitizen working in an eligible US state or UK, graduate of an eligible university, existing private student loan.

Review by

Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Expert review

As an international student, getting an MBA in the US is an investment in your future — but it can be an expensive one. Prodigy Finance is one of the few refinancing lenders that can help noncitizens save on their student loans if they pursue a career in the States. Its top benefits include not needing a cosigner, as well as a generous grace period and career support services to help you get on your feet after graduation.

But it only works with students who graduated from select schools and live in certain states. And there’s no direct debit option, meaning you can only repay your loan via transfers from your US bank account using a service like Flywire.

Can’t qualify? Check out our list of other student loan refinancing providers that might be a better fit.

First, am I eligible?

Not every student is eligible for student loan refinancing through Prodigy Finance. To qualify, you must meet the following requirements:

  • Be a graduate from an eligible university.
  • Have a job.
  • Live in an eligible state or anywhere in the UK.
  • Have a private student loan.
  • Not be a US citizen or permanent resident.

How does refinancing with Prodigy Finance work?

Refinancing with Prodigy Finance works like refinancing with any other provider: Take out a new loan to pay off your current student loans, ideally with more favorable rates. On top of helping you save, refinancing with Prodigy can help you lengthen your loan term to get more affordable monthly repayments or remove a cosigner from your current loans.

Prodigy’s rates are slightly higher than what you’d find with other student loan refinancing companies. But since international students have slim pickings when it comes to getting a private student loan, there’s a chance its rates are lower than what you’re paying. The application is simple, can be completed entirely online and typically only takes a few days to get a response.

In an interview with Finder, Ricardo Fernandez, Head of Refinance at Prodigy Finance, had this to say about the company: “Prodigy Finance provides education loans to international students attending top universities around the world, and refinancing for international working graduates. Our investors, who fund the loans earn a financial and social return, the schools we work with get the best talent, and students from 150 countries get access to funding.”

How much will I pay to refinance?

Refinancing can potentially lower your payments, skirt sky-high interest rates and allow you to pay off your student debt sooner. At Prodigy, the interest rate you get depends on your personal situation: Your savings, debts, salary and earning potential can affect how much you pay.

Prodigy only offers variable interest rates, which start at 4%. Variable rates go up and down based on the state of the lending market. Prodigy calculates its variable rate by adding a smaller fixed rate starting at 4% + 3 month LIBOR RATE to the three-month LIBOR rate. You can learn more about how LIBOR rates work by checking our guide to fixed- and variable-rate student loans.

On top of interest, prodigy also charges an administration fee of 2.5%, which it asks for when you apply. However, there is no prepayment fee, so you won’t be penalized if you pay off your loan early.

What are my repayment options?

Prodigy offers a one-month grace period between graduation and your first payment to ease the pressure that comes with transitioning to work.

After that, you have somewhere between 7 to 20 years to pay off your loan, depending on your terms. You’ll then need to make your monthly payments on time and in full. If you’re struggling, contact Prodigy to learn about your options.

Compare more student loan refinancing providers

Explore your options by APR, loan amount, loan term and minimum credit score required. Select the Go to site button for more information about a particular provider.

Name Product APR Min. Credit Score Loan amount Loan Term
Purefy Student Loan Refinancing (Variable Rate)
1.88% to 5.54%
$5,000 - $300,000
5 to 20 years
Refinance all types of student loans — including federal and parent PLUS loans.
Credible Student Loan Refinancing
1.80% to 7.74%
Good to excellent credit
Starting at $5,000
5 to 20 years
Get prequalified offers from top student loan refinancing providers in one place.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
1.74% to 6.59%
Starting at $5,000
5 to 20 years
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Splash Financial Student Loan Refinancing
1.74% to 6.15%
Starting at $7,500
5 to 25 years
Save on your student loans with this market-leading newcomer.
Education Loan Finance Student Loan Refinancing
1.86% to 6.01%
Starting at $15,000
5 to 20 years
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
Earnest Student Loan Refinancing
1.74% to 5.74% APR with autopay
$5,000 - $500,000
5 to 20 years
Get a tailored interest rate and repayment plan with no hidden fees.
Supermoney student loan refinancing
Starting at 1.9%
No minimum credit score
$5,000 - $300,000
5 to 20 years
Compare options to combine both private and federal debts into one monthly payment.

Compare up to 4 providers

Top reasons to consider Prodigy Finance

When you choose to refinance your student loans with Prodigy Finance, you’re privy to a number of benefits, including:

  • No cosigner? No problem. Most US lenders won’t approve foreign students without a cosigner or collateral, but Prodigy does. This means your loan can be entirely in your name.
  • Well-rounded assessment. Prodigy’s “borderless risk algorithm” assesses affordability based on your future earning potential and home credit history, so your application is not contingent on your US credit history.
  • Open to noncitizens. Noncitizens aren’t eligible for federal loans in the US, and Prodigy bridges this gap when it comes to refinancing student loans.
  • Grace period. The firm offers a one-month grace period before repayments start, in an effort to give you some breathing space as you move into employment.
  • Open to international schools. Prodigy finance’s refinances loans from 285 programs around the world, not just in the US and UK.
  • Sophisticated online system. You can apply for refinancing online, manage your loan via the site’s dashboard, and access the team via email whenever you need help.
  • Career support. Prodigy invests in long-term relationships with students: it offers career advice, and runs webinars, on-campus events and workshops, and networking events throughout the year.
  • Partnerships with financial services companies. The firm has teamed up with FlyWire to allow students to easily make their payments when they return home — and Prodigy picks up the tab for extra costs.

Why you might want to look elsewhere

Every lender has its drawbacks, including Prodigy — though many of its kinks can be linked to its newcomer status in the US market. These are several reasons why Prodigy might not be a good fit for you:

  • Not all schools are eligible. While Prodigy works with graduates of 285 schools across the world, there’s a possibility that yours might not be one of them.
  • Limited to international students. Prodigy does not refinance loans for US citizens and permanent residents.
  • Direct debit unavailable. At the moment, you can only repay your loan via transfers from your US bank account using a service like Flywire. According to Prodigy site, the firm is working on a direct-debit option.
  • No autopay discount. Prodigy does not offer a discount for automatic debit payments, which is standard for most student loans and refinancing programs.

What to expect when signing up

Prodigy’s application is simple and you can complete it entirely online. To apply, fill out a form with your personal details, current loans and information about your employment status. Keep in mind that Prodigy considers your projected earnings when assessing your eligibility, not just your salary.

You also need to disclose any other types debt you may have, such as a credit card or car loan.

Prodigy requires you to provide supporting documents, such as:

  • Your W-2 form or two months of pay stubs.
  • Proof of graduation.
  • Bank statement.
  • Government-issued ID.
  • Credit report.

While Prodigy looks at your US credit to determine your rates, this check won’t affect your credit score — and the quote is nonbinding.

Once you submit your application, you can expect an answer in two business days.

See how Prodigy Finance stacks up to the competition with our guide to student loan refinancing. Or explore even more refinancing options for international students.

Frequently asked questions

Can I refinance my student loan if I haven’t graduated?

No. Prodigy’s refinancing program requires borrowers to provide a proof of graduation.

Does Prodigy Finance offer any discounts?

Sometimes. In the 2018-2019 holiday season, Prodify offered a $200 Amazon gift card to eligible borrowers who refinance with the lender before mid-January. Check in with Prodigy to find out if there are any discounts you might be eligible for before you apply.

When is my first repayment due?

Prodigy offers a one-month grace period after graduation. Your first repayment is due on the 28th of the following month after your funds are disbursed.

Can I release my cosigner by refinancing with Prodigy?

Yes. Prodigy allows you to put your refinanced loans entirely in your name without having to take on another cosigner. This means that if you fall behind on payments, your debt won’t be your cosigner’s responsibility. But it’ll free up your cosigner to take on additional debt — like a car loan or a mortgage.

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