Prodigy Finance’s solution to the international student financing challenge - Power Punch Club
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Prodigy Finance’s solution to the international student financing challenge

International grad school sounds like nothing more than a dream to many potential applicants. It’s not educational ability or motivation holding them back; it’s the finances.

Universities in the United States are expensive – even for Americans earning dollars, but the level of education, job opportunities, and skill development are incomparable.

The problem of paying for that education can be so frightening that many would-be international students give up on their dream long before they get started.

But, you shouldn’t. There are solutions to those tough financing challenges.

Loans from your home country versus American loans

Local (meaning “home country”) financing options for international students vary by region and country. But, many banking systems often can’t price risk factors. Others have fiscal policies prohibiting loans that immediately leave the country.

In some countries, loans are available, but banks can only lend so much and they demand cosigners and collateral. You’ll need your parents to cosign and they’ll need to put their house up too. Ouch!

Then there are American loans. To secure one of these as an international student, you (usually) don’t need collateral. You do need, however, an American cosigner with a solid credit record. And, if they cosign your loan, the amount detracts from their credit thresholds. You can bet it’s difficult to find someone willing to put their financial stability on the line like that.

Prodigy Finance offers international students loans without collateral or cosigners

Don’t let this discourage you. There are options beyond scholarships, family loans, and waiting another dozen years before heading back to school.

Some universities act as cosigners on American loans for international students. And then there is Prodigy Finance, an international, educational lender that doesn’t require cosigners or collateral to secure their loan.

Really.

Prodigy Finance works with a unique financial model, operating on a few different levels. And there are reasons to consider such loans:

  • Prodigy Finance considers each applicant’s earning capacity post-graduation; not your past salary. Typically, this enables students to borrow more than they could locally.

  • Loans are drawn from alumni investments. Information regarding borrowers is provided to investors – including their repayment status. If you like, your name and career are your collateral and cosigner.

  • Applications for Prodigy Finance loans can be done just about anywhere in the world. All you need is the ability to scan and upload documents. Because loans are available to students from over 150 countries, the operations and processing teams are adept at understanding the different documentation.

  • Interest rates are based on personal financial factors, using LIBOR as the standard base. And, don’t worry, there’s no penalty for early repayment (which is a terrific move to make if you want to reduce the overall amount of interest you pay).

  • You can expect a provisional loan offer within a week. Confirmation and acceptance can happen within a month so students can get moving on their visa applications.

Engaging with Prodigy Finance

There are a lot of American universities that accept Prodigy Finance loans, but you’ll need to have an acceptance letter from one of them to apply for financing.

After that, it’s a simple matter of creating a login to the Prodigy Finance dashboard. A team member will quickly reach out, making themselves available for any questions you have and to let you know if anything is missing from your application.

And, as with any loan, an application doesn’t mean you need to accept it. So, get to work on those university applications. There’s a solution to your financing challenges and every reason to believe you can make your dream into your reality.
November 25, 2016

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