Prodigy loans for international students - what can I get, and what's the process?
Prodigy Finance provides loans for international grad students pursuing business, engineering, law, and public policy degrees. Get yours now!
You’re in the right place to find information on applications, dealing with foreign study challenges, and – of course – figuring out how to finance your international education.
We know international education isn’t always a smooth path. Just studying for the GMAT, GRE, LSAT, or TOEFL is time-consuming and sometimes tricky. We aim to provide you with resources to help you succeed. But, assisting international students to fund their grad school degrees remains at the core of Prodigy Finance’s operation.
Why?
If you’re like the majority of Prodigy Finance-funded students, you don’t have many options when it comes to paying for your international master's degree.
Whether your school directed you to our site or you’ve done the research on your own, this is what you need to know now about Prodigy Finance education loans.
The belief that funding shouldn’t be a barrier to education is at the core of Prodigy Finance’s operations.
Prodigy Finance provides loans for international students pursuing master's in business, engineering, law, and public policy etc.
What schools & Universities do Prodigy Finance support?
Prodigy Finance supports over 1800+ schools in over 19 countries.
Not every programme is supported at every university – you’ll need to check both the university and your specific course of study.
Our school search page will help you find whether we support your college and course, or guide you through all the institutions we support.
Prodigy Finance education loans - How much can we offer?
Each university and programme has a different set of terms for the acceptance of Prodigy Finance loans. Some allow these finances to cover only tuition; others permit as much as the full cost of attendance (tuition plus living expenses). Check your programme’s parameters before applying for your Prodigy loan to ensure you can cover the complete cost of your education.
In addition to university agreements, personal loan amounts are linked to pre-study salary, university and programme, outstanding liabilities and debt, countries of residence and nationality, and more.
Your Prodigy Finance education loan interest rate is personalised and based on a range of factors, including credit history. This amount is floated on top of the relevant 30-SOFR rate as the standard base.
30-day SOFR are variable and updated monthly. Interest and APR rates can be difficult to understand; watch this video or ask for a deeper explanation from our service team at info@prodigyfinance.com.
While Prodigy Finance looks at your previous salary, the loan amount offered is based on your potential earnings post-graduation. This usually allows for a higher loan offer than local banks can provide.
Applying for a Prodigy Finance student loan doesn’t mean you have to accept an offer. And, there’s no cost to apply.
What's the Prodigy Finance application process like?
Prodigy Finance aims to simplify your journey to a master’s degree with a fully online process. Here’s what to expect:
Check your eligibility: Check your master’s loan eligibility using our loan eligibility tool. Find out if we support the school, country of study and the specific programme you are interested in.
Review the details: Review the details about the school and the programme you’re interested in. Check important info like minimum/maximum loan amounts and estimated costs for your programme.
Register and Apply: Click "Apply now" to sign up and begin your loan application.
Fill in your details: Submit your personal, residential, academic, financial, and course-related information.
Submit the application: Once all the required details are provided, your application is ready to process.
Get your provisional offer: You'll receive a non-binding provisional offer valid for 14 days.
Document verification: Once you accept your provisional offer, you’ll be required to upload the necessary documents supporting your loan. If successfully verified, you'll be matched to available funding.
Loan confirmation and processing fee: Once your funding has been allocated, you'll need to accept the offer and pay a USD 500 processing fee to finalise your loan. Our processing fee is the only upfront fee you are required to pay for your loan.
Why should I apply for a student loan with Prodigy Finance?
Everything's online - apply from the comfort of your home.
No hard copies of documents needed – it’s all digital.
Our team works with international students daily and understands documentation differences.
Once you receive a provisional offer, you'll upload supporting documents.
You’ll need a credit report and must pass KYC (Know Your Customer), AML (Anti-Money Laundering), and PEP (Politically Exposed Person) checks.
You’ll also create a login to access the Prodigy Finance dashboard and be connected with a contact from our operations team.
For two-year programmes: Apply once for year one and receive pre-approval for year two. You’ll still need to reapply for the second year to reflect any financial changes.
Who can apply for Prodigy Finance student loans?
Prodigy Finance loans are available to students from roughly 150 countries. Students from the UK can also apply for loans to study in the UK.
You no longer need an admission letter to apply. However, you'll need one to complete your loan application and disbursement.
You may apply to multiple programmes to compare preliminary loan terms and choose the best path.
Funds can be used for study in business, engineering, computer science, law, public policy, economics, science, and maths at universities accepting Prodigy Finance loans. Not every programme is supported at every university; you’ll need to check both the university and your course of study. You can see if we support the school you want to study at by reviewing this Prodigy Finance list of schools.
What are the requirements to get a Prodigy Finance loan?
To apply for a student loan to cover your study abroad journey, you’ll need to meet the following three criteria:
You must be admitted to a school and programme we support.
You can explore our supported schools on our website.
Remember, you can apply for a quote before you have an admission letter - we'll only ask for proof of admission when we finalise your loan and prepare for the credit report later. If you are unable to locate your school on our list, we’d love to help you fund your masters abroad, so please submit a school request form with details of the school and course you’re interested in.
You must be looking to study abroad
You must come from one of the countries we support.
You can find a list of countries we can't support here.
What happens after accepting a Prodigy Finance education loan
You’ll need to e-sign your final loan acceptance letter upon arrival at your university; your loan cannot be finalised without completing this step–this is mandatory for disbursement.
Loans are disbursed directly to the university. If there’s an overage, your university’s finance department will handle the refund.
Prodigy Finance will issue you with an official Loan Letter (known as a sanction letter or loan confirmation letter). This document is required by American universities to secure the I-20 form, which must be secured before applying for a visa. Universities in other countries may also request a copy, and it's required to secure international study visas for most countries - and usually must be presented at immigration.
Interest begins accruing when your funds are released to your university. In addition, interest is only calculated on the principal balance of your loan account.
Unless you are attending part-time, you will have a grace period until after graduation.
However, you can make payments if you like. There’s no penalty for early repayment, and extra payments will reduce the interest paid in the long term.
What else should you know about Prodigy Finance education loans?
Prodigy Finance’s student loans are collectively funded by a community of alumni, institutional investors and qualified private investors who receive both a financial and social return.
To maintain transparency, we provide limited borrower information to these investors, such as repayment status. In many ways, your name, education, and future serve as your collateral – not your assets or a co-signer.
Which schools or universities does Prodigy Finance support?
We support some of the world’s top-ranked universities for master’s degrees in engineering, business, and related fields. Use our school search page to confirm if your university is eligible. Check if your school is supported.
Some of the business schools that we support:
Some of the engineering schools that we support:
Arizona State University: Ira A. Fulton Schools of Engineering
Florida Atlantic University: College of Engineering & Computer Science
Illinois Institute of Technology: Armour College of Engineering
Pace University: Seidenberg School of Computer Science & Information Systems
Some other schools and universities that we support
