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Introducing refinance for international graduates, by international graduates

Marion Chomse - November 09, 2018

Refinance Launch

The work we do puts us in a unique position. We get to hear the financial challenges experienced by international students and graduates from around the world.

One concern that came up time and again was that the financial rates available for education loans were vastly different for international working graduates when compared to their domestic peers.

Despite the contribution they were making to research, development and the economy, international professionals were being expected to pay higher rates. By reaching out to us, they hoped we might be able to solve their problem.

And so, last year, we began a pilot programme where we invited a few of these international alumni on a journey to help us develop our newest product. 

A year later, and we’re excited to announce the launch of refinance for international masters graduates.


“Paying off a student loan is a sizeable commitment. This is the case for any working graduate but more so for international working graduates, who, in comparison to their domestic peers, are at a disadvantage with limited competitive and fair refinancing options.”

- Cameron Stevens, co-founder and CEO


Putting customer needs first

The purpose of the pilot was to ensure we created a product that solves real customer needs. The only way to do that was to get it directly from the source. Through extensive interviews with international graduates we were able to determine their biggest challenges.

The four biggest financial challenges facing international students after graduation:

  1. The disparity of rates offered to domestic compared to international graduates doesn’t make sense. Both groups are employed out of the world’s top universities and contribute significantly to the economy so why should their rates be so different?

  2. These alumni want financial independence. They want to be solely responsible for their financial decision making. But to get to university in the first place, they often had to take loans that require collateral or a co-signer.

  3. International graduates who have chosen to work in the country where they studied want to become part of their new community. A big part of that is access to the same financial opportunities as their peers including the ability to build a credit history.

  4. Masters degree graduates had loans of $100,000 on average. This huge financial commitment meant they were looking for a loan provider with personalised customer service, and the option to repay early without being fined.

These international working graduates gave us the cornerstones for a world-class refinance offering. All we had to do was develop the product features and operational processes to bring it to life.


What sets the Prodigy Finance refinance product apart?

Working with the people we aim to help gave us a unique perspective into refinance for international graduates. We wanted to develop a product that solved each of their pain points. Here’s what we came up with:

  • Refinance education loans on any visa. No SSN required.
  • Interest rates from 4% + LIBOR*.
  • Option to choose your preferred loan term from - 7,10,15 and 20 years.
  • No need for collateral or a co-signer.
  • No penalties for early or bulk pre-payments.
  • Ability to consolidate multiple education loans from different lenders into one, simple loan.
  • A fast and easy process. It takes just 10 minutes to get a quote through our online application
  • The ability to build local credit history, preparing you for a future of lower rates with other financial products.
  • Repayment at your fingertips through our mobile app.


Who can we help?

If you’ve graduated from one of the 280 world-class universities we support, and are living and working in the UK and eligible US states, we’d like to refinance your loan.

See full eligibility criteria here.

 

Looking to the future

The launch of refinance is the first step. It’s a huge milestone for us and we’re extremely proud to have delivered this to our customers.

But we want to do even more.

We’ll continue to gather feedback to improve our offering, and we’d like you to share your experiences with us at refi@prodigyfinance.com.

If you’re only hearing about us for the first time, let us help. You can join thousands of other international students and graduates who’ve received a better loan from a provider who understands them. Find out what interest rate you qualify for in a few minutes when you apply for a commitment-free quote.


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