Prodigy Finance FAQs for borrowers

Prodigy finance Logo

Prodigy Finance - June, 03 2021

4 min read

About the author

At Prodigy Finance, we're committed to helping international talent to achieve their education dreams. We offer international student loans to qualified individuals attending top master's programmes in the US.

Students seeking loans to finance their studies are bound to have numerous questions throughout the process. They’re everything from “what documents do I need to provide?” and to “what happens if I repay early?”, to questions about the Prodigy Finance processing fee and how to increase student loan amounts.

Prodigy Finance loans and borrowers are no different.

Whilst our knowledge base is extensive and you’re likely to find the answer to almost any question you may have, you may want to check out this list of the top 5 FAQs to gain insight on how Prodigy Finance works.

Can I change my student loan amount after accepting my conditional offer?

You can change your loan amount after you’ve received and accepted conditional approval from us.

Reducing your loan amount

You can reduce your Prodigy Finance loan amount any time before you sign the final loan agreement, which happens when you arrive on campus for the start of class.

And, the administration fee will also be reduced accordingly.

Increasing your loan amount

You may also request an increase in your Prodigy Finance loan amount; however, it isn’t guaranteed. Our credit committee will need to approve your new loan amount.

Keep in mind that the associated admin fee will also increase.

What documents are required as part of the loan application process?

There are quite a few documents that we require from you - some will need to be uploaded when you apply for your loan, while others may only be needed later. However, as the loan approval process is speedy, it’s best to get everything together from the beginning.

What supporting documents do I need?

How do Prodigy Finance loan interest rates work?

There are 3 different types of interest rates that apply to your Prodigy loan. But, it’s critical that while they all apply, they’re not separate interest rates; they’re different ways of looking at your interest costs.

Simple interest rate

This is the interest rate you receive for your loan, plus the Euribor / Libor base rate, which varies every 3 months. For example, if you receive a loan offer of €40 000 at 7.2%, and the 3 month Euribor is 0.12%, your simple interest rate is 7.32% (7.2% + 0.12%). One twelfth (1/12) of this is added to your account balance at the end of each month.

Annual effective interest rate

The effective interest rate (EIR) also includes the effect of compounding during your study and grace periods (where you aren’t making payments). For this example, the EIR is 7.62%.

APR (annual percentage rate)

While the EIR takes the effect of compounding into account, the APR also takes all fees associated with your loan (ie, administration fees) into account. For this example, the APR of your Prodigy loan would be 8.09%.

Students who are considering different loan options should use the APR for the purposes of comparison.

This short video about APR explains it all.

When do the funds get disbursed?

Disbursement dates of Prodigy Finance loans vary from school to school. And, you can rest assured that Prodigy Finance is in continuous communication with every school, and we have agreements in place that allow students to defer payment until the date on which the funds are disbursed.

Please note that Prodigy Finance loans cannot be used to pay any acceptance deposits or reservation fees required to secure your place at your school.

What happens if I repay my loan early?

You don’t need to make any repayments during the grace period (which lasts for six months after you graduate). However, there are no charges or penalties if you do decide to make early repayments or settle your loan early.

Want to start repaying your loan while you’re still studying? No worries there either.

Still have more questions? Check out the extended Prodigy Finance FAQs page or email us on

Ready to apply for a loan to your dream grad school?

We’ve got a hassle-free, fully online application process that takes most applicants a mere half an hour to complete. Just see how easy it is.

Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority.

What next? Find out more about Prodigy Finance’s education loans or check out the list of schools we support.

For any other information about Prodigy Finance, or our student loan process, how to obtain the credit report, feel free to check out or browse our site, or register for a webinar to have your questions answered by one of our team.

Post updated for accuracy and freshness on April 16 2021. Originally published on December 9, 2016.

Image of webinar host

Talk to us

Wednesday & Friday 12 pm (GMT) | 5:30 pm (IST)
Hosts: Nangi and team

Join webinar
Download our mobile app

Our global teams are based out of:

South Africa


United Kingdom

United States

© Prodigy Finance Limited 2007 - 2023. All Rights Reserved. Prodigy Finance Limited is incorporated in the United Kingdom (Company Number 05912562) with its registered address at 85 Great Portland Street, London, W1W 7LT and registered with the Office of the Information Commissioner (Reg. No. Z9851854). Prodigy Finance is authorised and regulated by the Financial Conduct Authority (firm registration number 709641) for certain consumer credit activities. Prodigy Finance loans are offered to eligible borrowers and these loans are governed by English law. Prodigy Finance Servicing, LLC is incorporated in the state of Delaware, USA, is an affiliate of Prodigy Finance Limited and conducts the business of servicing of loans for residents of certain US states. NMLS # 2155440 (Prodigy Finance Servicing, LLC) and NMLS #1611590 (Prodigy Finance Limited) ( View Prodigy Finance's lending, servicing and collection licenses.