Prodigy Finance education loan FAQs: Interest Rates, APR, repayment & more
Confused about interest rates, APR, or repayments? This Prodigy Finance FAQ explains how education loans work, so you can plan your studies with confidence.
Planning to study abroad and confused about how Prodigy Finance education loans work? This FAQ blog answers the most common questions students ask—covering interest rates, APR, admin fees, repayment structure, and total loan cost—so you can make a confident decision.
What is the interest rate on a Prodigy Finance education loan?
Prodigy Finance offers variable interest rates, typically starting from 3.74% plus a base rate, depending on your course, university, and applicant profile.
The Representative APR is 12.43, which includes both interest and applicable fees.
What does 12.43 Representative APR mean?
The total cost of borrowing is shown as APR, or Annual Percentage Rate. APR brings together your interest rate, any mandatory fees, and the effect of compounding, so you can see the full picture in one number.
Because it includes more than just interest, APR is usually higher than the interest rate itself. It’s also different from your monthly interest accrual, which is why the two shouldn’t be compared directly.
When you’re comparing loan options from different lenders, APR is the most helpful figure to use. Lenders regulated in the UK or the US are required to show it, which makes APR a consistent and transparent way to compare the true cost of borrowing.
Prefer a quick walkthrough? This short video breaks down APR in simple terms and shows how to use it when comparing loans.
How much can I borrow from Prodigy Finance?
Loan amounts are based on:
Your chosen university and program
Total cost of attendance
Your future earning potential
CALCULATE YOUR LOAN
* Excluding a USD 500 loan processing fee
How to use the Education Loan Calculator:
To use our student loan calculator, simply input your estimated loan amount, interest rate, and loan term. The calculator will then estimate your monthly payment, total interest paid, and the overall amount you'll repay.
See disclaimer here.
What is the Prodigy Finance administrative fee?
Prodigy Finance charges a one-time administrative fee of 4.2% of the loan amount. ✔ Added to the loan ✔ No upfront payment required
This fee helps cover processing, servicing, and loan management costs.
Is the Prodigy Finance interest rate fixed or variable?
Prodigy Finance loans have a variable interest rate, made up of:
Fixed margin: 6%
Variable base rate (SOFR): 3.74%
Total interest rate: 6% + 3.74% (variable)This means your rate may change with market conditions.
This is a minimum example. Your actual rate can vary based on your profile, programme, and chosen school, and may change over time with market conditions.
When do repayments start for Prodigy Finance loans?
Prodigy Finance supports students with low repayments during the study period.
Example repayment structure:
USD 100/month for the first 30 months (while studying)
USD 584.62/month for the next 150 months (after graduation)
What is the total loan tenure?
The total repayment period in this example is 180 months (15 years), giving students sufficient time to repay after completing their degree.
How much interest will I pay over the loan tenure?
Based on the example:
Total interest payable: USD 66,552.01
Total amount payable: USD 108,232.01
Actual figures may vary depending on interest rate changes and early repayments.
Can I repay my Prodigy Finance loan early?
Yes ✅Prodigy Finance allows early and extra repayments at no additional cost, helping reduce your total interest burden.
Do I need a co-signer or collateral for Prodigy Finance?
No. Prodigy Finance loans are:
No co-signer required*
No collateral required*
Loans are assessed based on your academic background and future earning potential, not your family’s financial history.
Are Prodigy Finance loans available for international students?
Yes. Prodigy Finance specializes in loans for international postgraduate students, including:
Master’s programs
MBA programs
Professional degrees
Loans are available for students studying in the US, UK, Europe, Canada, and other major destinations.
What expenses does a Prodigy Finance loan cover?
Prodigy Finance loans can be used for:
Tuition fees
Accommodation
Living expenses
Study-related costs
The approved amount depends on your university’s official cost of attendance.
How do I apply for a Prodigy Finance education loan?
The application process is 100% online:
Check course and university eligibility
Submit your application
Receive a provisional loan offer
No bank visits, no collateral, and no co-signer needed.
Is Prodigy Finance a trusted education loan provider?
Yes. Prodigy Finance is a global education lender trusted by students from 150+ countries, working with top universities worldwide.
Final Thoughts
If you’re an international student looking for a collateral-free, co-signer-free education loan*, Prodigy Finance offers a flexible and transparent solution—especially for postgraduate studies abroad.
Final Thoughts
If you’re an international student looking for a collateral-free, co-signer-free education loan*, Prodigy Finance offers a flexible and transparent solution—especially for postgraduate studies abroad.
