FAQs

Refinance


Refinancing is the process of taking out a new loan in order to pay off your existing loan.  Borrowers usually refinance to reduce their debt burden, as the new loan will have a lower interest rate and different loan terms.


Refinancing can help reduce your student debt. With refinance you can choose to reduce your monthly payments, reduce the total cost of the loan or pay off your loan faster with different loan terms. It also allows you to consolidate multiple loans into one agreement, making repayments simpler.

International working graduates who attended a top masters program, and who are living in the UK or eligible US states, are able to apply for refinancing with us.

  • Eligible US states include: CO, CT, FL, GA, IL, KS, KY, MD, MS, MO, NE, NH, NJ, NM, NY, NC, OK, OR, PA, SC, TX, UT, VA, WI.

  • Eligible universities: we support masters graduates from 285 universities globally. To see if we support your school, start by answering a few questions here.

  • Eligible visas: international working graduates on any visa type are able to apply, we do not require that you have a Social Security Number.

We are constantly looking to expand our eligibility criteria.  If you don't see your school listed please email us at refi@prodigyfinance.com.

Apply online to receive a quote in under 10 minutes. If you like the quote, choose a loan term that suits you, between 7, 10, 15 and 20 years, submit your application and provide supporting documents to finalise your loan. Once approved and signed, we’ll arrange to pay off your loan with your existing lender(s). Once the funds have settled, you can then set up repayments in your Prodigy Finance account, available online and as a mobile app.

The interest rate for a refinance loan depends on several factors, like your profile, credit profile, income, and the length of repayment for the loan.

There is no impact to your credit score when you apply for a quote. Once you accept the offer, we will then pull your credit to assess affordability of the loan, which could affect your score. After you begin repayments, you will then be able to build your credit history in the US or UK (country you’re living in), opening up lower rates for other forms of credit.

Once your loan is approved, in most cases as a next step we will arrange a call with you and your existing lender to determine the total outstanding loan amount that will be due at the time of settlement. This amount will be applied to your loan agreement with Prodigy Finance which you will then e-sign. Once signed, the funds will then be sent to your lender and we will notify you when they have settled. You can then set up payments using your Prodigy Finance account, available online and as a mobile app.  

Create your Prodigy Finance account online or download our mobile app to set up payments and access your loan details- including your monthly statements, monthly instalment, and payment due date.

As an international lender based in the UK, we recommend that anyone using a US bank account to initiate payment use our direct debit (ACH) option. This allows you to make payment without incurring transfer fees. All the information you need to set up payments is available in your Prodigy Finance account.

We currently only support one-time direct debit payments, but are working to provide an auto-debit payment feature. Once this goes live we’ll be sure to let you know!

Your first payment is due on the 28th of the month following settlement of your loan, meaning funds should reach Prodigy Finance’s account on or before the due date. Direct debit ACH payments take up to 8 days to arrive in our account so ensure your payment is initiated by the 20th of each month for payments to be considered on-time.

There are no origination fees and there are no penalties or fees for early repayment. 

You can repay and settle your loan in full or make early payments at any time without any fees or costs.

  • Full early payment: If you want to settle your loan before the end of the term, let us know so we can set up a settlement offer which will be valid for 28 days. The settlement amount will include interest calculated for 28 days up to the settlement date and this is the amount you must pay even if you pay before the settlement date. If you don’t pay before the settlement date, you’ll need to ask for a new settlement offer.
  • Partial early payment: If you want to make a partial early payment, let us know how much and when you’ll be paying it. If you make a partial early payment before your first repayment date, we will reduce the amount of your monthly payments. If you make a partial early payment after your first repayment date, you can ask us to either reduce the amount of your monthly payments or to keep the amount of your monthly payments the same and reduce the term of your agreement.

If you settle your loan early in full, or you make partial early payments and continue paying your monthly payments, you will pay less interest over the lifetime of your loan, than if you just pay your contractual monthly payments until the end of your term.

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