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College is expensive, but it is an investment in your future, right? That is what you tell yourself when your student loan payments come due. But without a cheap and reputable student loan refinancing company, you may have trouble keeping up with the payments. Prodigy Student Loan Refinancing Review 2021 – Student Loan Planner is a review of one of the many companies that can help you with student loan refinancing. It claims to be able to help student loan borrowers lower their monthly payments and even get rid of their student loan debt completely. Read on to see whether it really can make your student loans disappear.
The student loan refinancing process is a lot like buying a car. If you’re in a rush, you’ll be bombarded with ads from everyone and their brother. But if you’re willing to take your time, you can find the car that’s right for you and your budget. For those who want to keep their options open, it’s better to shop around for the lowest interest rate that fits their needs. Prodigy Student Loan Refinancing Review 2021 – Student Loan Planner
What you need to know:
- Prodigy offers student loan refinancing for non-US citizens working in the US.
- Borrowers can refinance through Prodigy without collateral or co-borrowers.
- The Prodigy program is limited to certain states and programs for eligibility.
- None of Student Loan Planner’s customers have refinanced with Prodigy, so we can’t comment on our customers’ satisfaction on this basis.
Prodigy Finance is one of the few companies that offer refinancing for international students. Refinancing is a great strategy to lower the total amount you pay on your student loan. When you lower your interest rate, you end up paying less for your total student debt.
If you graduated from an international program and are now working in the United States, refinancing your student loan with Prodigy Finance can be a great option. Learn more about Prodigy to see if it can help you pay off your student loans faster.
Prodigy Finance began in 2007 with student loans for international students and has expanded its products to include student loan refinancing for international graduates working in the United States.
For international students, it may be more difficult to find acceptable refinancing options. So Prodigy is a good choice if you have no other options. Note some important details about Prodigy Finance student loan refinancing.
|Refinancing of student loans|
|Yes, up to 5% will be credited to the beginning balance.|
|Credit check / Credit history||You can also get a loan in the United States with no credit history.|
|Termination due to death or disability||Provided on an individual basis|
|Provided on an individual basis|
Prodigy Finance student loan refinancing can be a good option for some borrowers, but the lender’s reach is quite limited. Let’s take a look at the main pros and cons of refinancing with Prodigy.
- You can get a refinance with no credit history in the US, making it a good option for graduates who haven’t lived in the country long. You should get a credit report even if it says you have no credit history.
- No co-borrower is needed to refinance a Prodigy student loan.
- The Prodigy refinance is ideal for non-US citizens who work in the US and have limited credit options.
- Prodigy reports borrower payments to the credit bureau, giving you a chance to build your credit in the United States.
- Prodigy’s leniency program allows borrowers to suspend payments for up to three months at no cost. Borrowers may need to apply for a grace period during which interest can accrue.
- Prodigy Finance only offers student loan refinancing in certain states.
- The lender will not allow automatic payments that differ from your monthly minimum payment.
- Prodigy is not currently rated by the Better Business Bureau, and its rating on TrustPilot was poor at the time of writing.
- However, Prodigy Finance is offering to waive the interest for the first three months as part of the deferral agreement for COVID-19 loans. It has not taken an extended break, as the U.S. government has done with federal student loans.
- It is difficult to find specific information about Prodigy Finance’s refinancing, as little information is available on the company’s website.
You don’t need much information to apply for a Prodigy student loan refinance. Most people can benefit from Prodigy Finance even without a deposit or guarantee. Prodigy can perform a soft credit check, but no credit history is required to obtain a refinance loan.
Prodigy does not disclose details of what is required to qualify for the loan refinancing, and there is currently a waiting list to apply. The company looks at the borrower’s income and debts to get an idea of the borrower’s debt-to-income ratio and to determine the borrower’s ability to repay the loan.
To be eligible for student loan refinancing, you must have graduated from one of the more than 750 universities supported by Prodigy.
States where Prodigy refinancing is not available: Alabama, Connecticut, Delaware, Hawaii, Idaho, Indiana, Iowa, Maine, Michigan, Mississippi, Minnesota, Montana, Nevada, New York, North Dakota, Ohio, Rhode Island, South Dakota, Vermont, Washington, West Virginia, and Wyoming.
Unfortunately, if you live in one of these states or in other areas that are excluded due to financial or legal restrictions, you cannot use them for refinancing.
The process of applying for a Prodigy student loan refinance is quite simple. Since there is no need for a co-borrower for the loan and no credit history is required, Prodigy Finance looks at your income and outstanding debts first.
Prodigy offers several terms for student loan refinancing:
- 84 months (7 years)
- 120 months (10 years)
- 180 months (15 years)
- 240 months (20 years)
Just over half (56%) of those who applied for Prodigy refinancing during the pilot phase chose the shortest repayment option of 84 months.
Prodigy Finance has been a student loan lender for about fourteen years, but has only been refinancing loans for a few years. He works in a small niche – with foreign borrowers working in the United States. If you really have no other loan options, it may be best to look at other refinancing options.
Although Prodigy Finance offers services that few companies do (refinancing for international students), it does not have a good reputation. None of our Student Loan Planner clients have used Prodigy Finance to refinance.
If you are considering Prodigy, check for alternatives, especially if there is a long waiting list for refinancing. Credible is a great refinancing option, and Earnest is a solid option for borrowers with large loan balances.
Student Loan Planner has positive relationships with many other quality lenders who offer clear terms and attractive premiums for student loan refinancing. If you are a US citizen and can work with one of our partner lenders, check out the information from these leading student loan refinancing companies.
A plan for a student loan
Refinance your student loan and receive a bonus in 2021.
BONUS of $1,000 for 100,000 or more. 200 for 50,000 to 99,999¹.
variable 1.99% – 5.64% APR1
fixed 2.98% – 5.79% APR1
1,050 bonus2 for $100k+. 300 bonus for 50k to 99k.2
1,250 bonus3 for 250k+, tiered bonus of 300-500 for 50k-250k.3
1,275 BONUS4 For $150,000 or more. Multi-level bonus from 300 to 575 for 50k to 149k.4
variable 2.39% – 6.01% APR4
fixed 2.79% – 5.99% APR4
1,000 BONUS5 for $100,000 or more. 200 for $50,000 to $99,9995.
variable 2.25% – 6.64% APR5
fixed 2.99% – 6.64% APR5
1,250 BONUS6 for 100k+ or $350 for 5k to 100k.6
1,250 BONUS7 For $150,000 or more. Multi-level bonus from 100 to 400 for 25k to 149k.7
variable 1.91% – 7.69% APR7
fixed 2.95% – 8.49% APR7
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1Earnest: $1,000 for $100,000 or more, $200 for $50,000 to $99,999.99. For Earnest, if you refinance $100,000 or more through this site, $500 of the $1,000 cash bonus will be provided directly by Student Loan Planner. In the above price range, an additional discount of 0.25% is included for automatic paymentInformation on income.
2General promissory note If you refinance over $100,000 through this website, $500 of the above cash bonuses will be provided directly by Student Loan Planner. General Bond Disclosure.
3Laurierweg: If you refinance over $250,000 through our link and Student Loan Planner receives the loan, a $500 cash bonus will be paid directly to Student Loan Planner. If you are a member of a professional association, Laurel Road can offer you the choice of a reduced interest rate or the $300, $500 or $750 cash bonus mentioned above. The Laurel Road proposals cannot be combined. The above price range includes an additional 0.25% discount for automatic payment. Laurel Road Revealed.
4Elfie: If you refinance over $150,000 through this website, $500 of the above cash incentives will be provided directly by Student Loan Planner. Uncover Alfie.
5Sofi: If you refinance $100,000 or more through this website, $500 of the $1,000 cash bonus will be provided directly by Student Loan Planner. The above price range includes an additional 0.25% discount for automatic payment. Disclosure of information about Sofi.
6Valid: If you refinance over $100,000 through this website, $500 of the above cash bonuses will be provided directly by Student Loan Planner. Reliable dissemination of information.
7LendKey : If you refinance over $150,000 through this website, $500 of the above cash incentives will be provided directly by Student Loan Planner. The above price range includes an additional 0.25% discount for automatic payment.
This source has been very much helpful in doing our research. Read more about prodigy finance reviews and let us know what you think.
Frequently Asked Questions
Can I refinance my Prodigy loan?
You’ve heard of refinancing a mortgage, and you may even have tried to refinance your car or student loans to get a better deal. But did you know that you can refinance your Prodigy loan? (This is a long blog post, and I don’t want to do the whole thing here – I want to get back to work on the next novel!) Prodigy Finance is a peer-to-peer lending platform that allows you to refinance your current student loans.
They also give you the option to set up a weekly repayment plan, which will help you pay off your balance faster. The best part of all is that their weekly payments are only $10! In that case, you’d be looking at a savings of $300 a year. They have a full-fledged financial calculator that helps you figure out how much you can save by making bi-weekly payments instead of monthly payments.
Is there a downside to refinancing student loans?
With interest rates on the rise, many have been considering refinancing their student loans in order to secure a better interest rate. However, like any financial product, there are pros and cons to refinancing your student loans. (For a refresher, check out our intro to student loan refinancing .) Let’s take a look at some of the potential benefits and drawbacks of refinancing your student loans. You finished college and have been out in the workforce for a few years now. You’re earning a great living, but you’re still paying back student loans.
If you’re like many Americans, you might wonder if there’s a way to pay off your student loans faster without sacrificing your lifestyle. One option you can consider is refinancing your student loans. A number of lenders, including major banks, offer this service. But how does it work? Can you save money by refinancing your student loans? Final
Which student loan refinance is best for me?
The first step in refinancing your student loans is to find the right lender. Your choices will depend on the type of student loans you have. If you have federal student loans, you can look for a refinance lender that specializes in federal student loan refinancing. If you have private student loans, you can refinance with a lender that specializes in both federal and private student loans, or you could refinance with a lender that specializes in private student loans.
Your next consideration is the interest rate. Interest rates vary according to market conditions and the type of student loan you have. You’ll also want to consider whether you want to refinance both your federal and private student loans together or separately. You may also want to consider prepayment options: Which student loan refinance is best for me? This is a question that everyone who is looking to refinance their student loans has to ask themselves.
When it comes to student loans, there are numerous options. When you are looking at them, it is important to know that this will not be your only loan payment for the next 20 to 25 years. Looking at the best student loan refinance can be overwhelming, especially with all of the new information that has recently been released.