Offered terms are subject to change and state law restriction. Commonbond: If you refinance over $100,000 through this site, $500 of the cash bonus listed above is provided directly by Student Loan Planner.
Get a Student Loan PlanĪll rates listed represent APR range. citizen and able to work with one of our partner lenders, check out the details from these best student loan refinance companies. Student Loan Planner® has positive relationships with many more quality lenders that offer clear terms and great bonuses for refinancing student loans. Credible is a great refinancing option, and Earnest is a solid option for borrowers with high loan balances. If you’re considering Prodigy, explore whether there are other alternatives, especially when there’s a long waitlist for refinancing. Thus far, none of our Student Loan Planner® clients have used Prodigy Finance for their refinancing needs. Unless you really have no other lending options, it might be best to explore other refinance alternatives.Īlthough Prodigy Finance offers services that not many companies do (refinancing for international students), it doesn’t have a long track record. It operates in a small niche - international borrowers working in the U.S. Prodigy Finance has been around as a student lender for about fourteen years, but has only been refinancing loans for the past few years. Student loan refinancing with Prodigy Finance Prodigy offers several different term lengths for refinanced student loans:Ī bit over half (56%) of those who applied during the pilot phase of Prodigy refinancing chose the shortest option of 84 months to repay the loan.
Since you don’t need to have a cosigner on the loan and you don’t need a preexisting credit history, Prodigy Finance primarily looks at your income and outstanding debt. The application process for a Prodigy student loan refinance is fairly simple. Unfortunately, if you’re a resident of one of these states or the other regions excluded due to funding or regulatory restrictions, you won’t be able to use them for refinancing. The states where Prodigy refinancing isn’t available are 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. You’ll need to have graduated from one of over 750 universities Prodigy supports to be eligible for a student loan refinance. Prodigy isn’t releasing many details about what it takes to qualify for loan refinancing, and currently, there’s a waitlist to apply. The company examines borrowers’ income and debt to get a picture of their debt-to-income ratio and determine your ability to pay back the loan. Prodigy might run a soft credit check, but there’s no prior credit history required to qualify for a loan refinance. Most people are eligible for Prodigy Finance services even without a cosigner or collateral. To apply for a Prodigy student loan refinance, you don’t need a ton of information. It’s difficult to learn specific information about refinancing from Prodigy Finance, as the company website offers limited information.government did for federal student loans. It hasn’t instituted a longer pause as the U.S. Though Prodigy Finance offers to waive the first three months’ worth of interest in a COVID-19 related forbearance agreement.Prodigy currently doesn’t have a rating with the Better Business Bureau, and its rating at TrustPilot is poor, as of writing.The lender doesn’t allow autopay amounts that differ from your monthly minimum payment.Prodigy Finance only offers student loan refinancing in some states.Borrowers must apply for forbearance if needed, and interest might accrue during this period. Prodigy’s forbearance policy allows borrowers to pause repayment for up to three months at no charge.Prodigy reports borrower payments to a credit bureau, giving you an opportunity to build your credit in the U.S.citizens working in the U.S., who might have limited loan options. Prodigy refinancing is great for non-U.S.No cosigners are required for a Prodigy student loan refinance.You must run a credit report, even if it shows you have no prior credit history. You can get approved for refinancing without a credit history in the U.S., making it a good option for graduates who haven’t lived in the country very long.Take a look at some of the main pros and cons of refinancing through Prodigy. Prodigy Finance student loan refinancing might be a solid option for some borrowers, but the lender’s scope is rather small. Prodigy Finance student loan refinance: Pros and cons