- Overview of Prodigy Finance: Prodigy Finance is a UK-based fintech company founded in 2007 that offers student loans to international graduate students without requiring a U.S. credit score, co-signer, or collateral.
- Pros of Prodigy Finance Loans: Advantages include no need for a co-signer or collateral, broad international program coverage, high loan amounts up to $220,000, flexible repayment options, and full deferment during studies.
- Cons of Prodigy Finance Loans: Disadvantages involve only variable interest rates, high administrative and interest costs, limited U.S. state availability, absence of fixed-rate options, and a narrow borrower base limited to graduate students.
- Rates and Application Details: Prodigy offers variable rates ranging from 10.67% to 14.96%, with an additional 4-5% admin fee, and the application is fully online, matching students with investors on a weekly basis.
- Final Verdict and Recommendations**: While Prodigy serves a niche market and offers high loan limits and flexibility, its high costs and limited U.S. coverage make it a last resort for international graduate students who should explore scholarships or domestic options first.
Prodigy Finance Overview
Prodigy Finance is a UK-incorporated fintech company (Company Number 05912562) founded in 2007. The company is authorized and regulated by the UK Financial Conduct Authority (FCA, firm registration number 709641). Prodigy Finance is not a bank; it matches student borrowers with individual investors who fund the loans. This investor-funded model allows Prodigy to serve international graduate students who would be excluded from traditional U.S. lending channels. The company has funded students from more than 150 countries at over 1,800 programs across 19 countries.
Prodigy Finance serves exclusively international graduate students pursuing master’s degrees (and some select professional programs) at supported schools. Undergraduate students are not eligible. U.S. citizens are only eligible if they are studying abroad. Prodigy uses a future-income underwriting model that considers pre-study salary, university acceptance, program type, and earning potential. No U.S. credit score, cosigner, or collateral is required.
The core trade-off is cost: Prodigy charges a 4-5% administration fee added to the loan balance and offers only variable interest rates. The average APR is approximately 12-15%, and rates can change quarterly based on the 30-day Average SOFR index. Prodigy also has limited U.S. state availability (not available in approximately 19 states). International students should explore scholarships, grants, and school-based aid before turning to Prodigy Finance.
Pros and Cons of Prodigy Finance Student Loans
Pros
- No cosigner, no collateral, no credit score required. Co-signers are not even accepted. Prodigy underwrites based on future income potential, making it accessible to international students worldwide.
- Broadest international school coverage. 1,800+ programs across 19 countries, far more than MPOWER’s 500+ U.S./Canadian schools.
- High loan amounts (up to $220,000). Prodigy can cover a significant portion of expensive MBA and professional programs that MPOWER’s $50K/period cap cannot.
- Flexible repayment terms (7-20 years). Four-term options provide more flexibility than MPOWER’s single 10-year term.
- Full in-school deferment for full-time students. Unlike MPOWER, which requires interest-only payments during school, Prodigy defers all payments for full-time students.
- No prepayment penalty and no disclosed late fees.
- Student Mentor program and visa application support. Prodigy provides student mentors and allows the loan acceptance letter to support visa applications.
Cons
- Variable rates only. No fixed-rate option. Rates adjust based on SOFR, potentially increasing monthly payments significantly over a 20-year term. MPOWER offers fixed rates for payment predictability.
- 4-5% administration fee. Added to the loan balance. On a $50,000 loan, this adds $2,000-$2,500. Combined with high interest rates, the total cost of borrowing is substantial.
- High average APR (~12-15%). While the minimum APR is approximately 10.67%, the average is significantly higher.
- Graduate students only. No undergraduate, parent, or refinancing products (though refinancing is available for graduates working in the U.S. or UK).
- Not available in ~19 U.S. states. Including California, Arizona, Indiana, and Washington. This excludes students attending schools in some of the most popular study destinations.
- Investor-funded model introduces timing variability. Prodigy matches applicants with investors on a weekly basis. If funding is not immediately available, there may be delays.
- No formal forbearance or deferment policy. Case-by-case review for financial hardship, military service, or returning to school.
Prodigy Finance
Prodigy Finance earns a 2.5 out of 5.0 and serves a very specific niche: international graduate students (primarily MBA and master's programs) at top-tier universities worldwide. Unlike MPOWER, which focuses on U.S. and Canadian schools, Prodigy serves students at elite institutions globally, including schools in the UK, Europe, and Asia. No U.S. co-signer or collateral is required. The company has served 36,000+ students from 150+ countries since its founding in London.
Prodigy's underwriting model is forward-looking, evaluating school reputation, program, and projected post-graduation earning potential rather than current credit history. This makes it accessible to international students who would not qualify for any U.S.-based lender. The community model, where previous graduates help fund current students, is philosophically appealing and creates an alumni-network dynamic.
The costs are the highest in this review series. Variable-only rates of 10.67% to 14.96% (plus a 4-5% administration fee) make Prodigy significantly more expensive than any domestic option. No fixed rate is available. School eligibility is limited to Prodigy's partner list of top-tier programs, excluding the vast majority of institutions. Prodigy fills a genuine niche for international graduate students at elite schools, but any borrower with access to domestic lending should explore those options first.
- Variable APR: 10.67% – 14.96% (variable only, plus 4-5% admin fee)
- No U.S. co-signer or collateral required
- Serves 150+ countries at top-tier graduate programs worldwide
- Forward-looking underwriting based on school, program, and earning potential
- Community-funded model connecting alumni and current students
Prodigy Finance Rates and Fees
Prodigy Finance offers variable-rate loans only. The rate consists of a fixed margin (as low as 6%) plus a variable base rate (the 30-day Average SOFR, which was 3.66% as of February 2026). The minimum possible APR as of February 2026 is approximately 10.67%. The average APR across all Prodigy borrowers is approximately 12.14% (per the MBA program page) to 14.96% (per LendEDU). The administration fee is 4-5% of the total loan amount, added to the balance (not deducted from proceeds). No prepayment penalty and no disclosed late fees.
Prodigy Finance Eligibility and Application Process
Applicants must be international graduate students admitted to a supported program at one of 1,800+ schools. U.S. residents are eligible only if studying abroad. Prodigy is not available in approximately 19 U.S. states. No credit score, income, cosigner, or collateral requirements. The application is online; a soft credit inquiry provides a quote almost instantly. After document verification (income, savings, admission letter), Prodigy matches the application with investors weekly. After matching, funds are disbursed to the school within 3-5 business days.
How Prodigy Finance Compares
Feature | Prodigy Finance | MPOWER Financing |
Rate Type | Variable only | Fixed only |
Min APR | ~10.67% | ~11.16% |
Admin/Origination Fee | 4-5% | 5% |
Loan Amounts | $15K – $220K | $2K – $50K/period ($100K lifetime) |
Repayment Terms | 7, 10, 15, or 20 years | 10 years |
In-School Payments | Deferred (full-time) | Interest-only required |
Eligible Students | Grad only (master’s) | UG (last 2 yrs) + grad |
Schools/Countries | 1,800+ / 19 countries | 500+ / U.S. + Canada |
U.S. State Availability | ~31 states | All 50 states |
Regulated By | UK FCA | U.S. (PBC) |
Final Verdict on Prodigy Finance Student Loans
Prodigy Finance earns a 2.5 out of 5.0 in our scoring framework. Like MPOWER, it serves a population that most lenders ignore: international graduate students without U.S. credit or cosigners. Its broader school network (1,800+ programs, 19 countries) and higher loan limits (up to $220,000) give it advantages over MPOWER for high-cost graduate programs. In-school deferment and four-term options add meaningful flexibility.
The costs are the primary concern. Variable-only rates (no fixed option), a 4-5% administration fee, and average APRs around 12-15% make Prodigy among the most expensive lending options in this review series. The limited U.S. state availability, investor-funded timing variability, and lack of formal forbearance policies further constrain its appeal. For borrowers with any alternative, including MPOWER (which at least offers fixed rates and broader U.S. state coverage), Prodigy should be a last resort.
International students should exhaust all scholarships, grants, school-based aid, and home-country financing before turning to Prodigy Finance.
Frequently asked questions
Answers to your questions about Prodigy student loans.
No. Prodigy serves only graduate students (primarily master’s programs) at supported schools.
No. Prodigy is not available in approximately 19 U.S. states, including California.
Only if studying abroad at a supported school in one of 19 eligible countries.
