Fund your international LLM degree with a student loan from Prodigy Finance (2023)

FAQs

What is the interest rate on Prodigy International student loan? ›

Terms and conditions. 11.06% is the minimum possible Annual Percentage Rate you could be offered. This APR assumes a 4.98% fixed margin rate, a 4.89%* variable base rate (3-month CME Term SOFR as of 6 April 2023), and a 5% administration fee.

MPOWER Financing specializes in offering private student loans to college students who may have difficulty getting approved by other lenders. However, the lender has some restrictions that can make it difficult for otherwise eligible borrowers to get approved. MPOWER has a good reputation for customer satisfaction.

Yes, international students can apply for student loans

However, international students can borrow money from a private lender – this will be a pre-defined, fixed amount or your school-certified cost of attendance, depending on the lender.

Once your application has been successfully matched to funding, you'll receive a letter confirming your loan. You can use this letter of approved funds for your visa appointment. Please keep in mind that the letter doesn't guarantee that your visa application will be successful.

Prodigy Finance allows you to borrow up to 100% of the school-certified cost of attendance, and you have up to 20 years to repay your loan. The loans are specifically designed for international graduate school students who are studying abroad.

All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 15.01%, the monthly payment amount is $122.41 for the first 30 months.

You'll make fixed payments until the loan is paid off. However, you can make extra payments and pay off your student loan early. MPOWER Financing doesn't charge prepayment penalties, so paying off your debt ahead of schedule can help you save money.

Unfortunately, private student loan forgiveness doesn't exist. However, you do have other relief options, such as deferment or forbearance (depending on the lender) or student loan refinancing. You can use our calculator below to see how much you could save by refinancing your student loans.

International students can borrow from Sallie Mae if they have an approved cosigner. Sallie Mae allows for deferred, interest-only, or fixed repayment options while in school and after graduation.

Which bank gives best student loan? ›

Federal student loans for international schools

U.S. students can use the same federal student loans available at stateside schools to pay for their international programs. Over 750 international schools participate in federal student loan programs.

International student loans may cover up to 100 percent of the cost of education, including tuition, books, supplies, housing and more, so they're a good option if you're having trouble paying for your education on your own and have maxed out scholarship or grant opportunities.

Evidence of Financial Ability

Family bank statements. Documentation from a sponsor. Financial aid letters. Scholarship letters.

For students willing to study in the US, parents and relatives can very well be accommodated as sponsors. Applicants can also look for education loans to sponsor their study in the US. In some cases employers can also sponsor F-1 visa provided they are ready to employ applicants post their study abroad.

First-degree relatives; mothers, fathers, wives, and children can also be sponsors. In cases where there is not a first-degree relative, you can present your legal guardian as a sponsor with the necessary documents.

You can apply for a Prodigy student loan from anywhere in the world. Well, anywhere you have a secure internet connection. The process is facilitated online, and hard copies of documents aren't required.

Don't worry - many of our customers do not have a credit history, and it isn't a requirement for our loans.

Can we cancel prodigy loan after approval? ›

You can withdraw your loan application any time before you sign the final loan agreement. There is absolutely no penalty for withdrawing. If your loan agreement has been signed by both us and you, you'll have two weeks to withdraw from the agreement.

$250* Note: The figures provided are estimates calculated using a loan term of 150 months and an autopay discount of 0.25%. The interest rate and APR for graduate degrees is 12.74% (13.72% APR); for undergraduates it is 13.74% (14.75% APR) For detailed information about these assumptions, click here.

The average monthly federal student loan payment for recent bachelor's degree-recipients is $278. People generally borrow more and have higher interest rates for graduate degrees. Therefore, their monthly payments are higher. Average federal student loan payments for master's degree-holders are about $572 a month.

MPOWER was founded in 2014 by Manu Smadja and Mike Davis, two former international students with a shared dream: to remove the financial obstacles students often face when pursuing an international education. To do this, they would make loans based on a student's future potential — not their past.

In compliance with the U.S. Truth in Lending act, MPOWER observes a rescission period after your final loan documents are signed. During this time, you may cancel your loan agreement for any reason by contacting us. MPOWER uses a 4 business day rescission period.

You can make payments before they are due or pay more than the amount due each month. Paying a little extra each month can reduce the interest you pay and reduce the total cost of your loan over time. Contact your loan servicer to discuss these options.

There are real federal loan forgiveness programs out there, including Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness. But many companies will try to take advantage of borrowers by guaranteeing immediate results or requesting money up front for services they cannot provide.

The U.S. Department of Education has “fully approved” more than 16 million people for federal student loan forgiveness and sent their applications to loan servicers, the Biden administration announced Friday.

However, international students cannot apply for the federal financial aid program. As a result, international students typically rely on private loans to pay for college. Banks, financial organizations, and schools all offer private student loans. Each lender sets different terms for taking out a loan.

Can international students use SoFi? ›

To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements.

To apply for private international student loans that don't require a cosigner, you will usually need to be studying a postgraduate course or be in the final two years of an undergraduate degree. You will also need to be attending an eligible school or university, and meet the lender's other criteria.

1. The State Bank of India: SBI Global Ed-Vantage Scheme. The Global Ed-Vantage education loan scheme is one of SBI's premier student loan schemes for students wishing to study overseas. Under this scheme, students are offered some of the lowest interest rates to fund their education.

The most common federal loan is the Stafford loan. Stafford loans offer fixed interest rates, meaning the interest rate stays the same from the time that you take out the loan until you pay it in full. There are two types of Stafford loans.

International students can get private student loans, but they can't get federal student loans, as those are only available to U.S. citizens and eligible noncitizens. “Eligible noncitizens” primarily refers to permanent residents in the United States and not to international students.

Undocumented students, including DACA recipients, are not eligible for federal student aid, but you may still be eligible for state or college aid, in addition to private scholarships.

Bank of America doesn't offer student loans, but you have multiple other lenders to consider if you need to borrow money to cover your college expenses. It's important to compare your options when looking for a private student loan that meets your needs.

If you are an undergraduate student, the maximum amount you can borrow each year in Direct Subsidized Loans and Direct Unsubsidized Loans ranges from $5,500 to $12,500 per year, depending on what year you are in school and your dependency status.

There are two main types of Masters funding available from universities in the USA: Scholarships are awarded to cover the cost of tuition fees, though some also include a grant or regular stipend to help pay for accommodation and living costs.

How to get international student loan in USA? ›

Most international students must have a US co-signer in order to apply for a student loan. Although there are no co-signer loan programs at select schools in the USA and Canada, almost all international students will require a co-signer. A co-signer is legally obligated to repay the loan if the borrower fails to pay.

$138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

Debt accrued from graduate loans is eligible for forgiveness, so long as it's a federal loan held by the Department of Education.

$250* Note: The figures provided are estimates calculated using a loan term of 150 months and an autopay discount of 0.25%. The interest rate and APR for graduate degrees is 12.74% (13.72% APR); for undergraduates it is 13.74% (14.75% APR) For detailed information about these assumptions, click here.

Among all existing borrowers, 5.8% is the average student loan interest rate. For new undergraduate loans, the current federal interest rate is 4.99%. All federal loan interest rates have been temporarily set to 0% until June 30th, 2023; 92.7% of all student loan debt is federal.

If you're still borrowing for your education, the federal student loan interest rate for undergraduates is 4.99% for the 2022-23 school year. Federal rates for unsubsidized graduate student loans and parent loans are higher — 6.54% and 7.54%, respectively.

High interest rates: Other lenders offer APRs starting at 2.99 percent, while Prodigy Finance's APRs start at 9.54 percent. The company also lacks a fixed-rate interest option, which means your payments can go up, depending on market conditions.

Can I repay my loan early? The short answer is, Yes! There is no penalty for making early payments toward your loan. You're welcome to do this during your study period, grace period, or simply make extra payments during the repayment period.

Do student loans go away after 7 years? ›

If the loan is paid in full, the default will remain on your credit report for seven years following the final payment date, but your report will reflect a zero balance. If you rehabilitate your loan, the default will be removed from your credit report. Q.

If you have private student loans, you may be able to negotiate a lower interest rate with your lender. This is especially true if you're struggling to keep up with your monthly payments or if you plan to refinance and want to give your lender a chance to match.

The average monthly federal student loan payment for recent bachelor's degree-recipients is $278. People generally borrow more and have higher interest rates for graduate degrees. Therefore, their monthly payments are higher. Average federal student loan payments for master's degree-holders are about $572 a month.

If you're wondering, why do student loans take so long to pay off? Capitalized interest may be the culprit. Complicating the issue is the fact that borrowers who opt for an income-driven repayment plan after graduating may not be earning enough to keep up with the total interest accrued.

The new interest rates for 2023-24 federal student loans disbursed on or after July 1, 2023 will be: 5.498% for undergraduate Federal Direct Stafford Loans. 7.048% for graduate Federal Direct Stafford Loans. 8.048% for Federal Direct Grad PLUS Loans.

Student loans are a type of installment loan. Like other loans, student loans appear on your credit report. As a result, they can play an important role in helping you build credit history and will impact your credit score in various ways.

Prodigy Finance is an excellent choice if you don't have access to more affordable international student loans. However, it's far from your cheapest option.

What happens if my loan goes into default? If your loan is in default, we will terminate the loan agreement we have with you and begin legal proceedings to recover the outstanding balance. Please note that the option to request a payment arrangement is no longer available once your loan has defaulted.