Press release: Prodigy Finance Launches Refinance Product for International Working Graduates Looking to Reduce Financial Costs
Wednesday, November 14, 2018
Prodigy Finance, the pioneer in cross-border finance, announces the launch of a loan refinance product for international working graduates looking to reduce their student debt. The product will allow these alumni, who previously had limited options available to them, to save at least US$20,000 over the life of the loan, by accessing lower rates and choice of terms.
Cameron Stevens, Founder and CEO of Prodigy Finance, said: “The opportunity to study is a life-changing experience for many, however upon graduation, the reality is that paying off a student loan is a sizeable commitment. This is the case for any working graduate but more so for international working graduates, who, in comparison to their domestic peers, are at a disadvantage with few fair and competitive refinancing options. For more than a decade now, Prodigy Finance has focused on democratizing education by addressing the funding gap that international students face, and refinance is the next logical step as we continue our mission.”
Demand for refinance
Refinancing options for international working graduates are rare as local lenders are not structured to support cross-border funding or enforce international loan repayment – and these alumni are often on ‘temporary resident’ visas such as the OPT visa. Prodigy Finance sets out to address the challenges faced by this underserved ex-pat market. The refinance product is for international working graduates looking to reduce their student debt, and available to any visa type, without the need for a social security number or local credit history.
Ricardo Fernandez, Head of Refinance at Prodigy Finance, said: “We’re excited about our refinance product as we know it can make a difference to many people who live outside their home country. We were approached by international working graduates who were looking to refinance student loans provided by other lenders. They came to us as they know we operate in the international student financing market. Our goal is to provide the best loan product to each individual borrower, depending on their preferences and needs.”
Jaime Preusche, Prodigy Finance refinance borrower, said: “Refinancing my postgraduate student loan helps me regain my financialfreedom. My refinance loan with Prodigy Finance reduces my repayment period by half, and saves me US$20,000 in payments that I would have had to make to three different banks. I’m not alone in this situation, many others face the same issues, and we all need a feasible solution. Thankfully, Prodigy Finance is willing to take care of this under-served international market.”
The product features:
- Competitive interest rates starting at 4% + LIBOR2.
- Flexible loan terms with a choice of 7, 10, 15 or 20 years.
- Opportunity to consolidate multiple education loans into one for simpler repayment – international working graduates often have to take a different loan for each year of study.
- Financial independence by releasing a co-signer or collateral from an existing loan – most traditional lenders require a guarantor where the main applicant has minimal credit history or moves abroad.
- No penalties or fees for early repayments, with monthly instalments recalculated if there is a bulk payment.
- Ability to build credit history in their country of residence, particularly for future financial decisions such as applying for credit cards, mortgages, auto loans and other forms of credit.
- Secure online application process where applicants receive a commitment-free quote in less than ten minutes.
- Available to international working graduates on any visa, including OPT, H1B, L1 and O-1 amongst others.
- Referral program which offers up to US$300 for successful cases3.
Prodigy Finance assesses applicant loan affordability on numerous variables including the university attended and current salary, among others. The product is available to international working graduates who reside in the U.K. or U.S4. The applicant must have studied at a Master’s degree from a participating institution – the current list includes more than 280 universities across 20 countries.
Prodigy Finance has already refinanced US$10 million in loans for international working graduates who took part in our pilot phase, saving each person at least US$20,000. We believe the financial services industry needs to accommodate international talent mobility and the global economy better, and look forward to helping international working graduates in the same way we’ve been helping international students”, concluded Fernandez.
Photo courtesy of Dominic Chavez.
Source: Press release