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Prodigy Finance offers loan refinancing for expat graduates

Prodigy Finance has launched a loan refinance product aimed at expat graduates living in the UK or US who are looking to reduce their student debt.

The fintech company, which pioneered loans for international students on postgraduate programmes, claims the new refinance product could save graduates at least $20,000 over the life of the loan.

It is being offered to expat graduates in the UK and across 24 American states who are on any type of visa, without the need for a social security number or local credit history. Features include interest rates starting at 4% over the variable three-monthly US LIBOR and flexible repayment terms of seven, 10, 15 or 20 years.

Prodigy Finance founder and chief executive Cameron Stevens, 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 democratising education by addressing the funding gap that international students face, and refinance is the next logical step as we continue our mission.”

Head of refinance Ricardo Fernandez said: “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.”

To qualify for the loan, applicants must have a master’s degree from one of 280 participating universities across 20 countries. Graduates’ loan affordability is measured across a wide range of variables that also include their current salary.

Posted on: 15/11/2018

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