Have you wondered how to get an International student loan without cosigner in the USA?
Do you want to know in less than 15 minutes, if you can refinance your high-interest education loan and save thousands of dollars?
Then Read On:
International students, especially Indian students studying in the USA get an education loan with interest rate as high as 14%.
Whereas US Citizens and Green Card Holders can get student education loan with interest rate as low as 3.25%
And those low-interest loans are not available for international students.
Banks in the US and education loan providers want a cosigner for approving loans for international students.
Why do they need a cosigner?
You loan in India is probably secured by collateral (home or land, etc).
Since there is no collateral involved in the USA for an education loan, and international students can leave the country at any time, the risk is high for default. so, they need a cosigner.
Prodigy Finance offers international student loan without a cosigner.
And the rates are lower than what you probably have from India.
If you have a job and earning salary in US Dollars, you probably want to save hundreds if not thousands of dollars if there is an option right?
Why Refinance your International Student loan?
I can think of the following reasons why I would refinance your international student education loan if I had one.
- Remove Co-Signer
- Combine multiple loans into a single loan
- Get your collateral documents back after paying off the loan in India
- Lower the interest rate (or save money on your loan interest payments)
I think, reason #4 – Saving Money would be the top reason for refinancing my higher interest rate student loan.
I have seen other instances when two siblings want to study in the USA, and parents have just one property that been used as collateral. Agricultural land in India can’t be used as collateral for education loan in India.
By refinancing the first loan, you can pay off the loan, get the collateral papers back and get another loan to pay for the education of the second person to study abroad. Right?
International Student Loan Without Cosigner
Does Prodigy Finance Require Cosigner to refinance your international student loan?
Short Answer: No
I can already see you jumping up and down thinking about the potential loan interest savings.
I will walk you through the step by step loan refinance application process for Prodigy Finance with Screenshots below. But, let’s talk about cosigners first.
Cosigners are essentially someone vouching for the loan payments if in case there is a default, the cosigner is responsible to make the payments.
And that co-signer should be a Green Card Holder or US Citizen.
That makes it impossible for International students to find no cosigner international student loans.
Unless if you have a close relative who can cosign a loan, you are out of luck.
Most international students are out of luck.
With Prodigy Finance, you can get an international student loan on your name, then pay-off the loan high-interest loan back in India or your country.
Money that’s not spent is money saved. Right?
Don’t you think that’s instant savings of hundreds of dollars right away?
Prodigy Finance – Loan Savings Calculator
Here’s a savings calculator for a loan with 12% Interest Rate vs International student loan refinanced with Prodigy Finance.
That’s $7000 in savings equates to about 1750 Tall White Mocha in Starbucks my favorite or perhaps, you can use that as a downpayment to buy a home in the USA much faster than expected.
You can use the same calculator when you are completing the loan application to find how much you can save if you refinance your intetnational student loan with Prodigy Finance.
Get Your Refinance Quote in Minutes
As you can see, we have an exclusive page setup for Happy Schools Members.
By the time to took me to capture the screenshots and write this article, you could have requested the quote like 10 times.
I mean, literally, you can get a quote in few minutes.
Plus, there is no Credit Check.
There’s no soft pull or hard pull when you get the international student loan without cosigner quote.
In fact, your SSN is an optional field in the refinance application form.
2. Check Your Eligibility
After selecting your status in the above step, you will be check if you are Eligible for the student loan to refinance.
What if your school is not listed? Do this:
- Send an email to [email protected]
- Mention Happy Schools in the email and ask if your school would qualify
- And Continue the Application
- Prodigy Finance can check in the backend if they can support your school
Pretty Cool, Right?
See below (We Are Sorry section) if you are from a US state that is not eligible for the loan at this time.
3. We are Sorry (if ineligible)
If you are not eligible for the education refinancing, you will be presented with the following message on the next page.
4. Complete the Personal Details
If you are eligible for the student loan, you will be asked to complete the following form with your personal details.
Please select Other and type “Happy Schools” or “F1 Visa Facebook Group” for How did you hear about us section.
Happy Schools will be added as an option in the dropdown shortly.
5. Your Address
I know it’s tough if you are from one of these US States. But, worry not, they are adding more US states to the list. Complete the application and the will reach out once the State where you reside becomes eligible.
Prodigy Finance cannot lend to residents of the U.S. states of Alabama, Alaska, Arizona, Arkansas, California, Connecticut, Delaware, Hawaii, Idaho, Indiana, Iowa, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Montana, Nevada, North Dakota, Ohio, Rhode Island, South Dakota, Vermont, Washington, Washington – District of Columbia, West Virginia or Wyoming.
If you have made till this part, you can fill this section with your current home address.
6. Your Current Loan Provider
Do you have an existing loan? Of course, you do, that’s probably why you are reading this article right?
Enter the Bank Name and current balance. If you have more than one loan, select “Add Another Loan” as required.
7. Employment & Salary Details
This is the important criteria Prodigy Finance is going to use to evaluate the risk and qualify your for the international student without cosigner.
You are not required to provide any documentation at this time.
Once you complete the application, there will be a checklist of the documents and that is listed below.
8. Your Expenses
Enter your Expenses as requested in this step.
Just a few more steps to complete before you will be displayed with loan amount and terms.
9. Outstanding Credit Balance
If you have any other loans like a personal loan or credit card balances, please list them below.
Perhaps, you may have used 0% APR Balance Transfer to Pay your fees.
Don’t use this section to list the Current Student Loan (you already entered that in the previous step).
10. Accept Terms and Declaration
This is self-explanatory. Complete this section as required.
10. Loan Details with Interest Rate
Finally, you made it to the last step and by this time you might have spent less than 10 minutes tops to fill this form.
Once you are found eligible for International Student loan refinance without a cosigner, you would see an offer that looks like this. Again, this is a sample. What you will see will vary based on your profile.
You have to note how Fixed Rate Loan and Variable Rate loan differs and how the Interest Rates are Calculated.
You can refer to their FAQ’s section to learn more and how much you can save by refinancing your loan and understand the loan terms.
What Happens Next
If you hit continue above, you would be asked to provide additional documents for verification. You can upload the document in your account.
Loan Approval & Terms
Once, you have submitted all the documents, you will see a message about Loan Approval and Terms as follows (this is a sample screenshot).
And you can choose to prepay the loan and there’s no penalty for that.
Here’s the cool things about this refinancing with Prodigy Finance.
Once the loan is approved, they will pay off the you existing loan.
You don’t have to deal with exchange rates and wire transfer.
I’m sure you have a lot of questions about this student loan refinance without cosigner with Prodigy Finance.
I will be hosting a live information session with them. If you like to get notified, please leave a comment below.
This is a sponsored post but opinions are ours. If you decide to apply for a loan with Prodigy Finance, we will earn a small referral fee. This fee comes at no additional cost to you. Please understand that I had an extensive discussion with their team, attended training to learn their product, and I recommend them because they will helpful and useful to you.
Questions About Loan Refinance
I have a direct connection with their support and marketing team. If you have any questions about this steps described above please let me know. I can get it clarified. Perhaps, you can also join us in the upcoming information session and ask them about the loan, eligibility and loan terms. And you can reach out to them via email [email protected] if required.