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Refinancing Your International Student Loan: 5 Questions

By John test molony Updated May 22, 2018

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Introduction
1. What are the advantages to switching to an international loan provider?
2. Can I get a student loan without a cosigner?
3. What is the process for refinancing student loans?
4. What is the APR and other terms for my graduate student loan?
5. What currency will the refinanced loan be in?

Learn more about Prodigy Finance.

This article is sponsored Prodigy Finance. Learn more about Prodigy Finance.

If saving money tops your list of New Year’s resolutions, but you balk at thought of cutting out your morning latte, take heart. Refinancing your MBA loan might be a faster way to lower your expenses. After all, you probably need your morning caffeine.

Navigating the ins-and-outs of financing your graduate student loan as an international student is challenging enough. The prospect of refinancing your student loan in the midst of an already busy life might seem overwhelming. Yet whether you are a recent grad or an MBA student, a student loan consolidation is worth exploring. Different loan providers might offer more attractive interest rates, a better repayment schedule or more helpful customer service. Some loan providers focus on international student loans and will work with you to make the process as painless as possible.

Peer-to-peer lender Prodigy Finance provides loans exclusively to international students studying outside their country of nationality or residence. They offer these tips for those considering refinancing their MBA loan while still at business school.

1. What are the advantages to switching to an international loan provider?

Many international students studying in the US use private student loans from a domestic lender. With fewer loan options, they are often saddled with higher interest rates. An international loan provider, on the other hand, may be the ideal choice for a private student loan. The provider’s location matters less than what they can offer. Prodigy Finance, for example, offers international students studying in the US competitive interest rates and a better understanding of the risks and rewards for international students in getting a private student loan. Prodigy Finance also offers repayment channels in more than 30 countries, so many of their student borrowers can avoid the costs of international wire transfers when repaying their loan.

2. Can I get a student loan without a cosigner?

Student borrowers often lack a lengthy credit history. Worse, those with graduate student loans generally have high debt loads. Finding student loans without a cosigner can be difficult. This frustrating dilemma can drag out the process of refinancing student loans. Although a future MBA’s high levels of debt can be daunting to lenders, an experienced loan provider should be looking at more than your debt load and credit history. Your anticipated earnings are equally important which is why some loan companies like Prodigy Finance offer student loans without a cosigner.

3. What is the process for refinancing student loans?

There’s a reason everyone doesn’t refinance even when they can get a lower interest rate. The paperwork, phone calls and endless requests for additional documentation can wear down even the most determined. Refinancing student loans can be simplified, however, with online applications and fast decisions. Poor customer service, after all, shouldn’t be the tradeoff for refinancing. At Prodigy Finance, borrowers interested in refinancing student loans can fill out an exclusively online application that usually takes less than half an hour to complete. Applicants can expect a conditional decision within two business days.

4. What is the APR and other terms for my graduate student loan?

When you begin the process of refinancing your graduate student loan, the first thing you’ll notice is the annual percentage rate (APR). This is the interest rate plus any fees or points. At Prodigy Finance, most of their loans have an application fee of 2.5% – half of this is paid up front, and the remainder is added to the total loan amount.

5. What currency will the refinanced loan be in?

To avoid currency fluctuations, you may want to repay in US dollars or euros. Some lenders offer this option. With Prodigy Finance, if you are approved for a refinanced student loans or a student loan consolidation, the funds will be wired directly to your school. The school will then send you any excess funds which you can use to settled your existing loan with a non-Prodigy loan provider.

This article is sponsored Prodigy Finance.

Written by

john T

Content writer John began his career as an investigative reporter and is a prolific educational writer alongside his work for us, authoring over 100 nonfiction books for children and young adults since 2000.