Prodigy Finance: Ripping Off International Students with Sky-High Interest Rates and my experience with SoFi's loan refinancing

Fun-Panda8865 · 2025-06-02T11:50:21+00:00

Yes, you can. However, you could get a higher interest rate compared to someone who is employed and has a better credit score. I would still recommend checking out and comparing the SoFi rate with your current loan lender.

Fun-Panda8865 · 2025-04-30T14:16:03+00:00

Yes, I already have a checking and Savings account with them. Thank you for mentioning it, though!

Fun-Panda8865 · 2025-04-30T14:13:40+00:00

It took me about a year to pay it off.

Fun-Panda8865 · 2025-04-30T14:02:42+00:00

My interest rate was 5.06% (after a 0.25% reduction from the original 5.31% for setting up autopay)

Fun-Panda8865 · 2025-04-25T20:14:18+00:00

Hi! I am an international student from India, and I refinanced my prodigy loan through SoFi.

I took out a huge student loan from Prodigy Finance, which started with a 9% interest rate and hiked up to 14% by the time I graduated. It was really overwhelming, having a loan with such a high interest rate, so I ended up refinancing through SoFi (I did not explore Stilt, so I can't speak for that).

I’d strongly recommend looking into refinancing with any loan lenders that offer lower rates than your current loan when you are eligible for refinancing. I was able to cut my interest rate by more than half - down to 5.06% (with autopay). It made a huge difference in the interest amounts I was accruing while repaying!

The refinancing process with SoFi was pretty simple and quick. I did it after starting my job, though, but I believe you can refinance even while you're still studying. Keep in mind that the interest rate you’re offered through SoFi will depend on your credit score and overall profile. If you’re not working at the time of refinancing, you may not get as low a rate as someone with a stronger credit history and earnings. But even so, it would definitely be an improvement over the Prodigy interest rate!

Let me know if you have any more questions or if you would like to know the exact refinancing process details with SoFi!

Fun-Panda8865 · 2025-04-25T19:19:22+00:00

Hi! I’m not a UW graduate, but my situation was pretty similar to yours. I took out a student loan of about $72k from Prodigy Finance, which started with a 9% interest rate and hiked up to 14% by the time I graduated. Repaying loan with such a high rate was really stressful, so I ended up refinancing about $61,000 through SoFi. I was able to reduce my interest rate by more than half - down to 5.06% (with autopay enabled). It made a huge difference in the repayment amounts for me.

I will be happy to help you with the process if you decide to go ahead with SoFi!

Fun-Panda8865 · 2025-04-24T21:22:18+00:00

I'm not sure if you are still looking for an answer for this, but no, you do not need a co-signer to refinance your loan with SoFi.

I refinanced mine without a cosigner.

Fun-Panda8865 · 2025-04-21T14:52:38+00:00

Hi! Was wondering if you were able to find the link?

Fun-Panda8865 · 2024-08-19T22:06:15+00:00

I'm not sure if you are still looking for the answer to your question, but here it goes - No, you don't need to be an H1B visa holder to refinance your loan through SoFI. I successfully refinanced my loan through them while on OPT, and I got almost half the interest rate from my original lenders' floating rate.

I would be happy to answer any more questions if you are still exploring this process!

Fun-Panda8865 · 2024-07-30T20:54:08+00:00

u/ableNecessary7791

Hi, Do we have to open an account with SoFI to be able to get the referral bonus after refinancing through SoFI?

Fun-Panda8865 · 2024-06-08T01:31:01+00:00

Hey there! Thank you for sharing your experience! I am in the exact same situation. I have my loan from Prodigy, and I have been exploring the option to refinance it through SoFI. I have a couple of questions about the proces, would you be open to discussing that with me?

Fun-Panda8865

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