MPower Financing or Prodigy Finance: Which to choose for studying abroad?
MPower Financing Ideated with an aim of removing the financial obstacles faced by students when pursuing international education, MPower Financing has helped thousands of students achieve their study abroad dreams. A major player in the international education loan sector, MPower is dedicated to making a positive impact in the world that goes beyond accomplishing our financial and strategic goals. With no requirements of a cosigner or collateral, they help support a student’s independence in the most easy and affordable way. When considering MPower vs Prodigy Finance, it’s clear that MPower Financing offers education loans at fixed and competitive interest rates that never increase, providing affordable funding. They also provide a complimentary visa support letter and visa prep course. With a smooth loan processing system, MPower Financing stands as a key payer preferred by most of the students aspiring to study abroad. Prodigy Finance With a philosophy that funding shouldn’t be a barrier to education, Prodigy Finance has helped over 40,000 students fund their higher education abroad. With a quick and easy loan application process, Prodigy Finance helps students travel across the world to get a top-tier master’s degree without the stress of a cosigner or collateral or any hidden costs. You can now secure a pre-approved student loan of up to $220,000* smoothly and affordably with Prodigy Finance’s smart and seamless financing. Comparing International Education Loans by MPower Financing and Prodigy Finance Being the top players in the industry, both, MPower and Prodigy, provide loans in foreign currency,include zero exchange rate costs, don’t require collateral or cosigners for securing a study abroad loan, but focus on the student’s future earning potential, with an option to directly disburse the loan amount to the university. Both the lending institutions are similar in terms of the loan amounts offered and the origination fees charged, but let’s assess the differences in their interest rates, eligibility, and other factors to make the best choice. Basis of Difference MPower Financing Prodigy Finance Loan Amount 100% of cost of education 100% of cost of education Interest Rate 12.99 – 15.99%* 11 – 14%* Interest Type Fixed Means your rate won’t change and your payment will remain the same even in a rising interest rate environment. Fixed & variable Means your rate fluctuates based on market conditions, causing monthly payments to change over time. Interest Rate Discount 0.25% for signing up for autopay Nil Countries Covered Canada and United States of America (USA) Australia, Belgium, Canada, China, Denmark, France, Germany, Hong Kong, Italy, Netherlands, Portugal, Singapore, South Africa, Spain, Switzerland, United Arab Emirates (UAE), United Kingdom (UK), United States of America (USA) Courses Covered All courses covered Only Master’s in STEM courses as well as Business, Law, Public Policy, Health Sciences and Economics are covered Number of supported universities Over 400 universities Over 1500 universities Loan Term Upto 10 years Upto 20 years Eligibility Undergraduate or graduate students within 2 years of graduating or about to begin a 1-year or 2-year program Graduate students willing to study in the countries and universities supported by Prodigy Application Process Online application, relativelystraightforward Online application, detailed process Repayment Flexibility Options for adjusting terms Flexible repayment plans available Interest Rates on Study Abroad Loans by MPower Financing and Prodigy Finance While both the lenders offer students support in terms of 100% of the cost of their education, MPower Financing’s lowest available interest rate is 12.99% (13.98% APR), and the average interest rate for loans is 14.99% (16.04% APR). The interest rate you qualify for will be a fixed rate and will not increase for the life of the loan. MPOWER charges an origination fee equal to 5% of the loan amount, which is automatically added to the borrowed amount, eliminating any hidden or out-of-pocket fees, and also offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. On the other hand, Prodigy Finance’s interest rates are variable, and are made up of two components, a fixed margin and a variable benchmark rate. Students can secure their international education loans from Prodigy, starting from 5.25% fixed + 5.34%* variable interest rate. Prodigy Finance charges a processing fee of up to $100, payable when the funds are matched to the loan application to reserve your funds, and before your loan is finalised. They also charge an admin fee for each loan issued. The admin fee is up to 5% of the total loan amount. This fee is added to your loan amount when the loan is issued and spread across your monthly payments- you’re never required to pay this fee upfront. Countries Covered for Study Abroad Loans by MPower Financing and Prodigy Finance While MPower Financing helps you secure student loans for your abroad education in the US orCanada, Prodigy Finance supports students aspiring to attend 1733 schools, 483 universities in 19countries, including Australia, the UK, Canada, the US, Germany, France, the UAE and many more. Eligibility Criteria for Education Loans by MPower Financing and Prodigy Finance An education loan from MPower Financing can be ensured, if you meet the following criteria: For the United States: You must be enrolled in a MPower eligible school. For Canada: You must be enrolled in a MPower eligible school. To determine if you’re eligible for a study abroad loan, Prodigy Finance mandates three requirements (subject to affordability check): If you meet these criteria, you will be able to complete a quick online application and get a quote from Prodigy Finance. In most cases, the quote is received immediately. It will include the amount you qualify for, the interest rate, loan term, and any fees that will apply. Education Loan Application Procedure for MPower Financing and Prodigy Finance MPower Financing’s straightforward loan application process focuses on verifying eligibility andensuring that you can finance your education effectively. Here’s a step-by-step guide to MPower’s Application Process: Prodigy Finance’s smooth online loan application procedure seamlessly ensures a student’s studyabroad dream is realised. Here’s