When your dreams are big, your loan options should match. But if you’re an Indian student without a financial guarantor or property to pledge, choosing the right education loan can feel overwhelming. That’s where no cosigner loans step in—but with multiple lenders like MPOWER Financing, Prodigy Finance, and Earnest, how do you pick the best no cosigner loan that fits your journey?
We get it-your education is a life-changing investment. So in this blog, we compare these three top global lenders on everything from eligibility and interest rates to repayment and visa support. If you’re looking for the best no cosigner loan for Indian students, you’re in the right place.
Why This Comparison Matters
Indian students often ask:
“Which is better: MPOWER or Prodigy for MS in the US?”
“Can I apply to both Earnest and MPOWER?”
“Which lender gives faster sanction without a cosigner?”
These questions highlight a common pain point—lack of clear comparison. That’s why Lorien Finance is running India’s biggest Study Abroad Loan Fest, where students can compare rates, terms, and offers from multiple lenders—side-by-side. And yes, we help you apply to more than one lender too.
MPOWER vs Prodigy vs Earnest: A Detailed Breakdown
Here’s a point-by-point comparison of the best no cosigner loans for Indian students heading abroad in 2025.
Countries & Universities Covered
| Lender | Countries Covered | University Eligibility |
| MPOWER | USA, Canada | 400+ partner universities |
| Prodigy | USA, UK, EU, Canada, more | 850+ grad programs worldwide |
| Earnest | USA only | Most accredited U.S. institutions |
Verdict: Prodigy wins on country coverage, especially for students heading to the UK or Europe. MPOWER is great for Canada, while Earnest is strictly US-focused.
Loan Amount & Disbursement
- MPOWER: Up to $100,000 total. Disbursed directly to the school.
- Prodigy: Up to 100% of cost of attendance, based on program & future income.
- Earnest: Loan amounts up to $100,000. Disbursed in USD directly to the institution.
Note: MPOWER and Prodigy also allow partial disbursements for living costs, making budgeting easier for international students.
Interest Rates & Fees
| Lender | Interest Type | Typical APR | Fees |
| MPOWER | Fixed | ~12.49–13.99% | 6.5% of Disbursed Amount |
| Prodigy | Variable | 11%–14% (incl. margin) | $500 + 4% of loan amount |
| Earnest | Fixed/Var | 9%–13% (profile-based) | No processing fees |
Verdict: Earnest often offers lower interest rates and no fees, but approval depends heavily on academic strength. Prodigy gives flexible options, especially for top-tier grad schools. MPOWER provides fixed rates but includes a fee—worth it for students needing a predictable EMI.
Eligibility Requirements
- MPOWER Financing:
- Final-year UG or PG student.
- University must be on MPOWER’s list.
- No co-signer or credit score required.
- Prodigy Finance:
- Postgraduate program only (MS, MBA, etc.).
- Admission to supported universities.
- Assessed on future income potential.
- Earnest:
- Must be studying in the USA.
- Strong academics & career prospects.
- Profile-based underwriting.
Tip: Students applying to PG programs in the US may be eligible for all three lenders to secure the best no cosigner loan.
Visa & Career Support
- MPOWER: Provides visa support letters, career counseling, and even resume help.
- Prodigy: Visa support and an alumni network across 100+ countries.
- Earnest: Doesn’t offer visa guidance but is efficient in disbursement.
“I got my visa approved using my MPOWER sanction letter + GIC for Canada,” shared a student recently.
“Prodigy’s loan letter worked for my UK Tier-4 visa,” said another.
Processing Time & Repayment Flexibility
- MPOWER: Conditional approval in days; 6-month post-study grace period.
- Prodigy: ~1–2 weeks for full approval; 6-month grace period.
- Earnest: Approval in under 5 days; 9-month grace period (longest among the three).
All three offer flexible prepayment options with no penalties.
Which Lender Is Right for You?
| Scenario | Best Lender |
| Studying in Canada or USA with no co-signer | MPOWER Financing |
| Applying to UK, EU, or top MBA/MS abroad | Prodigy Finance |
| Strong U.S. admit with a stellar academic profile | Earnest |
Not sure? During the Study Abroad Loan Fest, Lorien helps you apply to multiple lenders with one profile—maximizing your chances of approval and getting the best no cosigner loan for your abroad education.
Each student is different. That’s why there’s no “one-size-fits-all” answer. Whether you choose MPOWER’s fixed rates, Prodigy’s flexible coverage, or Earnest’s low-fee model—what matters is that your journey doesn’t stop and you find the best no cosigner loan for your education abroad.
At Lorien Finance, we help you figure out what works best—because we believe no dream should be put on hold for paperwork or property. Compare, apply, and fly. We’ve got your back.
FAQs
Can I apply to more than one no cosigner lender at the same time?
Yes. In fact, Lorien encourages this during Loan Fest so you can compare offers and pick the best terms.
Which lender is faster in disbursing the loan?
Earnest is known for fast processing, often under 5 days. MPOWER and Prodigy typically take 7–10 days depending on documentation.
What if I don’t get a loan from any of these?
Lorien can help you explore other options, including NBFCs, scholarships, or partial funding combinations.
Is there a penalty if I repay early?
No, none of the three lenders charge prepayment penalties.Can I use the loan sanction letter for visa interviews?
Yes. All three lenders issue sanction letters valid for visa applications for countries like the US, UK, and Canada.
