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There are now several private loans for international students to fund their studies in the US, thanks to companies stepping in to fulfil an unmet demand.

One such student is Neel Chatterjee, a PhD student from India studying mechanical engineering at the University of Minnesota. In ounted to US$22,091 once the processing fee and interest rates, ranging from 9.3 to 10.8 percent, were added up.

I think it’s a very good thing what [Prodigy Finance is] trying to do, [financing] students who are trying to study, he told the Minnesota Daily.

Neel took a US$20,000 loan from Prodigy Finance, a London-based company that lends money to international students at the postgraduate level and in select professional fields

Most international students are not able to access federal student loans by the US government. Meanwhile, scholarships and financial aid by higher education institutions are mostly reserved for domestic residents. International students also don’t qualify for loans with any US bank without proof of residency, US credit history and a cosigner who is a US citizen or permanent resident. (más…)