NO PURCHASE NECESSARY. VOID WHERE PROHIBITED. BY APPLYING FOR AND PARTICIPATING IN THE SCHOLARSHIP PROGRAMME, YOU AGREE TO BE BOUND BY THESE OFFICIAL TERMS AND CONDITIONS (“TERMS AND CONDITIONS")

The promoter of the scholarship programme is Prodigy Finance Ltd (incorporated in England with company number 05912562), with its registered address at Palladium House, 1-4 Argyll Street, London, W1F 7LD ("Prodigy Finance").

  1. Scholarship programme: Prodigy Finance is running a scholarship programme in 2020, whereby it will award one (1) scholarship in the form of tuition payment or a debt write-off against a Prodigy Finance loan (and, where the amount of the write-off exceeds the borrower’s existing debt, a cash payment of the balance), to the value of USD10,000, to an eligible candidate ("Scholarship") in accordance with these Terms and Conditions.

  2. Eligibility: To be eligible to apply for the Scholarship and receive the Scholarship award, you must (1) be 18 years and older, (2) have the legal right to be resident and study in the United Kingdom, the United States, France or Spain for the 2020 or 2021 academic years, (3) have commenced studies, or will be commencing studies, at an academic institution supported by Prodigy Finance at the time the Scholarship recipient is chosen ("Candidates"). View the list of eligible institutions on Prodigy Finance’s website. Borrowers with refinanced loans with Prodigy Finance, previous recipients of a Scholarship or borrowers who have commenced repayments of their loans, in accordance with the mandatory repayment terms of their loan agreements, are not eligible for a Scholarship. Candidates who have applied for loans with Prodigy Finance to fund their tuition for the 2020 or 2021 academic years will be eligible to participate in the Scholarship Programme. Employees and agents of Prodigy Finance or any of its subsidiary or affiliated companies and their immediate families and members of their households and anyone otherwise connected with operation or fulfilment of the Scholarship programme are not eligible to be a Candidate for possible receipt of a Scholarship. Prodigy Finance reserves the right to require Candidates to prove that they are eligible in accordance with these Terms and Conditions; and award the Scholarship to another Candidate and to require the return of any Scholarship monies already awarded to such ineligible Candidate.

  3. Application process: To enter the Scholarship programme Candidates must complete the form at https://prodigyfinance.com/community/scholarship providing (1) their name, email address and phone number, (2) the academic entry test type taken as part of their application for postgraduate studies (either GMAT, GRE, EA or LSAT), 3) the test score received, (4) the postgraduate course and institution at which they will be commencing studies for the 2020 or 2021 academic years, (5) correct answers to the skills based questions, and (6) a motivational paragraph that meets the minimum and maximum word count specified and includes substantive motivation for the Candidate to receive the scholarship. The Scholarship may only be entered once, and multiple applications will not increase your chances to be awarded a Scholarship. Prodigy Finance will only consider the first application submitted by a Candidate and all additional application will be deleted. Applications will open on 17 March 2020 at 8am EST. The assessment process for the Scholarship shall take place on 28 April 2020 ("Assessment Date"). In order to be considered for the Assessment, applications must be submitted by 14 April 2020 at 8am EST.

  4. Selection of shortlisted candidates: Following the Assessment Date, a maximum of 10 Candidates will be chosen to be on a shortlist to enter the final round of selection for the Scholarship (“Shortlist”). The Shortlist will be selected from the pool of Candidates who completed the entry process as per clause 3 of these Terms and Conditions. Shortlist selection will be done by scoring each Candidate based on a combination of (1) academic aptitude (measured by GMAT, GRE, EA or LSAT scores, whichever is applicable), (2) whether correct answers have been provided in the application form to the skills based questions; and 3) the substantive motivation for the application. Prodigy Finance reserves the right to conduct interviews and/or request additional information from Candidates related to their Scholarship application. Shortlisted Candidates shall be notified via the contact details provided in their Scholarship application and shall be required to provide proof of their acceptance into a supported Prodigy Finance academic institution for the 2020 or 2021 academic year in order to proceed to the final round of selection. If the Candidate does not respond within 7 days of receiving the Shortlist notification, or if the Candidate cannot be contacted (for example, a notification email is returned as undeliverable), such Candidate forfeits all rights to the Scholarship, Prodigy Finance shall have no liability to Candidate whatsoever, and Prodigy Finance reserves the right to select an alternative Candidate for the final round of selection.

  5. Selection of Scholarship Recipient: The Shortlisted Candidates’ motivational paragraphs shall be anonymised and shared with a panel of judges comprised of senior managers at Prodigy Finance and an independent third party. Following individual scoring by all of the judges, the Candidate with the highest collective ranking shall be awarded the Scholarship. In the event of a tie, Prodigy Finance shall conduct telephonic interviews with the Candidates and assess and rank their criteria based on the following criteria: (1) financial need, (2) academic aptitude and (3) impact of the Scholarship, should it be awarded. The Scholarship shall be awarded on or around 5 May 2020 (“Selection Date”).

  6. Notification of the Recipient: The Candidate selected for the Scholarship will be notified no later than 14 days following the Selection Date by the email address or phone number they provided in their Scholarship application. Candidates who were not selected for the Scholarship will not be notified. For the avoidance of doubt, Prodigy Finance’s decision not to select Candidate will in no way affect the status of his/her existing loan obligation. The Candidate who has been notified in this way will only be eligible to receive the Scholarship, if they confirm in writing that they accept these Terms and Conditions (and, if the Candidate is based in the US, if they also sign and return an Affidavit of Eligibility, a Liability Release and a Publicity Release, if lawfully requested by Prodigy Finance) and provide any other documents or information that Prodigy Finance may reasonably require to establish the Candidate's eligibility, all within 14 days of receiving the notification email or phone call. Following receipt by Prodigy Finance of these documents and subsequent confirmation by Prodigy Finance of the Candidate's eligibility, the Candidate will be a "Recipient" for the purposes of these Terms and Conditions. If the Candidate does not respond within this time frame or if the Candidate cannot be contacted (for example, a notification email is returned as undeliverable), such Candidate forfeits all rights to the Scholarship, Prodigy Finance shall have no liability to Candidate whatsoever, and Prodigy Finance reserves the right to select an alternative Recipient for the Scholarship.

  7. Awarding of the Scholarship: The Scholarship Recipient will be offered the opportunity to receive either 1) a tuition payment on their behalf of USD10,000 at an eligible academic institution, for an eligible course of study, or 2) a deduction from their outstanding Prodigy Finance loan balance. Where the payment is completed by method (2), the USD10,000 deduction will be credited to the Recipient’s account within 30 days of verification of their eligibility as a Recipient and full compliance with these Terms and Conditions, if the Recipient’s loan has been disbursed. If the Recipient’s loan is not yet disbursed, the USD10,000 deduction will be credited to the Recipient’s account within the next calendar month after the loan has been disbursed. If a Recipient's outstanding loan balance is less than USD10,000 any excess will be paid to the academic institution to which that Recipient's Prodigy Finance loan relates for payment by the academic institution directly to the Recipient's bank account. If a Recipient’s tuition fee is in GBP or EUR, the equivalent of USD10,000 will be paid to the eligible academic institution toward the Recipient’s school account or, if payment is completed by method (2), credited against their Prodigy Finance loan account in either GBP or EUR, depending on the currency of the loan, at the day’s exchange rate that the loan account is credited. In the event that Prodigy Finance is unable to complete the payment to the academic institution, and the Recipient does not have Prodigy Finance loan, Prodigy Finance shall make a payment into the Recipient’s nominated bank account in their country of study (either the US, UK, France or Spain) – details of the bank account to be provided by the Recipient. Where the payment is completed by this method, the Recipient is obligated to pay the full amount received from Prodigy Finance to the academic institution at which they will be commencing studies for the purposes of paying their tuition and to provide proof that this payment has been made. The payment date shall be determined based on the tuition due date for the course in which the Recipient is enrolled at their academic institution, but shall be no later than 31 December, 2020.

  8. Taxes: RECEIPT OF AWARDS TO POTENTIAL RECIPIENTS ARE SUBJECT TO THE EXPRESS REQUIREMENT THAT THEY SUBMIT TO PRODIGY FINANCE DOCUMENTATION REQUESTED BY PRODIGY FINANCE TO PERMIT IT TO COMPLY WITH ALL APPLICABLE FEDERAL, STATE, PROVINCIAL, LOCAL AND FOREIGN TAX REPORTING AND WITHHOLDING REQUIREMENTS. ALL AWARDS WILL BE NET OF ANY TAXES PRODIGY FINANCE IS REQUIRED BY LAW TO WITHHOLD. ALL TAXES IMPOSED ON AWARDS ARE THE SOLE RESPONSIBILITY OF THE RECIPIENT. In order to receive a Scholarship, potential Recipients may be required to submit the tax documentation requested by Prodigy Finance or otherwise required by applicable law, to Prodigy Finance or the relevant tax authority, all as determined by applicable law, including, where relevant, the law of the potential Recipient’s country of residence. The potential Recipient is responsible for ensuring that (s)he complies with all the applicable tax laws and filing requirements. If a potential Recipient fails to provide such documentation or comply with such laws, the Scholarship may be forfeited, and Prodigy Finance may, in its sole discretion, select an alternative potential Recipient.

  9. General conditions regarding the Scholarship programme: The Scholarship is as stated and is non-exchangeable, cannot be substituted and is non-transferable. There is no cash or other alternative to the Scholarship in whole or in part, unless otherwise provided in Prodigy Finance’s sole and unfettered discretion. By participating in the Scholarship, Candidates agree that the Scholarship is awarded on an "as is" basis, and that neither Prodigy Finance nor any of its subsidiary or affiliated companies, make any representations or warranties of any nature with respect to the Scholarship. In addition, Candidates agree to cooperate fully with Prodigy Finance or its designated representatives in conjunction with the reporting of receipt of the Scholarship to all appropriate governmental authorities as per applicable law.

  10. Right to cancel, modify or disqualify: In the event that, for reasons beyond Prodigy Finance’s reasonable control and not related to the Recipient, Prodigy Finance is unable to award the Scholarship as described in these Terms and Conditions, Prodigy Finance reserves the right to award the cash value of the Scholarship directly to the selected Recipient. Under no circumstances will more than 1 Scholarship (valued at USD10,000) be awarded as part of this Scholarship programme. Prodigy Finance reserves the right to modify, cancel, terminate or suspend the Scholarship programme in whole or in part, at its sole discretion, if it believes the Scholarship programme is not capable of being conducted as specified within these Terms and Conditions or in the event of a virus, a computer bug or unauthorised human intervention or any other cause that is beyond the reasonable control of Prodigy Finance that could corrupt or affect the administration, security, impartiality or normal course of the Scholarship programme. In such event, Prodigy Finance shall use its reasonable efforts to make the Scholarship available in a manner that is fair, appropriate and consistent with these Terms and Conditions as determined by Prodigy Finance in its sole discretion. Any Candidate who acts with regard to the Scholarship programme in a manner, which in Prodigy Finance's reasonable determination is contrary to these Terms and Conditions or by its nature is unjust to other Candidates (including without limitation tampering with the operation of the Scholarship programme, providing false or misleading information when applying for the scholarship (or otherwise in conjunction with their loan obligation), cheating, hacking, deception or any other unfair playing practices such as intending to annoy, abuse, threaten or harass any other Candidates or Prodigy Finance and/or any of its agents or representatives) may be rejected and excluded from the Scholarship programme at Prodigy Finance's sole discretion. Furthermore, where such actions have significantly impaired the Scholarship programme, Prodigy Finance may, at its sole discretion, add further stages to the selection process for the Scholarship programme as it deems reasonably necessary in order to resolve any problems arising as a result of such actions.

  11. Publicity: By accepting the Scholarship, the Recipient accepts that their name, photograph, voice, image, likeness, address (city/state) may be featured in publicity materials relating to the Scholarship programme or Prodigy Finance generally, except where prohibited by law. This includes publishing the name and photograph of the Recipient on Prodigy Finance’s website (prodigyfinance.com) for a period of 3 months starting on the day they are confirmed as a Recipient. The name and country / US State of the Recipient of the Scholarship will also be made available to Candidates and the public on request by sending an email to media@prodigyfinance.com no later than 5 June, 2020.

  12. Privacy: Prodigy Finance will process Candidates' personal information in order to conduct the Scholarship programme and it will be shared with Prodigy Finance's agents to the extent necessary to conduct the Scholarship programme. Candidates' names and other personal details relating to their assessment for a Scholarship will be collected and stored by Prodigy Finance and held in accordance with the applicable privacy policy in place from time to time (see https://prodigyfinance.com/legal/privacy-policy).

  13. Limitation of liability and indemnity: Prodigy Finance will not be responsible for any damage, loss or injury resulting from the Scholarship Programme or a Recipient’s acceptance and/or use of a Scholarship, or for technical, hardware or software failures, lost, faulty or unavailable network connections or difficulties of any kind that may limit or prohibit Prodigy Finance’s offering of the Scholarship Programme (including but not limited to Prodigy Finance’s attempts to notify Candidates whom have been selected to receive a Scholarship). Nothing in these Terms and Conditions shall in any way limit Prodigy Finance's liability for death or personal injury caused by its negligence or for any other matter where liability may not as a matter of law be limited. All Prodigy Finance's decisions in relation to the Scholarship programme are final and binding in all respects and are not subject to appeal. Prodigy Finance will not enter into any correspondence with Candidates in respect of this Scholarship programme (other than those who have been selected to receive a Scholarship). Prodigy Finance’s failure to enforce any provision of these Terms and Conditions in a given instance shall not constitute the waiver of such provision. The provision of the Scholarship does not imply endorsement by Prodigy Finance of any academic institution nor any other third parties concerned in any way with the Scholarship.

  14. Applicable law: The Scholarship programme and these Terms and Conditions shall be governed by and construed in accordance with English law and the court of England will have exclusive jurisdiction in relation to any disputes. Where applicable, to the fullest extent permitted by law, any such dispute must be brought individually (NOT as part of a class action), with recovery being limited to one’s actual costs in conjunction with participation in the Scholarship programme (if any) with all damages or other forms of recovery being expressly waived. 

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