What you need to know for your Cranfield University - School of Engineering loan
- No co-signer, collateral or guarantor required
- 150 nationalities eligible
- Loans available for current and incoming international students
- No up-front fee
- 6 month grace period after classes end for full-time courses
- No fees for early repayment
- Get a provisional loan decision within 5 business days
What courses are supported?
- We several full-time STEM Masters courses that are completed within 2 years of study at Cranfield University from the following disciplines:
- Chemical engineering
- Vehicle engineering
- Civil engineering
- Environmental engineering
- Computer science & information systems
- Engineering management
Is your course not listed above? Let us know. We will review the program and, if possible, we will add it as well.
Refinancing of existing loans available soon! Interested? Let us know.
How much can I borrow?
- Up to 80% Cost of Attendance (tuition fees + living costs as provided by the school)
- All loans disbursed directly to the school in accordance with tuition due dates
- Loans are available in GBP or USD
- If your total payments to the school exceed the amount of tuition due, the remaining amount will be disbursed directly from the school to your local bank account
What is my rate?
- 5.5 - 8.5% (fixed) over the 3-month GB or US Libor base rate (variable). Rates are dependent on individual applicant profiles.
- See below for representative APR and representative example. Why is APR important? Details here.
Are there fees?
- An admin fee of 2.5% of the total loan amount is added to the loan amount and is fully amortised.
How do I repay the loan?
- The loan is repaid in monthly payments after your grace period has ended.
- The 6-month grace period starts after classes end.
- You can choose a repayment period of either 7, 10 years or 15 years, depending on your course and application.
- There are no fees or penalties for early repayment!
- What are my repayment options
Is there a deadline to apply?
- No, but try to submit an application at least one month before the loan needs to be disbursed to your school to ensure timely disbursement.
Are there nationalities Prodigy Finance cannot lend to?
- Yes, unfortunately. While Prodigy is able to lend to students from 150 nationalities, here is a list of the currently restricted nationalities.
Would you like to hear from our current students who are using Prodigy Finance loans to fund their studies? There are quite a few in this video and you can get in touch with a few of them through our Ambassadors programme.
The below provides an example of a Prodigy loan for engineering courses.
Loan size: $41,000
Interest rate: 7.50% over 3-month US Libor (Libor varies over the duration of the loan. As of April 8, 2018 it is 2.337%)
Representative APR: 10.06% variable APR, factoring in all fees and effects of compounding interest.
Fees: Administrative fee of 2.5%, or $500. This fee will be added to the total loan amount and fully amortised for a total credit of $41000.
Duration: Repayment period of 10 years, plus the study period of 21 months and a grace period of 6 months = 147 months.
Total amount payable: $ 79225.55
Amount of each monthly repayment: $ 660.22
Please note the following when you consider taking your loan: Loans denominated in a currency other than the currency of your tuition and/or the currency of your post-Master degree salary, may be affected by fluctuations in foreign exchange rates. Prodigy Finance is not responsible for any differences in amount that these currency fluctuations may cause, and does not benefit from any currency appreciation or depreciation.