What you need to know for your IE University - IE Business School 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 programs
- No fees for early repayment
- Get a provisional loan decision within 5 business days
What programs are supported?
We support all full-time Masters programs that are completed within 2 years of study at IE University - IE Business School, including:
- IMBA Fall and IMBA Spring courses
- Masters in Management (MIM)
- Master in Finance
- Master in Advanced Finance
- Master in Business Analytics and Big Data (MBD)
How much can I borrow?
- Up to 75% of cost of tuition minus deposit, minus scholarships and minus any sponsorships (as provided by the school)
- Minimum loan size is €10000
- All loans disbursed directly to the school in accordance with tuition due dates
- Loans are available in EUR or USD
- Your total payments to the school should not exceed the amount of tuition due
What is my rate?
- 5.5 - 8.5% (fixed) over the 3-month Euribor 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?
- Fee of 2.5% of the loan amount (minimum of $500) is added to the loan amount and fully amortised.
How do I repay the loan?
- The loan is repaid in monthly payments after your grace period has ended. Please note, you will not be awarded your full degree until you have repaid your loan in full.
- For full-time students the grace period is 6 months after classes end.
- For part-time students the grace period is 3 months after the last disbursement.
- The repayment period is either 7, 10 years or 15 years, depending on your program and application.
- There are no fees or penalties for early repayment!
- What are my repayment options
Is there a deadline to apply?
- Yes, the deadline for submitting an application is one month before the start of your course. Any applications submitted before this deadline should be completed before you start in Madrid.
Are there nationalities Prodigy 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.
- Citizens and permanent residents of Spain are ineligible. In addition, non-permanent residents who have lived and worked in Spain for one or more years prior to study are also unfortunately ineligible for funding at this time.
Would you like to hear from our current students who are using Prodigy 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 program.
Representative Example 1
The below provides an example of a Prodigy Finance loan for the MBA programme in EUR:
Loan size: €40,000
Interest rate: 7.00% over 3-month EURIBOR (Libor varies over the duration of the loan. As of October 8, 2017 it is 0.00%)
Representative APR: 7.87% variable APR, factoring in all fees and the effects of interest.
Fees: Administrative fee of 2.5%, or €1000. This fee will be added to the total loan amount and fully amortised for a total credit of €41,000
Duration: Repayment period of 7 years, plus the study period of 12 months and a grace period of 6 months = 102 months.
Total amount payable: €56,821
Amount of each monthly repayment: €676.44
Representative Example 2
The below provides an example of a Prodigy loan for the MBA program.
Loan size: $40,000
Interest rate: 7.50% over 3-month US Libor (Libor varies over the duration of the loan. As of October 8, 2017 it is 1.356%)
Representative APR: 9.54% variable APR, factoring in all fees and effects of compounding interest.
Fees: Administrative fee of 2.5%, or $1000. This fee will be added to the total loan amount and fully amortized 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: $ 73,169.25
Amount of each monthly repayment: $ 609.74
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.