What you need to know for your University of London - London Business School loan
- No co-signer, collateral or guarantor required
- 150 nationalities eligible
- Loans available for current and incoming international students. UK nationals are also eligible.
- No up-front fee
- 6 month grace period after classes end for full-time programs
- Living expenses loans for full-time MBA students
- No fees for early repayment
- Get a provisional loan decision within 2 to 5 business days
What programs are supported?
We support the following courses at London Business School:
- Masters in Finance
- Masters in Financial Analysis
- Masters in Management
- All EMBA programmes
How much can I borrow?
- For MBA Students, up to 80% Cost of Attendance (as provided by the school). For other full-time students, up to 100% of Cost of Tuition.
- For part-time students, up to 80% of Cost of Tuition
- Loans are available in GBP or USD
- Minimum loan size is £10,000 or $15,000
Important Additional Information
- The loan size you may be offered will depend on your specific application.
- Please note that if you are a part-time student, you will need to prove that you are permanently employed in order to have your loan confirmed.
- If you are an MBA student and receive a loan for living expenses, the amount will be transferred to LBS, who will then transfer it to your bank account.
- For other full-time students, if you make any payments towards your tuition fees prior to LBS receiving the funds from Prodigy Finance, LBS will not be able to refund excess funds back to you as living expenses. The only exception, is for compulsory reservation and commitment fees, and for students who have been awarded LBS scholarships.
- Once your loan is confirmed, we can issue you with a hard copy loan confirmation letter which you can use for your UKVI appointment. Please do not use the provisional loan letter for your UKVI. Please consult LBS' Visa & Compliance office for all information relating to your visa application.
What is my rate?
- 5.0% - 7.5% (fixed) over the 3-month GBP Libor or USD 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?
- Fee of 2.5% of the loan amount (minimum of $500 or £400) 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.
- 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?
- 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 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 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 GBP:
Loan size: £20,000
Interest rate: 7.5% over 3-month GBP Libor (Libor varies over the duration of the loan. As of October 8, 2017 it is 0.354%)
Representative APR: 8.75% variable APR, factoring in all fees and the effects of 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 £20,500.
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: £29,690.49
Amount of each monthly repayment: £353.46
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.