What you need to know for your Michigan State University - College 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 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 College of Engineering, including:
- All full-time STEM (Science, Technology, Engineering, Math) programs
Click Get Started to create a profile and begin your application.
Is your program not listed? To request your program, fill out this survey. We will add it to the list.
What is the maximum loan size I may request?
- Up to total tuition fees and living expenses -- also known as Cost of Attendance (as approved by the university)
- Minimum loan size is $15000
- All loans disbursed directly to the school in accordance with tuition due dates
- Loans are available in 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?
- 7 - 8% (fixed) over the 3-month 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?
- Fee of 2.5% of the loan amount (minimum of $500) is added to the loan amount and fully amortized.
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 or 10 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.
- Citizens and permanent residents of the U.S.A. are ineligible. In addition, non-permanent residents who have lived and worked in the U.S.A. for 7 consecutive years prior to study are also unfortunately ineligible for funding at this time.x000D
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.
The below provides an example of a Prodigy loan for the STEM program.
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% APR variable, factoring in all fees and the effects on compounding interest.
Fees: Administrative fee of 2.5%, or $500. 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: $ 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.