What you need to know for your Erasmus University - Rotterdam School of Management loan
- No co-signer, collateral or guarantor required
- 150 nationalities eligible
- Loans available for 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 the following courses at Erasmus University - Rotterdam School of Management:
How much can I borrow?
- Up to 100% of cost of tuition minus scholarships and minus sponsorship. Loans can only be used to cover tuition (as provided by the school)
- Minimum loan size is €15,000
- All loans disbursed directly to the school in accordance with tuition due dates
- Loans are available in EUR
- 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 (the maximum amount that can be reimbursed by the school to your account is the deposit amount).
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.
- 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 application deadline is on 1st November 2017 for candidates applying to the RSM International Full-time MBA Programme commencing January 2018.
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 Netherlands are ineligible. In addition, non-permanent residents who have lived and worked in the Netherlands 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.
The below provides an example of a Prodigy Finance loan for the MBA programme.
Loan size: €25,000
Interest rate: 7.50% over 3-month EURIBOR (Libor varies over the duration of the loan. As of October 8, 2017 it is 0.00%)
Representative APR: 8.40% variable APR, factoring in all fees and the effects of interest.
Fees: Administrative fee of 2.5%, or €625. This fee will be added to the total loan amount and fully amortised for a total credit of €25,625
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: €36,310
Amount of each monthly repayment: €432.27
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 amounts that these currency fluctuations may cause, and does not benefit from any currency appreciation or depreciation.