What you need to know for your University of California Berkeley - 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 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 the School of Engineering, including:
- Applied Science and Technology (M.S.)
- Bioengineering (M.S.)
- Chemical Engineering (M.S.)
- Civil and Environmental Engineering (M.Eng.)
- Computer Science (M.S., M.Eng.)
- Electrical and Computer Engineering (M.S., M.Eng.)
- Industrial Engineering and Operations Research (M.S., M.Eng.)
- Materials Science and Engineering (M.S., M.Eng.)
- Mechanical Engineering (M.S., M.Eng.)
- Nuclear Engineering (M.S., M.Eng.)
- All programs at Fung Institute for Engineering Leadership
Is your program not listed above? Let us know. We will review the program and, if possible, we will add it as well.
In-year top up and bridge loans available. Refinancing of existing loans available soon! Interested? Let us know.
How much can I borrow?
- Up to 80% of Cost of Attendance (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 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 - 8.5 % (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 Finance cannot lend to?
- Yes, unfortunately. While Prodigy Finance 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.
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 program.
The below provides an example of a Prodigy Finance loan for the Engineering program.
Loan size: $40,000
Interest rate: 7.50% over 3-month US Libor (Libor varies over the duration of the loan. As of July 8, 2017 it is 1.304%)
Representative APR: 9.48% APR variable, 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 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: $ 72,993.21
Amount of each monthly repayment: $ 607.84
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.