What you need to know for your IE Business School loan

Key Benefits:

  • 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?

*IMBA Fall and IMBA Spring courses *Global Executive MBA (Global EMBA) *IE Brown Executive MBA *Masters in Management (MIM) *Master in Finance *Master in Advanced Finance *Master in Business Analytics and Big Data (MBD) * Cannot find your course? Let us know.

. Refinancing of existing loans available soon! Interested? Let us know.

How much can I borrow?

  • Up to 100% of Tuition and Fees Due to the School (as provided by the school)
  • Minimum loan size is EUR15,000
  • 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 or EUR500) 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 programme 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 Spain are ineligible. In addition, non-permanent residents who have lived and worked in Spain for 7 consecutive years prior to study are also unfortunately ineligible for funding at this time.

Learn More!

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 programme.

Still have questions? Contact us via email or read through our Frequently Asked Questions.

Representative Example

The below provides an example of a Prodigy loan for the MBA programme.

Loan size: EUR40,000

Interest rate: 7.50% over 3-month Euribor (Libor varies over the duration of the loan. As of June 16, 2016 it is 0.65%)

Representative APR: 9.18% APR variable, factoring in all fees and the effects on compounding interest.

Fees: Administrative fee of 2.5%, or EUR1000. This fee will be added to the total loan amount and fully amortized for a total credit of EUR41000.

Duration: Repayment period of 7 years, plus the study period of 13 months and a grace period of 6 months = 103 months.

Total amount payable: EUR 60,029.91

Amount of each monthly repayment: EUR 714.64