International master’s loans: Prodigy Finance FAQs answered
Get all your questions answered about international master's loans with Prodigy Finance. Learn about interest rates, fees, disbursement, repayment, and eligibility for stress-free study abroad.
Everything you need to know about financing your postgraduate studies responsibly.
At Prodigy Finance, we understand that borrowing for your international master’s can come with many questions, everything from documents and disbursement timing to interest rates and early repayment. Here are the top questions we get asked, answered clearly by our team.
About Prodigy Finance loans
What is the maximum I can borrow?
This depends on your university and chosen course. Some programmes allow borrowing up to 100 % of the total Cost of Attendance (CoA), covering tuition plus living expenses. The exact amount will be outlined in your final loan confirmation (sanction) letter.
Understanding interest rates
When it comes to student loans, interest rates can seem confusing, but they don’t have to be. Let’s break it down into simple terms so you know exactly what you’re signing up for.
There are three ways to look at interest on your Prodigy Finance loan, and while they all relate to how much you’ll pay back, they each explain a slightly different part of the story.
1. Simple interest rate
This is the base rate you're offered when you take a loan. It includes two parts:
A fixed margin set by Prodigy Finance based on your profile
A variable base rate, which can change every three months depending on the financial markets (we use rates like SOFR or Euribor)
For example, if you’re offered a minimum margin of 5.42% and the base rate is 4.33%, your simple interest rate would be 9.75%. Every month, one-twelfth of this rate is added to your loan balance.
2. Effective interest rate (EIR)
Now, imagine you’re not making payments while you study, which means interest keeps building up. The effective interest rate includes the compounding effect during your study and grace periods.
So, using the same example above, your simple interest might be 9.75%, but your EIR could be around 12.23%, since unpaid interest keeps adding up in the background.
3. Annual Percentage Rate (APR)
This is the most complete way to understand your total borrowing cost. The APR includes:
Your simple interest
The compounding effect (like in the EIR)
Any fees, such as Prodigy’s 4% admin fee
That’s why your APR will usually be a bit higher than your simple or effective rate. It gives you the full picture, and it’s the best number to use when comparing loan offers.
For example:
The minimum APR you might get is around 10.53%
The average APR for most students tends to be around 13.14%
Your exact rate depends on your course, school, profile, and how much you borrow. But what’s important is this: there are no hidden fees, and no penalties if you want to repay early.
Check this video: What is APR and the difference between my interest rate?
Are there any hidden fees?
Nope, we believe in being upfront about costs, so when it comes to fees, there are no surprises. If you're planning to take a loan with Prodigy Finance, here are the only two fees you need to know about:
1. A one-time processing fee (USD 500)
Once your loan application is matched with available funds, we charge a once-off processing fee of USD 500. This payment secures your funds and is made before your loan is finalised.
2. A 4% administration fee (added to your loan)
Every loan we issue includes an admin fee of up to 4% of your total loan amount. The good news? You don’t pay this upfront. It’s added to your loan and spread across your monthly repayments, so it’s already factored into your overall borrowing cost.
These two fees are the only charges you'll need to plan for, no hidden extras, no early repayment penalties, and full transparency from day one. Just the way it should be.
Can I change my loan amount after accepting the conditional offer?
Yes, both increases and reductions are possible before you sign the final agreement.
To reduce your loan: Simply tell us before you arrive on campus. We’ll recalculate your administration fee accordingly.
To increase your loan: Speak to us about raising your amount. Final approval comes from our credit committee, and yes, the admin fee will reflect any increase.
When are the funds disbursed?
Your loan funds don’t arrive in your account; they go straight to your university. Prodigy Finance works directly with schools, so the disbursement is timed to match your course start date and tuition deadlines. If you’ve included living expenses in your loan, the school will handle releasing those to you after tuition is paid.
However, you can’t use your loan for acceptance deposits or reservation fees, so make sure to budget for those separately.
Repayment process
What happens after graduation?
Repayment doesn’t start the moment you graduate. You’ll get a grace period to settle in and get financially comfortable.
Full-time students: 6-month grace period after your course ends
Part-time students: 3-month grace period after final loan disbursement
If you’re ready and able, you can start repaying earlier at any time without any penalty. And if you want to knock out a chunk of your loan while studying? Go for it.
How to make repayments without hassle
When it’s time to pay, stick to your loan currency, so if your loan is in USD, make your payments in USD. This avoids unnecessary conversion charges.
Quick tips:
Convert your money before sending it
Add “do not convert” to your bank instructions
Use the online dashboard or mobile app to track and manage payments easily
How do I pay?
Making your loan repayments with Prodigy Finance is designed to be straightforward and flexible, no matter where in the world you are. You’ll find all the payment details by logging into your account, whether you’re using a desktop or the mobile app on iOS or Android.
Here’s a closer look at your repayment options:
1. Bank transfer
This is one of the most common ways to repay your loan, especially if you’re making international payments. You’ll transfer funds from your bank to Prodigy Finance’s account using the details provided in your repayment instructions.
Important tips:
Always send your payment in the same currency as your loan (e.g. USD, EUR, GBP)
Add "do not convert" to your payment instructions to avoid unwanted currency conversions by your bank
Include your loan reference number in the payment notes to ensure it’s correctly applied
2. TransferWise (Wise)
Wise is a popular option for international students as it offers lower fees and better exchange rates than many traditional banks. You can set up a one-time or recurring payment directly from your Wise account.
Just make sure:
The final transferred amount is in your loan currency
You reference your loan number clearly
3. Debit or credit card (via Flywire)
Prodigy Finance partners with Flywire, a global payments platform, to accept debit and credit card payments in select countries.
With Flywire, you can:
Pay in your local currency (which they’ll convert securely)
Track your payment status online
Avoid excessive bank charges or intermediary fees
Check your repayment dashboard to see if this option is available in your region.
4. Standing instructions or scheduled payments
Want to set it and forget it? You can schedule recurring auto-debit payments using our repayment plans to avoid missing deadlines. This is especially helpful once your grace period ends and monthly repayments kick in.
Things to keep in mind:
You’re responsible for making sure payments arrive in full and on time
Always pay in the loan currency
Your dashboard will show upcoming due dates, outstanding balances, and payment confirmations
What if I want to repay my loan early?
We understand that everyone’s financial journey is different. While you’re not required to make any payments during your grace period, which gives you six months after graduation to get settled, you’re always welcome to repay early if you’d like to.
Whether you want to make small payments during your studies or pay off your loan entirely ahead of schedule, you’ll never face any penalties or extra charges. We fully support early repayment, which can save you money on interest in the long run.
You’re in control, and we’re here to make the process as flexible and stress-free as possible.
Loan application process
Why students choose Prodigy Finance
What differentiates us from traditional lenders, like banks, Prodigy Finance model is built around helping international students succeed, not gatekeeping education.
Here’s what sets us apart:
No collateral needed
Ability to choose between co-signer and no co-signer loans
Loans based on your future earning potential, not just your current financial background
Fully online application process, usually completed in under 30 minutes
A wide network of over 1800 schools and growing
Plus, we’ve helped over 45,000 students from 150+ countries access funding for their dream programmes. You could be next.
Who can apply?
You’re eligible if:
You’ve been admitted to a supported school and programme
You plan to study abroad
You’re from one of our eligible countries (we have a few unsupported regions, check our list before applying)
We currently support master’s programmes in Business, Engineering, Law, Public Policy and more. Undergraduate degrees aren’t included yet, but we’re working on expanding our offerings.
What’s the application process like?
It’s straightforward and entirely online:
Check if your school and programme are supported
Apply and get your personalised provisional loan rate (within 15 mins)
Upload your documents
Accept the conditional offer
Sign your final agreement on campus
Funds get disbursed to your school
Still have questions?
We’ve got a detailed FAQ section on our website. Or just drop us a line at info@prodigyfinance.com, we’re happy to help.
Ready to take the next step?
If you're set on studying abroad and need a smart way to fund it, we’re here to back you. Start your loan application today and take one more step towards your future.
