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What about the other 17 percent?

Katie Schenk - December 14, 2017

What about the other 17 percent?

International grad students have traditionally faced difficulties in obtaining study loans. The reasons vary from student to student and country to county.

Sufficient loans aren’t always available

Sometimes, financing has just not been available. Moreblessings Sekenhamo received a scholarship to pursue his MBA at the University of Chicago’s Booth School of Business. But, that money didn’t cover all of his expenses. In his home country of Zimbabwe, financing for international education simply wasn’t available – no matter how many doors he knocked on – until he received a loan from Prodigy Finance. 

Coming from South Africa, Maria Muller couldn’t believe the reaction she received from local banks to pursue her MBA at London Business School. It was almost as if banks couldn’t understand the value of an international graduate education. The most they were able to offer was ten percent of her cost of attendance.

Moreblessings Sekenhamo

Moreblessings Sekenhamo

And, it’s not as if the lack of educational financing is limited to emerging economies and developing countries. Maria Springer is an American who attained her MBA at Oxford University’s Saïd Business School. Despite a culture of governmental educational loans in the US – even for students pursuing their studies abroad – she was unable to secure the amounts required. And, one potential, reputable lender didn’t have Oxford in its list of known institutions. She, like Moreblessings and Maria Muller, received Prodigy Finance loans.

Prohibitive loan arrangements

Vinni Case Study

Vinni Gosain

In other cases, loans come at such high prices that it’s just not a viable option. Vinni Gosain, an Indian national who also received her MBA from London Business School couldn’t believe the stipulations local lenders required for an educational loan. The various banks that she reached out to, demanded collateral plus high interest rates - and insisted that both her parents leave retirement and go back to work. Even with collateral worth three times more than the loan itself, most banks still declined her loans. 

Also from India, Sandeep Sharma was willing to accept the prohibitively high loan arrangements from a local bank – if they could have met the minimum he needed to pursue his MBA at INSEAD in France.

Some of these students – like 83 percent of Prodigy Finance-funded students have (or had) no alternative source of educational financing.

Students choose Prodigy Finance loans – even when they have other options

If 83 percent of Prodigy Finance-funded students have no alternative source of funding, it stands to reason that 17 percent do have other options. So why do they choose Prodigy Finance loans over their other options?

Akshat Mathur, another Indian student, is currently pursuing his MBA from Cambridge University’s Judge Business School. Despite having other options, he chose Prodigy Finance for the ease of securing a loan and the hassle-free process. He also cites the competitive interest rate as a primary consideration.

Harvard Business School is one of the few offering American loans to international students, but Santiago Arteagas choose a Prodigy Finance loan because it offers LIBOR-based loans rather than PRIME-based loans. He believes LIBOR tends to be more stable in the long-term and he’ll pay less interest on his loan over the course of repayment.

Akshat Mathur

Akshat Mathur

Mojisola Olawoyin 

Mojisola Olawoyin

Mojisola Olawoyin is also studying for her MBA at Judge Business School. With dual Nigerian and British citizenship, she had greater access to study loans, but still chose Prodigy Finance as her provider because the loan terms offered better flexibility and rates relative to another credit provider she had access to. She believes this is driven by the fact that Prodigy Finance takes into account future potential of the MBA in its risk assessment process, which is something she finds other providers aren’t adopting in their models.

Some students that fall into our 17 percent, accept both Prodigy Finance loans as well as other financing. 

Bethany Thomaier, an American pursuing her MBA at Cambridge Judge, has both Prodigy and US federal student loans. However, she accepted the maximum amount available through Prodigy Finance. Her reasons are multi-fold citing both the advantageous interest rate and the ability to balance her currency risk, as she wasn’t sure where she would be working post-MBA.

Whether they had access to other funding or not, many MBAs choose to work with Prodigy Finance for diverse reasons - often considering efficiency and accessibility (even when you can’t rule out interest rates).

Want to turn your own education dreams into a reality? 

Whatever your reason for choosing Prodigy Finance to fund your future, you can rest assured you’ll be getting a premium experience.

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