What about the other 17 percent?

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.

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. 

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.

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.