Vishnu Chundi also looked at all of his options and took a Prodigy Finance student loan because it offered the lowest interest rate. He also made payments during his grace period (which, with Prodigy Finance, is a complete payment holiday, and does not require you to make any repayment during this time).
Many students, like Misha Raina, struggle to finalise loan contracts with local banks - even when they’re prepared to put up all the collateral a bank requires. She’s taken a Prodigy Finance loan to get her MBA in the US.
Before deciding on any loan, it’s important to do your research on what’s available to you. And, this may mean reaching out to several banks, other financial institutions, and international student loan providers like Prodigy Finance. The more data to consider, the more likely you are to find the right loan for your needs.
Should you take a personal loan for living expenses?
You can’t use a personal loan to pay for your college tuition. You can take one for your living expenses, but there are quite a few drawbacks and it is generally not recommended. Instead, you can explore other alternatives, including using your student loan for living costs.
Do student loans cover living expenses?
Higher education involves a lot of costs over and above the tuition fees, and the board and room expenses. The US Department of Education allows you to use your student loan for living costs because having these expenses taken care of leaves you with more time to study and earn your degree. However, you should ensure that you don’t spend this money on unnecessary luxuries.
You can get student loans that cover living expenses from private lenders as well.
Does Prodigy Finance cover living expenses?
Prodigy Finance covers up to 100% cost of attendance, depending on your course and school. Funds will get disbursed directly to your school. Your school will credit your tuition cost and transfer the remaining amount to your bank account. Take a look at the process here.