How international students like you can get a loan that covers more than tuition

An international master’s degree costs much more than tuition - and that alone is a sizeable investment into your future.

The total Cost of Attendance (CoA) includes everything you need to complete your degree, including a place to live, food, transportation, books and - if you’re an international student - mandatory medical insurance. 

And, the CoA provided by your university isn’t necessarily the same as your budget as Smith Shah discovered when organising his finances for his MS in Industrial Engineering at Texas A&M University in the US. In fact, the difference amounted to an additional $7000 based on his expectations and intended lifestyle in the States. 

Why you need a loan that covers more than tuition

Why don’t all lenders offer loans to cover more than tuition?

International master’s students like Smith sometimes struggle to find the right loan for their education. You might fall into one of these groups:

Smith found himself in the third group before applying for a Prodigy Finance loan. Although he would have taken a loan with higher interest rates, he wasn’t keen to cripple his financial future before setting foot on campus.

And, it “meant the world” to secure the funds he needed to complete his first year at Texas A&M University. He also secured provisional funding for his second year.

Prakash also looked into local loans. He found one that would have covered almost the same amount as his Prodigy Finance loan, but it didn’t offer the same benefits.

He even considered waiting to pursue his studies if Prodigy Finance wasn’t able to assist. 

Can international students get a loan that covers more than tuition?

Yes! But, you may need to look further afield than your local bank.

Smith accepted a Prodigy Finance loan because:

• He could secure a loan up to the amount of his school’s CoA.
• He secured better interest rates than he could anywhere else.
• He didn’t need to put up any collateral or co-signer. (You never need those for a Prodigy Finance loan.)
• He won’t face any prepayment penalties if he decides to pay off his loan sooner.

Prakash made a decision on his lender based on the same criteria and because, personally, it allowed him time to focus on what really mattered.

Pranay Agarwal also looked at all of his options and took a Prodigy Finance 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 making a decision on any loan, it’s important to do your research on what’s available to you. And, this may mean reaching out to a number of 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.