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Getting a Prodigy Finance loan - what you need to know

Prodigy Finance - December 11, 2013

25- Accepted 3 Getting a Prodigy Loan – What You Need to Know

Considering an international master’s degree? You’re in the right place to find information on applications, dealing with international study challenges, and – of course – figuring out how to finance your education.

We know international education isn’t always an easy path. Just studying for the GMAT, GRE, LSAT, or TOEFL is time-consuming and sometimes tricky. We aim to provide you with resources to help you succeed. But, helping international students fund their grad school degrees remains at the core of Prodigy Finance’s operation.

Why?

If you’re like the majority of Prodigy Finance-funded students, you don’t have many options when it comes to paying for your international Master’s degree. Whether your school directed you to our site or you’ve done the research on your own, this is what you need to know now about Prodigy Finance. 

Who can apply for Prodigy Finance loans?

  • At the moment, Prodigy Finance loans are available to international Master’s students from over 150 countries. Students from the UK are also eligible to apply for Prodigy Finance loans for study in the UK as the company is registered there.
  • To begin the application, students must already be accepted to a participating programme.
  • Currently, funds can be used for study in the business, engineering, law, and public policy programmes at universities accepting Prodigy Finance loans. Not every programme is supported at every university; you’ll need to check for both the university and your course of study.
  • Loans are provided through alumni investments. We provide some information about our borrowers to these investors including repayment status. This transparency means your name and career act as your collateral and cosigner. 

How much can Prodigy Finance offer?

  • Each university and programme has a different set of terms for the acceptance of Prodigy Finance loans. Some allow these finances to cover only tuition, other’s permit as much as the full cost of education. You’ll need to check your programme’s parameters when applying for your loan.
  • • Everyone’s interest rate is personal and based on a range of factors, including credit history. However, all loans use LIBOR as the standard base. LIBOR rates are variable and updated monthly.
  • While Prodigy Finance looks at your previous salary, the amount offered is based on your earning potential post-graduation. This usually allows for a higher loan offer than local banks can provide. 

What should you know about the application process?

  • You can apply for a Prodigy Finance loan from anywhere in the world. Well, anywhere you have a secure internet connection. The process is facilitated online, and hard copies of documents aren’t required.
  • And, the processing teams work with students from around the world every day. They’re quite adept at understanding documentation differences and pointing you in the right direction.
  • You should expect a provisional loan offer within a week. After confirming this offer, you’ll need to upload supporting documentation. Most loans are completed within a month.
  • It’s remarkably simple. You’ll create a login to the Prodigy Finance dashboard which will guide you through the process. And, someone from operations will reach out to ensure you have a direct contract for any questions you may have.
  • Applying for a loan doesn’t mean you need to accept an offer. There’s no cost to apply and nothing that states you must take an offer from Prodigy Financing. 

What happens after accepting a Prodigy Finance loan?

  • Prodigy Finance disperses loans straight to the university. You will not need to handle the transfers. If there are excesses in your account, that’s between you and the financial departments at your school.

  • Unless you are attending part-time, you will have a grace period until after graduation.

  • However, you can make payments if you like. There’s no penalty for early repayment – and extra payments will reduce the interest paid in the long term.

Interested? Have more questions? Why not visit our student FAQs for complete details. If you’re ready to apply for a Prodigy Finance loan, find your university on the list, then click through to set up your Prodigy Finance dashboard. 

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