Paid your university deposit? Here's how Prodigy Finance can help you get it back

Paying a deposit before your loan lands? You're not alone

You've done it. You've secured your place at one of the world's top universities, received your offer letter, and now your school is asking for a deposit - sometimes thousands of dollars - before your loan funds arrive.

For most international students, this is one of the first real financial hurdles of studying abroad. You need to protect your spot, you're expected to pay now, and your loans haven't been signed yet. It's a gap that can cause real stress, and it's one we've thought carefully about.

The good news? We've got a policy that directly addresses this. If you're a Prodigy Finance borrower who has already paid a deposit to your school, you may be able to request a loan increase to help cover that cost — and have it paid back to you as part of your living expenses.

Here's everything you need to know.

Why deposits are a unique challenge for international students

Unlike domestic students who might have existing credit access or local funding options, international students often need to cover upfront costs from savings or family support - before their loan even comes through.

University deposits serve an important function. They confirm your enrolment and secure your place in the programme. Many schools won't hold your spot without one, which means paying late isn't really an option.

Prodigy Finance loans are sent directly to your school, and the first payment is tied to your enrolment and confirmed start date. Deposits are typically due before that happens. So by design, your loan can't be used to pay the deposit in advance.

What we can do, though, is help you recoup that cost through your loan after it's been approved.

How deposit reimbursements works

If you've already paid a deposit to your university and you are applying for a Prodigy Finance loan, you may be able to request an increase to your loan amount to cover the deposit you paid.

Here's how it works, step by step:

During your application, you can request a loan increase specifically to cover a deposit you've already paid to your school.

If approved, the additional amount is included as part of your living expenses allocation - not your tuition portion.

When we send your funds, the deposit reimbursement is paid directly to you as part of your scheduled living expense payments, in line with your existing disbursement schedule, after your studies begin.

A few important things to keep in mind:

• The minimum loan increase you can request to cover a deposit is USD $1,000

• The amount is subject to approval and standard eligibility criteria

• It can cover up to 50% of your tuition cost

• The reimbursement follows your existing living expenses schedule — it isn't a separate or early payment

This is a meaningful addition to how we support students, and it's especially valuable for those who stretched to cover their deposit and are now looking to recoup that investment once their studies are underway.

What this means for your student experience

The deposit policy matters because it closes a gap that many students don't know can be closed.

Before this, students who paid a deposit were simply expected to absorb that cost and move on. It was money spent, rarely recovered. Now, with the option to request a loan increase to cover it, that upfront expense doesn't have to sit as a sunk cost.

Here's what's changed for students in practice:

More financial breathing room. Recovering your deposit through your loan means you can put those funds towards settling in — accommodation, supplies, the first weeks of everyday costs.

No separate process to figure out. The reimbursement runs through your existing living expenses payment, so there's no separate claim to make or new account to set up. It works within the system you already know.

Transparency from the start. You can factor this into your loan planning during the application stage. Rather than discovering the option after the fact, you can request the increase as part of your loan amount from the beginning.

It's built for how international students actually live. Prodigy Finance was founded specifically to serve international master's students - students who face financial hurdles that local lenders simply don't account for. This is a direct response to how real students experience the start of their studies.

Who this is for

This policy is available to Prodigy Finance borrowers who have:

• Already paid a deposit to their university

• An active or in-progress loan application with Prodigy Finance

• A loan that includes a living expenses component (subject to your school and programme)

It's worth noting that this isn't a deposit advance - Prodigy Finance doesn't pay the deposit on your behalf before your loan is active. The school deposit remains your responsibility to pay on time, as your school sets that deadline. What we offer is a path to recover that cost through your loan once everything is in place.

If you're not sure whether your loan includes living expenses or whether your school and programme qualify, the best place to check is your student dashboard or our support centre.

A few common questions