Prodigy Finance FAQ: How does Prodigy disburse the funds and when?

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Prodigy Finance - June, 03 2021

3 min read

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Our mission is to make quality education accessible for all - globally.

Interested in a Prodigy Finance loan? Does prodigy finance cover living expenses? Here’s your chance to learn more about Forex risk and taking a loan in a different currency than your school.

This video will answer many of your questions in about 30 seconds:

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Prodigy Finance will disburse all your funds directly to your school. We’ll coordinate with your school to make sure tuition fee deadlines are met and that you don’t incur any additional interest or late fees.

So, rest assured, you do not have to do anything.

How will I receive the funds for my living expenses?

For several schools, we are also able to cover part of your living expenses. If that’s the case for your school and you intend on using part of your loan to cover living expenses, you don’t need to give us your bank details, as Prodigy Finance disburses all funds directly to your school.

The school will credit your tuition fee; any funds in excess from your disbursed loan amount will be sent to your personal bank account by the school.

If you have any questions with regards to when and how you’ll get your living expenses, which is basically the unused student loan money, please get in touch with the financial aid office at your school.

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Education loan disbursement process

Prodigy Finance disburses all funds directly to your school according to their deadlines. This cuts down on your stress levels as you prepare for your studies - and the hassle and cost of transferring money internationally.

However, we’re only able to disburse your loan to your school after you’ve signed your loan agreement.

Depending on your home and host countries, you may only be able to complete this step after arriving on campus.

Application for disbursement of education loan

If you’re worried that you’ll arrive after or very close to the payment deadlines set by your school, it’s best to send us an email, as soon as possible, explaining your situation. In many cases, we’re able to work with your university to avoid extra fees or late payment charges, but we’ll need to provide the school with enough time to make alternative arrangements.

Still have questions?

We’re ready to answer any questions regarding Prodigy Finance loans. Feel free to send us an email on info@prodigyfinance.com or check Prodigy Finance FAQs pages to see if your question has already been answered.

Interested in a Prodigy Finance Loan?

Prodigy Finance offers no cosigner, collateral-free loans to eligible international students attending supported universities across the globe with a hassle free education loan disbursement process directly to the schools. If you’re considering postgraduate study, you might want to consider a Prodigy Finance loan.

Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority.

What next? Find out more about Prodigy Finance’s education loans or check out the list of schools we support.

For any other information about Prodigy Finance, or our student loan process, feel free to check out or browse our site, or register for a webinar to have your questions answered by one of our team.

Post updated for accuracy and freshness on November 6, 2019. Originally published on November 21, 2018.

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© Prodigy Finance Limited 2007 - 2022. All Rights Reserved. Prodigy Finance Limited is incorporated in the United Kingdom (Company Number 05912562) with its registered address at 85 Great Portland Street, London, W1W 7LT and registered with the Office of the Information Commissioner (Reg. No. Z9851854). Prodigy Finance is authorised and regulated by the Financial Conduct Authority (firm registration number 709641) for certain consumer credit activities. Prodigy Finance loans are offered to eligible borrowers and these loans are governed by English law.