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Prodigy Finance FAQ: How to make a single combined payment

Trevor Watson - August 19, 2019

Prodigy Finance how to make a single combined payment

Prodigy Finance repayments are easier than ever with the introduction of a single bank account for our borrowers. You pay once and we’ll do the work of allocating the correct funds to the right accounts. 

Introducing a single bank account for all your payments

Prodigy Finance crowdsources its funding from a variety of sources including private investors, schools, and financial institutions. Each one believes in the positive impact graduate education creates and invests in the bonds and “classes” of their choosing.

As such, loans for any one student may be extended from a variety of funding sources, and, where possible, Prodigy Finance combined these sources when extending offers.

With increasing investments (and opportunities to impact the lives and communities of our borrowers), combining sources wasn’t always an option; some students have had to make loan repayments into two or more accounts.

We know this situation was less than ideal and we’re excited to let you know that we’ve found a solution that allows for easier repayments while still providing investors with the parameters they need to continue supporting international students: a single set of repayment accounts for all borrowers.

This single repayment account offers some Prodigy Finance borrowers the opportunity to repay their separate loans into a single account rather than making repayments into multiple accounts - as long as their loans are in the same currency.

Borrowers will save time and, of course, transfer fees.

Making a Prodigy Finance combined payment

Currently, you receive statements for each of your loan accounts - and this won’t change. You’ll still be able to keep track of where you are with each loan. 

As per usual, you’ll see PDG reference numbers for each loan; refinance borrowers will see the RF reference they’re accustomed to. 

TIP: Be sure to check that you have the correct bank account details, even if you wish to continue making separate payments into each of your different loan accounts. 

The switch to combined payments requires account changes and yours are likely to change.

You’ll also receive another email a few days later. This one will contain instructions for making a combined payment.

If you wish to make a single combined payment for the minimum due on all your loans (in the same currency), you will need to use the PF reference number and pay into the account provided in your combined payment instruction email. 

TIP: It’s critical to use the PF reference number. If you use a single PDG or RF reference number, the entire amount will be allocated to that loan and you’ll fall behind on your other loans.

When making a single combined payment using the PF reference number, we’ll allocate the funds according to the amounts given on your latest monthly statements. Once you’ve made that single payment, you’re done for the month. 

Single combined payment FAQs

What happens if I pay more than the minimum due on my statements?

Prodigy Finance will make an upward pro rata adjustment, and each of your loans will have a proportionately higher amount allocated to them.

Also, you’ll save on the total cost of your student loans by doing so, and we never charge penalties for early repayments.

What happens if I pay less than the minimum due on my statements?

Prodigy Finance will make a downward pro rata adjustment, and each of your loans will receive a proportionately lower amount.

If this is the case, you’ll need to make another payment to remain in good standing on your loans. 

What happens if I want to continue making separate payments into separate accounts? 

Go for it. We understand that you have a system that works for you. Although we think a single combined payment is more straightforward, the choice is still yours. You’ll make each payment using the relevant PDG or RF reference numbers provided on your statements. Just be sure to check that you use the updated bank account details, so your repayments go to the right place. 

What if I still have questions about making a single combined payment?

Don’t hesitate to reach out. Please send an email to payments@prodigyfinance.com, and we’ll get back to you quickly with the answers you need.

Need an international study loan? 

We can help and we offer plenty of benefits to help you on your way, including housing discounts, career services and network building.

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