FAQs

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Application Process

To be eligible to receive a loan from Prodigy, you must:

  1. Have received an offer of admission from a university with an established Prodigy loan programme, for an applicable study programme
  2. Be a foreign national and not habitually resident in the country where the school is located.* (For example, in the U.S. this means you cannot be a citizen or have permanent residency including green card status). In addition, in the US, per US visa regulation, non-permanent residents who have lived and worked in the US for 7 consecutive years prior to study are also unfortunately ineligible for funding at this time. For all other countries, non-permanent residents who have lived and worked where the school is located for 1 consecutive year prior to study are also unfortunately ineligible for funding at this time. The only exception applies for a UK national or resident studying at a UK business school. These candidates are eligible to apply for a loan with Prodigy Finance
  3. Pass our cross-border credit review. Prodigy Finance performs a credit review on every applicant. Your credit report must not show previous significant delinquencies on credit obligations
  4. Pass a background check against Know Your Customer (KYC), Anti Money Laundering (AML) and Politically Exposed Persons (PEP) criteria

*Prodigy can offer loans to applicants from 150 different countries. (You can view a list of unsupported countries in the question below).

Prodigy Finance can offer loans to students from 150 countries. However, there are a number of nationalities that Prodigy is unable to offer loans to. Please find below the list of nationalities Prodigy has restrictions to lend to. If your country is not on this list, then you are eligible to apply for a loan with Prodigy:

  • Aland Islands
  • Andorra
  • Angola
  • Anguilla
  • Antarctica
  • Aruba
  • Bhutan
  • Bonaire, Sint Eustatius and Saba
  • Bouvet Island
  • British Indian Ocean Territory
  • Burundi
  • Cape Verde
  • Chad
  • Christmas Island
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • The Crimea Region
  • Cuba
  • Curacao
  • Equatorial Guinea
  • Eritrea
  • Ethiopia
  • Falkland Islands
  • French Southern Territories
  • Gambia
  • Grenada
  • Guinea-Bissau
  • Guyana
  • Iran
  • Iraq
  • Kiribati
  • Korea, Democratic People's Republic Of
  • Kosovo
  • Libya
  • Macao
  • Malawi
  • Maldives
  • Micronesia
  • Montserrat
  • Namibia
  • Nauru
  • Niue
  • Palau
  • Palestinian Territory, Occupied
  • Papua New Guinea
  • Pitcairn
  • Saint Barthelemy
  • Saint Helena, Ascension and Tristan da Cunha
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin (French part)
  • Samoa
  • Sao Tome and Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten (Dutch part)
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • South Sudan
  • Sudan
  • Svalbard and Jan Mayen
  • Swaziland
  • Syria
  • Taiwan, Province of China
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • United States Minor Outlying Islands
  • Vanuatu
  • Vatican City
  • Western Sahara
  • Yemen

We currently work with the following Schools:

Can't find your school? Watch this video to find out why or send us an email at info@prodigyfinance.com.

We currently support Masters in Engineering, Information and Computer Science programmes at the following Schools:

Can't find your school? Watch this video to find out why or send us an email at info@prodigyfinance.com.

Application: Visit the Prodigy Finance website Get A Loan page to select the school you want to attend from the drop down menu. Please note that you must already be accepted to a qualifying programme to submit your application. Once you complete your application, please also upload your admission letter to your dashboard.

Review & Provisional Offer: Once our Credit Committee has reviewed the details of your application and determines the loan affordability post-graduation, you will receive a response from them in a maximum of 5 working days. If approved, this is called a Provisional Offer, and is conditional that you’ll later provide documents to verify the financial information in your original application.

Verification: Upload all the verification documents online, starting with your official identification (passport) and your proof of admission to the course that you’d like to join.

Electronic Signature of Loan Agreement: Once you have completed the previous steps you will receive a notification to sign your loan agreement electronically.

Funds disbursed to the University: After you have signed your loan agreement, we process all the information and send the loan money to the corresponding University/School to cover either tuition (total or partial, according to your loan amount) or tuition and living expenses (this varies from school to school – please visit the School corresponding page on our site to discover the maximum loan amount we can offer and the use of the loan in each school).

Education and Grace Period: Every loan has a grace period; the duration of this period depends on your specific school and course. Please refer to your school’s loan page on our website or to your loan agreement to determine the terms corresponding to your programme. In most cases, the grace periods for Full-time courses is the study period + 6 months after classes end and for Part-time courses is 3 months after the final disbursement to the school.

Loan Repayment: Immediately after the grace period finishes, you will receive a notification to start the corresponding payment of your loan. The loan agreement will clearly state the first repayment date.

  1. Visit the Prodigy Finance website Get A Loan page to select the school you want to attend from the drop down menu. Please note that you must already be accepted to a qualifying programme to submit your application.
  2. To start the application, provide your email address and click “Apply Now”.
  3. Complete the form including your business school, name, email address, and confirmation of our terms. The system will send you an email to authenticate your email address.
  4. Authenticate your email address by following the link in your email.
  5. Dashboard: Once your email address has been authenticated, you can log into your dashboard to complete the information required for a Prodigy loan application:
    1. SCHOOL AND CLASS
      1. Select the school, campus, programme and class you want to attend
    2. PERSONAL INFORMATION
      1. Complete personal information (name, nationality, DOB, country of residency, etc.)
    3. CONTACT INFORMATION
      1. Complete contact information (telephone number, address, email, etc.) (Note: ALL fields need to be completed in this section)
    4. BUDGET
      1. Total Budget is provided in the form, so you have to tell us how you plan to cover the tuition and living expenses: Complete information related to the following items:
  • Deposit: tell us if you have already paid the deposit. In most of the cases for most of the schools, you will have to pay the deposit to the school before the loan has been disbursed
  • Scholarships and Sponsorships: please, let us know if you have been granted a scholarship or have confirmed sponsorship. Take into account that for many schools you can only request a loan to pay the tuition outstanding, so please check the webpage corresponding to your school to find out the maximum loan amount you can request;
  • Loan from Prodigy: tell us the amount you would like to request to Prodigy Finance;
  • Other loans: if you have other loans to help you fund your master degree, please state it here.
  • Savings: please, tell us here if you have savings that you will use to cover part of your studies. Also, if you are receiving a family contribution (gift from family or friends to pay your studies), please include this amount in the Savings field as well.
  • INCOME
    1. Select years of work experience, type of employment, employer name, job level, country where you have been working, period of employment with the company, employment status, and state the monthly salary you have received for the past three months.
  • LIABILITIES
    1. Tell us about other debts outstanding that you have including amount, interest rate, remaining term to finalize payment.
  • ASSETS
    1. Tell us about the assets you own (property, other savings, listed and unlisted investments, etc.). You should be the sole name owner or a co-signatory of the asset. Assets in the name of other family members are not applicable.
  • ADDITIONAL INFORMATION
    1. Provide information of next of kin and contact details, and also use this space to give us information that you consider important in your application and that you have not been able to mention before.

    After completing all fields, you are ready to submit your application to Prodigy Finance. After submission of your completed application many students will receive an offer immediately. Occasionally we may need to ask for additional information and it may take up to 5 working days for our team to get back to you with an answer.

     

    After selecting the school and course you want to attend and completing personal and contact information, you will be asked to provide the following information:

    1) Budget: Please complete the budget section as if you are about to start your studies (even if you are already studying). Our Credit Committee will need to see how you intend to finance the full cost of your education. Your budget must, therefore, include:

    • Full tuition (reservation/commitment fees, deposits, and any payments already made to the School)
    • Living costs for the entire year
    • All sources of funding (including scholarships or tuition discounts offered by the School) which will make up the total budget

    Note: If your budget includes any other loans additional to and apart from the Prodigy loan, you must state the source and repayment terms (amount, rate, and repayment period).

    2) Income: Provide full details for at least the last 3 years of your employment history. If you have been working for less than 3 years, please provide your entire work history.

    Also, provide the details of your latest gross monthly salary (PRE-STUDY salary) on the Income section of your application. If you are currently unemployed, please share what you have been doing since your last employment ended. You can add this information in the field for Additional Information at the end of your application.

    3) Liabilities:  Ensure that the liabilities section reflects ALL debts (loans, credit cards, other forms of financing) that you currently hold, EXCEPT loans already included in the Budget section. Please state the source and repayment terms (amount, rate, and repayment period) of any loans currently outstanding.

    4) Assets: Include all assets that you currently hold in your name, regardless whether you will be using these assets to fund your studies or not.

    Complete the application as if you are about to start your studies (even if you are already studying).

    After selecting the school and course you want to attend and completing personal and contact information, you will be asked to provide the following information:

    1) Budget: Please complete the budget section as if you are about to start your studies (even if you are already studying). Our Credit Committee will need to see how you intend to finance the full cost of your education. Your budget must, therefore, include:

    • Full tuition (reservation/commitment fees, deposits, and any payments already made to the School)
    • Living costs for the entire year
    • All sources of funding (including scholarships or tuition discounts offered by the School) which will make up the total budget
    1. a) If you are a prospective student, kindly provide us with the breakdown of your estimated finance plans for EACH year. Complete your first year budget in the Primary Budget section and your projected second year budget in the Secondary Budget
    2. b) If you are already studying and about to enter your second year of studies, complete your first year budget with full details of how you financed your first year of study (loans, savings, scholarships, etc.).  Then provide us with the estimated budget and finance plans for your second year of studies. In this case, fill out your estimated second year budget in the Primary Budgetsection, and your first year budget in the Secondary Budget

    Note: If your budget includes any other loans additional to and apart from the Prodigy loan, you must state the source and repayment terms (amount, rate, and repayment period).

    2) Income: Provide full details for at least the last 3 years of your employment history. If you have been working for less than 3 years, please provide your entire work history.

    Also, provide the details of your latest gross monthly salary (PRE-STUDY salary) on the Income section of your application. If you are currently unemployed, please share what you have been doing since your last employment ended. You can add this information in the field for Additional Information at the end of your application.

    3) Liabilities:  Ensure that the liabilities section reflects ALL debts (loans, credit cards, other forms of financing) that you currently hold, EXCEPT loans already included in the Budget section. Please state the source and repayment terms (amount, rate, and repayment period) of any loans currently outstanding.

    4) Assets: Include all assets that you currently hold in your name, regardless whether you will be using these assets to fund your studies or not.

     

    Getting ‘Pre-Approval’ for your 2nd year loan when applying for your 1st year loan

    Should you be granted approval for your first-year loan from us, we will also inform you if you have PRE-APPROVAL for a loan for your second year, and the maximum loan amount. Pre-approval is based on the estimated budget details provided in your current application. However, please note that as your second year approaches you will need to provide a new application for FINAL approval on your second year loan.

    Prior to final approval of the second year loan amount, you must provide any updates to your budget and expenses, and inform us of any changes to your financial situation. This benefits us, you as the student, and the school. For example, if you want to ask for a higher loan amount for the second year, and you have a job offer to show us, these changes may impact the loan offer granted for the second year.

    The "Total budget" field in the budget section of your application should reflect your planned budget for the full study period (including both tuition and living costs). The sum of the other fields (sources of financing) must add up to the total budget.

    If your budget includes any other loans apart from the Prodigy loan, please state the source and repayment terms (amount, rate, and repayment period).

    Include contributions from your family/friends (if any) in the “Savings and Gifts” field together with other savings.

     

    Please enter the details of your PRE-STUDY gross monthly income on the Income section of your application. If you are currently unemployed, please enter your salary information as per your last employment and share what you have been doing since your last employment ended.

    Please include ALL debts (loans, mortgage, credit cards, other forms of financing) for which you may be held responsible (including loans on which you are a co-signer), EXCEPT loans already included in the Budget section. Please state as well the source and repayment terms (amount, rate, and repayment period).

    Please include ALL assets (property, investments, savings, other assets) you own. Only state the details of property and assets for which you are the sole named owner or a co-signatory. Assets in the name of other family members are not applicable.

    Please use the Additional Information field to explain or add any extra information that could be useful for Prodigy to assess your credit profile, or understand the special situations you want included. Our Credit Committee needs these details to determine what you can realistically afford to repay once you graduate given your total debt burden.

    When you fill out the budget, you can choose the currency for each line item and our platform will automatically convert to the corresponding amounts in the currency of the loan.

    Cost of Attendance is your university's official figure for the cost of attending your programme, including tuition, fees, and living expenses. To confirm your program’s unique official Cost of Attendance, please contact your school

    For students attending programmes in the US, universities will not certify any loans exceeding this Cost of Attendance.

    If the GMAT field is compulsory, this means that your school requires a GMAT (or similar score) for admission to the programme. If you do not have a GMAT score, but have written a similar test such as the GRE or a school-specific admissions test, please enter this score instead. Be sure to mention the specific test you took in the Additional Information field at the end of the application.

    national identification numbernational identity number, or national insurance number is used by the government of many countries as a means of tracking their citizens, permanent and temporary residents for the purposes of work, taxation, government benefits, health care and other governmental-related functions. The number will appear on an identity document issued by a country.

    Watch this video and listen to one of our colleagues explain why we currently only work with the schools listed on our website.

    Watch this video and listen to one of our colleagues explain how long the entire loan process generally takes from start to finish.

    Watch this video and listen to one of our colleagues explain why we ask you to re-submit an application for your 2nd year loan