Repay a Loan

Repay a Loan

This is calculated based on the loan amount, the remaining term of the loan, and the margin and LIBOR (which is adjusted every 3 months) rates.

Full time students begin repayment 6 months from class end date.

Part time students begin repayment 3 months from final disbursement date.  

Yes, you should. While a balance remains on your loan it serves no purpose to skip payment as this will only cause your minimum obligation to increase and it is best to keep it as low as possible. 

No, unfortunately the terms of the loan cannot be restructured or renegotiated. It's not possible to change the currency of your loan, because your loan is essentially an asset that is denominated in a specific currency. The investors who helped to fund your education have invested in the same currency.

There is no penalty for making larger than expected payments or for settling the loan earlier than scheduled. Please note that a bulk payment does not create a “credit facility” against which due monthly payments can be set-off. 

If you are experiencing financial difficulties and can’t repay your loan, please contact us immediately by emailing payments@prodigyfinance.com so that we can work with you to attempt to find a solution.

If you choose not to pay or are ultimately unable to pay, your loan will fall into arrears and later into default, when we will begin our legal process which is enforceable in 150 countries.

Watch this video and listen to one of our colleagues explain what FX Risk is and how it might impact you.

When making your monthly payments please remember to:

  • Include your unique payment reference number (shown on your statement in red)
  • Make payments in the currency of your loan
  • Ensure payment arrives in time for the due date

We have three repayment methods that you can choose from:

  1. Flywire: our recommended payment method. On your monthly statement, simply click the link to the Flywire payment portal and select the currency of your loan. You can then pay using direct bank transfer, Master or Visa Credit Card, Debit Card or with country-specific local payment services. More details can be found here.

  2. Direct bank transfer: we can only accept payments in the currency of your loan so please convert your payment before making the transfer. Our bank details can be found on your monthly statement along with routing instructions. If you wish to set up direct debit orders, please arrange this with your bank directly.

  3. International payment vendors: You can also make use of international payment facilitators like Worldpay, Transferwise, CurrencyFair and more. There are many to choose from, so be sure to check that yours allows transfers into the UK, where our bank accounts are held. We are unable to accept repayment via PayPal as it is against their policy.

We send monthly statements by email which include your balance and repayment amount due. Please contact us at info@prodigyfinance.com if you have changed your email address.

We can issue a tax certificate listing transactions on your account including payments received, interest, admin fees and late fees. Beyond this we are unable to advise on tax matters and advise that you speak to a local tax attorney.

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