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Study And Grace Period

For full-time courses, the grace period is usually the study period plus 6 months after classes end. During this time, interest accrues but you don't have to pay anything. Please refer to your school’s loan page on our website to determine the terms corresponding to your programme.

For part-time programmes, the grace period is 3 months after the final disbursement of the funds to the school for each loan. Please refer to your school’s loan page on our website to determine the terms corresponding to your programme.

No, you don’t have to, but you are welcome to make payment during your grace period, without penalty.

Unfortunately, it is not possible to change the grace period or the date on which your first payment on the loan is due. These are just a few of the terms outlined in your loan agreement, which is a legally binding document. Therefore, those dates are fixed.

If you're having difficulties with repaying your loan and don't think you'll be able to to start making payments on the date in your loan agreement, please get in touch to discuss your options.

When you finish studying, please update your contact details. You can do this by logging on to your Prodigy Finance dashboard and changing your profile details (don't worry, we'll send you a reminder). If we don't have the latest contact details on file, we'll have trouble sending you your monthly statements.

A couple of months before your first payments are due on your loan, we'll reach out with a reminder and some information on the different payment methods that you'll have access to. Please let us know if you have questions, so that you're ready to make the first payment before it's due.

You will receive monthly statements, starting the first month after the first disbursement (when we send the funds to your school). Each statement will show  all the information you’ll need to manage your loan, including a loan summary and transactions for the last month. We'll be sure to put the next amount due and the total loan balance in an easy-to-read place on the first page of your statement.