Funding Your MBA – International Students
Prodigy Finance (PF), a funding organization that was started by three INSEAD MBA graduates, has revolutionized the student financing landscape in its less than ten years of existence.
If you are an international student concerned about how you can fund your MBA you can relax knowing that Prodigy Finance can help you make your MBA dreams a reality through its affordable student loan program.
I had the privilege of meeting two of the PF’s dynamic staff, Chloe Foden and Liz Reid, during the 2015 AIGAC conference in London.
Check out what they had to say about Prodigy Finance.
What is PF and how long has it been in existence?
Prodigy Finance is a loan provider that caters specifically to postgraduate students who are travelling outside of their country of nationality for their studies.
Prodigy Finance currently works with 50 of the Top 100 FT-ranked business schools to provide this borderless loan option to their international students.
Who funds the loans?
The loans are funded by a network of business school alumni, the school communities and other investors with an interest in higher education.
Is the program only for MBA students?
Prodigy Finance offers loans for MBA and EMBA students, as well as other Masters degrees, depending on the business school – you can find more details on each school here.
What are the requirements for obtaining a loan from PF?
The student must be travelling abroad for their postgraduate degree – i.e.) studying outside their country of nationality.
They must have been accepted into one of the schools that Prodigy Finance has a loan programme with. Proof of admission to the business school needs to be provided as part of the loan application process.
Finally, the student will need to be able to show how they plan on covering their full cost of attendance for business school, through a combination of savings, loans, scholarships, family contributions or gifts (or whatever the details may be).
What is the application process and how can I apply?
– The student should go to Prodigy Finance and complete the initial registration form.
– Thereafter, the student can log into their account, and will be asked to provide all relevant details for our team to assess their loan affordability
– Once all the information is completed, the student can submit the loan application.
– It will take approximately two business days for our team to come back with a conditional offer, including the total amount and interest rate. They are provided with a draft version of their final loan agreement.
– Once the student accepts the terms, they’ll need to provide supporting documents for the information provided in their application, including: a copy of their passport, proof of salary, proof of address, proof of savings (if applicable), proof of any other significant sources of funding (if applicable), and a credit report.
– After all documentation has been checked and approved, the loan is finalized.
– The student signs their loan agreement upon arrival at campus, and the funds are disbursed directly to the business school.
The entire application process is done online.
What else should applicants know about PF?
Here are a few benefits of Prodigy Finance’s offering:
– No co-signer or collateral is required for a Prodigy Finance loan
– For full-time courses, there is a grace period of the study period plus 6 months after graduation. During that time, the student does not need to make any repayments, but interest accrues.
– There are no penalties for early repayment, or for settling the loan ahead of schedule
– We have local repayment channels in more than 30 countries, helping to reduce wire transfer costs when repayments begin
– 150 nationalities are eligible to apply for a Prodigy Finance loan – students just need to be studying outside their country of nationality
– Interest rates are competitive
– The loans are funded by our high-powered network of alumni and other investors, and students tap into that community
– Great customer service
Next Steps
Funding your MBA has become easier for international students given the financial support of organizations like Prodigy Finance.
You can check out what a student from IE MBA program had to say about his experience funding his MBA through a PF loan.
Visit Prodigy Finance for more questions about how you can fund your MBA as an international student.
Also check out our MBA Scholarship blog for more information on scholarship opportunities for MBA applicants.