Official Website Prodigy Finance Education Loan Program
Scholarship Amount
About This Scholarship
The Official Website • Prodigy Finance Education Loan Program offers flexible international student loans to support your educational aspirations abroad. Loan amounts vary based on individual application details and the cost of attendance at your chosen institution.
The smallest loan available through this program is $10,001, while the average loan amount per academic period is typically $36,000. The maximum loan amount you can receive is determined by your school's official cost of attendance.
In certain scenarios, Prodigy Finance may provide funding for your entire program duration through a single application. However, for other cases, you might need to apply separately for each academic period. For instance, a student could secure $45,000 for a fall semester and then an additional $15,000 for the spring semester.
It's important to note that Prodigy Finance charges simple interest on its loans, which means interest does not compound over the loan's lifespan. This policy ensures that interest rates do not increase unnecessarily.
Two types of fees are associated with these loans:
• A processing fee of up to $100 is payable when funds are matched to your loan application, serving to reserve the funds for you.
• An administrative fee of up to 5% of the total loan amount is added to the loan amount when it is issued. This fee covers operational expenses and is spread across your monthly payments, so you are not required to pay it upfront.
During the grace period, simple interest accrues but is not added to your outstanding balance until your first repayment date. After this date, simple interest is charged on the new balance.
Eligibility Criteria
To be eligible for the Official Website • Prodigy Finance Education Loan Program, applicants must fulfill three fundamental requirements:
• They must be accepted into a school and program that is supported by Prodigy Finance. You are welcome to apply for a loan quote even before receiving your acceptance letter; proof of admission is only required when finalizing the loan agreement.
• Applicants must be planning to pursue their studies abroad.
• They must reside in one of the countries supported by Prodigy Finance. A list of unsupported countries is available if needed.
Important Notes:
• If you meet these criteria, you can complete a quick online application to receive a quote. In most cases, a quote will be provided immediately, detailing the eligible loan amount, interest rate, loan term, and any applicable fees.
• For students attending a school in the US: Prodigy Finance can offer funding to students living in the US, US citizens, and international students residing outside the US.
• For students attending a school in the UK: Funding is available for UK residents, UK citizens, and international students residing outside the UK.
• For students attending a school in France: Please be aware that Prodigy Finance cannot offer funding to students who are living in France and also plan to study at a French university.
• For students attending a school elsewhere: Funding is available for students who have not resided or worked in their study country for more than 90 days prior to the commencement of their studies. This exclusion applies to France but includes Canadian provinces and territories.
• Students studying in certain US states, such as Rhode Island and Vermont, may not be eligible for funding.
Required Documents
To complete your loan application process, Prodigy Finance requires specific documents to verify your identity, address, school admission, and credit history:
• Identity Verification: You will need to upload a clear, color scan of the identification page from your valid passport. Additionally, a selfie must be provided to match the photo in your passport.
• Proof of Address: A document showing your full name and residential address, dated within the last three months, must be submitted. The address provided in your application must precisely match the address on this document.
• School Admission Confirmation: You must provide an official letter, I-20 form, or email from your school confirming your acceptance. This document should clearly state your name, the school you will attend, your course details, and your admission status.
• Credit Report: You are required to submit a copy of your credit report obtained from a credit reference agency in your country. If you do not have a credit history, you can submit a "No hit" or "No data" report instead.
Applicants are encouraged to read the relevant articles on the Prodigy Finance support page to gain more insight into uploading their latest credit report effectively.
How to Apply
Follow these steps to apply for the Official Website • Prodigy Finance Education Loan Program:
1. Click the 'Apply Now' button on the official website.
2. Log in to the official website with your registered ID. You will then land on the 'Application Form Page'.
• If you are not yet registered, create an account on the official website using your email, mobile number, or Gmail account.
3. You will be redirected to the 'Official Website • Prodigy Finance Education Loan Program' application form page.
4. Click on the 'Start Application' button to begin the application process.
5. Fill in all the required details in the online application form accurately.
6. Upload all the relevant documents as specified in the requirements.
7. Review and accept the 'Terms and Conditions', then click on 'Preview'.
8. Carefully check all the details you have entered on the preview screen. If everything is correct, click on the 'Submit' button to complete your application process.