One of our lending partners who provides an education loan option to international students is Prodigy Finance. This blog post goes into how their application and loan process works:
Select your School:
- Once you select the Prodigy Finance option on Nomad Credit, you will be taken to the ‘Get A Loan’ page on Prodigy Finances’ site.
- Please select the school you want to attend from the drop-down menu.
Provide and Confirm Email Address:
- To start the application, provide your email address and click “Apply Now.”
- Complete the form including your business school, name, email address, and confirmation of the terms. Prodigy Finance will send you an email where you can verify your email address by clicking the link within the email.
Dashboard:
- Once you verify your email, you’ll be able to log into the Dashboard and provide the information that Prodigy Finance will need to determine if you are eligible for a loan.
Application: You’ll enter in your financial information and personal details in the application. Please see further below for an in-depth look at the information required for the application. In addition to the application, Prodigy Finance will require you to upload your admissions letter to the dashboard.
- SCHOOL AND CLASS: Select the school, campus, program and class you want to attend
- PERSONAL INFORMATION: Complete personal information (name, nationality, DOB, country of residency, etc.)
- CONTACT INFORMATION: Complete contact information (telephone number, address, email, etc.)
- BUDGET: Prodigy Finance will ask you how you plan to cover the tuition and living expenses. Complete the information related to the following items: deposit, scholarships and sponsorships, loan from Prodigy Finance, other loans, savings.
- INCOME: 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: List any other debts outstanding that you have including amount, interest rate, remaining term to finalize payment.
- ASSETS: List any of 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: Provide information of next of kin and contact details, and also use this space to share any other information that you consider important in your application and that you have not been able to mention before.
Review and Provisional Offer:
- Typically, Prodigy Finance will have an answer to you within five business days. If approved, they will send you a Provisional Offer.
Verification:
- You will then need to provide additional documents to verify the financial information you entered in the original application, as well as your passport and proof of admission to the course you’d like to join.
Electronic Signature of Loan Agreement:
- 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, Prodigy Finance will process 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 Prodigy Finance’s site to discover the maximum loan amount they 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 Prodigy Finance’s website or to your loan agreement to determine the terms corresponding to your program.
- 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.
- We hope this helps bring some clarity to the application and loan process with Prodigy Finance.
- It can be difficult for an international students on an F1 visa or J1 visa to find education loan options to attend university in the U.S.
- Please get started today to see if you are eligible for a loan from Prodigy Finance.
If you have any additional questions about the process please email us at help@nomadcredit.com and we’d be happy to help!
As always, please visit us at www.nomadcredit.com to search for your financial product options, including education loans or study loans and student health insurance. Please don’t hesitate to email us if you have any international student loan questions at help@nomadcredit.com.
