The IESE MBA is delighted to announce that we have joined the Prodigy Finance Community Loan program, which will enable international students to join Prodigy Finance’s global community and obtain loan funding for their studies at IESE. Anthony Hall, Head of Business Development at Prodigy Finance, explains to us how it works.
IESE: What is Prodigy Finance and what help does it offer students?
Anthony: Prodigy Finance was started by 3 MBA students who experienced firsthand the difficulties of financing an international MBA.
We identified that both the opportunity, and the solution was to bring back the community into business-school funding.
Alumni, Universities and other interested investors receive a financial return, and students gain access to the education that they otherwise may not have been able to finance. Students can apply online for a loan and receive a conditional approval in 5 working days. Students can borrow a maximum of 80% of the full cost of attendance – including tuition and living expenses. The amount offered to each individual may differ, as the amount depends on their individual affordability. If a portion of the loan is being used for living expenses, IESE will transfer those funds directly to the student once the funds have been received from Prodigy, shortly after the start of class.
I: Your company was founded by MBA graduates. Would you say that having firsthand experience of the funding process helped you find a niche in the market and create the company?
A: Absolutely. We recognized that MBAs are a very special group, but who are underserved by traditional banking and loan products. We understood firsthand what it’s like being an international student, and the anxiety associated with searching for financing for months on end. When looking for funding, we again turned to the MBA community, as the ones who understand what, and who we are supporting.
I: What conditions do you offer to students looking to finance their IESE MBA with Prodigy Finance?
A: Students should look online at the Prodigy Finance website. But the highlights are:
- Simple online application, with a preliminary decision within 5 working days
- 150 nationalities are eligible
- Competitive interest rates
- No need for guarantees, co-signers, or collateral
- No need to start repaying until six months after your study period has ended, if you’re a full-time student
- Community connection to the wider business-school community, who are investing in your potential
- Help with the repayment process from our skilled, friendly team
I: How many loans have you granted so far?
A: We have loaned to more than 2000 students at top-ranked MBA programmes. The average loan size has been $42,500, and the majority of students receive the full amount that they ask for.
I: Finally, what’s the average profile of those who receive a Prodigy loan?
A: Prodigy’s students represent the full spectrum of a top-ranked MBA class We’ve loaned to 92 different Nationalities, from ages 23 to 42 (average age 30 years) and students’ average salary post-MBA is around EUR 111,000, based on surveys. Prodigy’s loanees are already working at most of the big-name MBA employers, and a few have started their own businesses and created new jobs in their home countries.