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Prodigy Finance MBAF1GMAT Interviewed Liz Reid - the Student Brand Manager at Prodigy Finance, to learn how they have funded hundreds of international MBA students.

1. How did Prodigy come into existence?

Prodigy’s Founder, Cameron Stevens, experienced firsthand the challenges of financing an international MBA when he attended INSEAD as a South African, who had been living in Malaysia. When he got to INSEAD, he realized that this challenge was shared by many of his classmates. He and two other MBA students set out to solve this problem shortly after graduating.

2. How does Prodigy Finance works?

Prodigy offers community funded loans to international MBA students attending top business schools. The loans are funded by a combination of business school alumni investors, the business school community, and institutional investors who have an interest in higher education. Students gain access to funding for their postgraduate degree that they often could not afford otherwise. To be eligible for a loan, students need to be studying abroad (that is, outside their country of nationality or residence). The only exception is that UK students studying in the UK are eligible....

Categories : Loans, Scholarships

Santander MBA LoanMBA Loans are hard to come by in Europe, and post-2008 crises, Banks have been extremely cautious. In 2012, the situation worsened in UK after Citibank pulled out of their Citi Assist loan program. Under such hostile environment, a Santander MBA loan is a relief. The loan funds up to £20,000.

Network

Top Business Schools in 2013-14 that are the beneficiary of the Santander Universities Partner Institutions loan or scholarship program include:

1) Ashridge Business School

2) Cass Business School

3) Cranfield and

4) Oxford Said

Rate of Interest

For Oxford Said, The Santander Universities Global Division is supporting MBA students with personal loans of up to £20,000. This is for students joining the Sep 2014 program. The Loan terms range from 12 to 60 months

Loan Range: £1,000 - £7,499 (Interest 12.5% APR)
Loan Range: £7,500 - £20,000 (Interest 10% APR)

Criteria

• Qualified to Stay in UK during...

Categories : Loans, Scholarships

MBA Brochure Scholarship InformationApplicants get the first taste of the MBA program through Brochures – the condensed information about the program’s history, course structure, cost, funding, testimonials, uniqueness, and statistics. The decision to pursue the marketing team with clarifications and interjections happen after comparing the data in the brochure with inputs from well-meaning alumni and current students. Can you look much closer and understand what these statistics mean?

Critical Eye

“The MBA is a huge investment” sermon might have bored you but most applicants look at MBA from an investment in a 5-year horizon. 27-30 age is a time when some of the major events happen in your life: marriage, family and career switch. There are stories of MBAs in 30s making the switch but for most of you the decision is now. Opportunity cost is looked upon as an investment of time but not many experts talk about the investment of $75,000 or €45,000 per year (for European school). When you are sunk in debt, opportunities are looked with the backdrop of paying back your debt. The risk taking appetite goes down and the true value of an MBA is never fulfilled.

Scholarships


...

Categories : HEC Paris, Loans, Scholarships

HEC Scholarships can be broadly categorized into Merit Based and Need Based scholarships(scholarships on other criteria also exists) .To be eligible for the scholarships, admitted candidates must provide their financial status and details of how they plan to finance their studies.

Scholarship Application Process: Online
Essay Required: For Some scholarships, an essay is required
Interview Required:
For Some scholarships, interview is required
When to Apply: On Admission to HEC MBA Program
Criteria:
Merit-based, Need-based and Specific criteria in other cases

HEC MBA Need Based Scholarship

The HEC MBA Need-Based Scholarships are designed for only those applicants who require financial assistance to achieve their goal of joining the MBA program at HEC Paris....

Categories : Loans

Sofi MBA LoansSoFi is another major loan provider that has entered the $1 trillion Student loan market in the US. With over $200 million distributed to over 2500 borrowers, SoFi is leading its competitors: Prodigy Finance and Common Bond. Sofi depends on Business School Alumni to fund students. Alumni earn a handsome 5% return on their investment while students get loans at a much better rate than Federal Stafford loan for Graduates (5.41 percent), and the Federal Direct PLUS loan (6.41 percent).

Interest Rate

As always, the deciding factor between loan providers is the interest rate and the terms associated with it. As of 2013, Sofi offers a variable rate starting at 2.92% APR (Annual Rate) and a fixed rate starting at 4.99% APR.

Repayment Period

The loan repayment period is based on the individual’s financial status, credit history and the terms agreed upon for the loan term. However, in exceptional cases where students cannot meet the monthly minimum payment, there are hardship programs that offer relief for students...


MBA in France LoansFrance offers several state supported loans, private loans from French Banks and school specific scholarships to meet the tuition fee and living expense, during an MBA program. 

We have shortlist some of the popular funds.

1) Prodigy Finance

Insead MBA Alumni Founded Prodigy Finance in 2007 and has distributed over $30 million to students from 80 Countries with an astonishing repayment rate of 100%.  

Maximum Amount: Covers the Tuition Fee (Average Amount: Euro 30,000)

Terms of Payment:  7 Years with 6 Month deferment at an Interest rate of 7.5%

2) FONGECIF

This is a unique state supported scheme that allows Employees currently employed in French Companies to take a leave of absence for training (higher education) purposes.

Criteria

  • Should be employed in a French company for a minimum of 1 year
  • Companies with more than 9 Employees should contribute towards the training
  • Company should cover 100% of Salary if the...

Wharton Common BondCommonBond, has recently announced that it will disburse $2.5 million in student loans at Wharton, benefiting as many as 50 students. What makes this significant is that the loans are funded by Wharton alumni itself. CommonBond is a startup founded by Wharton Alumni. They oversee the disbursal process. At the heart of CommonBond's effort is a philanthropic quest - a positive social change. A case in point is that for every fully-funded degree, the company will sponsor a child's education, for a year in partnership with the African School for Excellence.

The news is a boost to the nascent alumni-sourced loan industry, which seeks to ease the difficulties faced by MBA students looking for loans. Students do not have to put up with the intense scrutiny and paperwork, which they must go through otherwise. And even more significantly, the interest rates are just 6.24%, lower than the lowest Federal loan rate of 6.8%. Private loan rates go even higher, averaging around 12%. Alumni who contribute to the loan pools get returns of above 4.25% - profits with a cause attached. What's more, the risk factors are very low. The 10-year cumulative loss rate estimated for the Wharton loan pool is around 0.70%.

...




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