ArtichokePizza wrote:
I have a couple of questions
1. Does interest accumulate while we study? Or will it be frozen until after graduation?
2. Is it possible to get a quote before applying for a loan?
1.
Prodigy Finance's interest rate uses the simple interest formula, meaning that the interest rate does not compound throughout the life of the loan*. The interest rate is variable, and is made up of two components:
- a fixed margin, determined by
Prodigy Finance- a variable base rate, we use 3-month LIBOR as the base rate.
In addition to the interest rate, there is an admin fee for each loan we issue. The maximum admin fee is 5% of the total loan amount. This fee is added to your loan amount when the loan is issued and spread across your monthly payments - you're never required to pay this fee upfront.
2. Hi there. Before applying, you'll need to check if you are eligible:
1. You must be applying to study your masters abroad.
2. You must apply to study at a school we support. We support over 800 schools globally and you can see the full list here:
https://prodigyfinance.com/eligibility-schools/ 3. You must come from a country or state we support. For the list of regions that aren't eligible for a loan, you can have a look here:
https://support.prodigyfinance.com/hc/e ... t-lend-to-If you meet these 3 criteria, you may apply online for a quote, here:
https://prodigyfinance.com/student-loans If you’d like to find out more about
Prodigy Finance or have any questions about the application process, you can head over to our detailed FAQ page:
https://support.prodigyfinance.com/hc/en-us We hope this helps