It is currently 17 Aug 2017, 06:31

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Live Q&A with Prodigy Finance!!

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
Expert Post
1 KUDOS received
MBA Section Director
User avatar
G
Status: Back to work...
Affiliations: GMAT Club
Joined: 22 Feb 2012
Posts: 4566

Kudos [?]: 3503 [1] , given: 2390

Location: India
City: Pune
GMAT 1: 680 Q49 V34
GPA: 3.4
WE: Business Development (Manufacturing)
GMAT ToolKit User Premium Member
Live Q&A with Prodigy Finance!! [#permalink]

Show Tags

New post 12 Jan 2016, 12:01
1
This post received
KUDOS
Expert's post
AnnouncementLive Q&A with Prodigy Finance


Image

Congratulations to all new Admits!! We are delighted to inform you that we are holding a chat session with representative of Prodigy Finance on forum for the applicants who are considering Prodigy to fund their MBA education. This is the best opportunity for you to get to know about various education loan options provided by ProdigyFinance. You are also welcome to discuss your questions regarding eligibility criteria, funding limits, terms and conditions, interest rate, repayment tenure, country specific rules, etc.

Date: January 21, 2016
Time: 8 AM Pacific Time
Place: GMAT Club Chat Room http://gmatclub.com/gchat/
Presenter: Zack Hirschfeld - Student Relations Manager, Prodigy Finance.
Prodigy Finance&dates=20160121T154000Z/20160121T170000Z&details=GMAT Club Live Chat with Prodigy Finance&location=GMATClub chat room" target="_blank">



About Prodigy Finance and Zack Hirschfeld


Since 2007, Prodigy Finance has been revolutionising student finance. Our innovative model allows us to offer loans to international postgraduate students at leading universities and business schools. Through out community platform, alumni and other investors earn market-rate returns, while students gain access to higher education they otherwise may not have been able to finance.

Zack Hirschfeld is Prodigy Finance's Student Relations Manager. He was born in San Francisco, explored 35 countries across 5 continents, and now lives in New York. He has a degree in International Relations from Bucknell University. Zack loves his job, and believes it's a great privilege to speak with students from around the world, helping them to reach their goals.

_________________

Every Wednesday: Meet MBA Experts in Chat Room and Ask Your Most-Pressing MBA Admission Questions to them in a Live Chat.

Must Read Forum Topics Before You Kick Off Your MBA Application

New GMAT Club Decision Tracker - Real Time Decision Updates

Kudos [?]: 3503 [1] , given: 2390

Expert Post
1 KUDOS received
MBA Section Director
User avatar
G
Status: Back to work...
Affiliations: GMAT Club
Joined: 22 Feb 2012
Posts: 4566

Kudos [?]: 3503 [1] , given: 2390

Location: India
City: Pune
GMAT 1: 680 Q49 V34
GPA: 3.4
WE: Business Development (Manufacturing)
GMAT ToolKit User Premium Member
Re: Live Q&A with Prodigy Finance!! [#permalink]

Show Tags

New post 25 Jan 2016, 10:26
1
This post received
KUDOS
Expert's post
Hello Everyone. Thanks very much for participating in our recent live Q&A with Prodigy Finance's Student Relation Manager - Zack Hirschfeld. Here is summary and transcript of the chat for those who missed the event.

Can you tell me on what basis how much it is decided to allocate loan amount to the applicant?

Prodigy_Zack: Sure. Each prospective borrower completes an application (takes about 15-20 minutes to complete). With all information in this application, we use an innovative scorecard model to determine your Total Debt Burden (how much you can realistically be expected to afford to repay). Examples of information include: pre-MBA salary, past credit history, what school you are going to, what country you are from, GMAT score, etc.



Does the loan cover living expenses too?

Prodigy_Zack: Yes, we do cover living expenses in addition to tuition.



I'd like to know if any collateral is needed for getting a loan without having an US cosigner for an indian applicant

Prodigy_Zack: No collateral is ever needed. In fact, Prodigy will not accept any form of co-signor or collateral. We only assess YOU -- the individual student.



If a student have a low gpa and lets say average academics but he does crack a decent college ; will this affect his chances for the loan?

Prodigy_Zack: We do not take GPA into account, only GMAT and which school you will be attending.



For international applicants, what type of documentation will be required to be presented when requesting a loan?

Prodigy_Zack: Thanks, bppressa. Here's the link to all supporting documentation necessary: https://prodigyfinance.com/students_faq#category_105 You do not need to provide it all up front (before you find out your loan amount and interest rate), but you will need to provide proof of documentation before the loan is disbursed.



How are rates determined? I read that it depends on individual. Could you give us more information. Does pre-mba salary affects rates?

Prodigy_Zack: Rates are determined similar by country of residence, the school you're going to, even the extent of prior work experience. Salary can influence rate but it is mainly there to determine loan amount. Every data point we ask for can influence loan amount and interest rate.



Does everybody who applies and is qualified for a loan get the maximum loan amount they request?

Prodigy_Zack: We try to give every student 100% of what they ask for. However, often a student will not be able to afford all of what they want (based on our model). In this case, we will offer the student a reduced amount and ask the student to come up with the remainder of his or her budget with savings, scholarship or another means besides a loan. Some students unfortunately get declined by our model. However, more than 80% are approved.



Have you seen/heard many students be able to use the "loan approval" letter at the US consulate to secure the F1 visa stamp?

Prodigy_Zack: In terms of visas, many students apply to Prodigy once they've gained admission but before they have secured a visa. Students are welcomed to do this. If approved, we will send a "conditional approval" letter, with which the student can use on their visa application.



What are the factors you look for when sanctioning a loan less than asked for? And how much can my savings help?

Prodigy_Zack: Overall, we ask students to provide us a 2-year budget (for 2 year programs) based on the school's official Cost of Attendance, which includes all tuition, fees and expected living expenses. We will only offer a loan amount that is lower than desired by the student if we can understand that the student will be able to cover the gap in his/her budget by another means.



An Indian applicant is definitely having lower salary... so this is for sure Indian applicant on an average can’t depend on loan from prodigy for at least full tuition cost? How you compare Indian guys salary in your loan model?

Prodigy_Zack: Sure. Because we deal with many students from around the world, we understand reduced salaries and currency devaluation. As such, we will take this fact into consideration when assessing students.



If we apply right after receiving an offer, is there any chance that the loan is granted in time in order to pay the commitment/installment fees using loan money?

Prodigy_Zack: Unfortunately we cannot cover deposits.



Applicant's current savings pool/bank balance is not a factor in the loan decision process?

Prodigy_Zack: Savings will only matter when we are trying to determine if you are able to cover the entire Cost of Attendance budget. As a policy, we can only provide up to 80% of Cost of Attendance. As such, you will need to use either some savings, scholarship, or company sponsorship.



How much having assets such land and apartment affects our candidacy? Especially interest rates.

Prodigy_Zack: We can only evaluate these assets if they are liquidated as savings and use it to determine your ability to cover the Cost of Attendance budget. Having more or less assets will not affect your rate.



If I ask for 20,000 loan and also have 20,000 in savings. Will that help in getting a lower rate? Also are my savings and a family member’s savings treated equally? I got the impression from your reply that savings can actually be bad.

Prodigy_Zack: Savings are never bad. They simply are not a major factor in increasing your loan amount or decreasing your rate. We always will extend to you the maximum offer allowable by our model (no matter if you say you can cover more of the Cost of Attendance with savings). I urge my students to let us know how much money in total you have in savings, and then how much you would like to use towards your Cost of Attendance. We will let you know then how much of that savings you will need to use, based on our credit assessment.



You said about 20% of loan applications are declined. What are the main reasons for a loan application to be declined?

Prodigy_Zack: We decline students if our model shows they cannot reasonably pay back the minimum amount they need to cover Cost of Attendance. Also, some students have outstanding debt and liabilities, which can take up their entire Total Debt Burden, based on our model.



You mentioned 80% is the limit for tuition fee loan. Is there a similar cap on living expenses?

Prodigy_Zack: 80% of Cost of Attendance includes living expenses. For example, if tuition is $80k and living expenses are $20k, we can fund up to $80k ($100k x 0.8)



Is there any deadline for application? And if savings are not a factor, then why we need to report it?

Prodigy_Zack: There are no deadlines, but applicants should submit their application at least 1 month before they need funds to be disbursed. I tell my students to submit much earlier than that, especially because documents like credit reports can be difficult to obtain in some countries.



You mentioned pre mba salary as a factor. so do you differentiate it for an entrepreneur and salaried person because as an entrepreneur you might be earning less than a salaried person initially

Prodigy_Zack: if you are an entrepreneur that is purposely giving yourself a lower salary, we can take a closer look at your situation and re-assess. We have dealt with this situation in the past.



You mentioned about credit report. It can be difficult to acquire it in my country, because organizations provide them directly to loan providers. Also since I never took a loan not even a credit I do not have a credit history. It adds to my difficulty to get a credit report. What can I do?

Prodigy_Zack: If you do not have credit or are having trouble getting a credit report, we can accept a "letter of good standing" from your bank. Overall, we use either document to determine if you have a solid financial history. Hard to give "pointers" but I would just recommend being as transparent as possible and fill every part of the application out fully. Tell us everywhere you've lived and worked, what your highest salary was, and all debts / liabilities the better we can get to know you as an individual, the better chances we can help you!



How many days would the entire procedure take roughly?

Prodigy_Zack: It takes about 15-20 minutes to complete the application. From then, you will hear within 2-3 business days if you are approved, and what the loan amount and interest rate is. From there, we will ask for supporting documentation (proof) -- as soon as you can upload those documents we will prepare your loan and send you a loan agreement to sign electronically.


Chat Transcript
Attachment:
Prodigy Finance Chat 21st Jan 16.pdf [1 MiB]
Downloaded 81 times
To download please login or register as a user


_________________

Every Wednesday: Meet MBA Experts in Chat Room and Ask Your Most-Pressing MBA Admission Questions to them in a Live Chat.

Must Read Forum Topics Before You Kick Off Your MBA Application

New GMAT Club Decision Tracker - Real Time Decision Updates

Kudos [?]: 3503 [1] , given: 2390

Intern
Intern
avatar
Joined: 10 Sep 2016
Posts: 1

Kudos [?]: 0 [0], given: 0

Re: Live Q&A with Prodigy Finance!! [#permalink]

Show Tags

New post 10 Sep 2016, 20:47
Hi,
I applied for the loan in Prodigy Finance. I got the conditional loan of 70,000 $. But due to some misunderstanding , the liabilities in CIBIL report did not match the debt i have declared in loan application. Because of that my loan is reduced to 40,000$. My Question is if i clear all my liabilities from CIBIL and re apply for the loan , will i get the 70,000 loan again ?

Thanks

Kudos [?]: 0 [0], given: 0

Expert Post
Founder
Founder
User avatar
P
Joined: 04 Dec 2002
Posts: 15361

Kudos [?]: 27124 [0], given: 4999

Location: United States (WA)
GMAT 1: 750 Q49 V42
GMAT ToolKit User Premium Member CAT Tests
Re: Live Q&A with Prodigy Finance!! [#permalink]

Show Tags

New post 14 Sep 2016, 21:56
raghuram kowdeed wrote:
Hi,
I applied for the loan in Prodigy Finance. I got the conditional loan of 70,000 $. But due to some misunderstanding , the liabilities in CIBIL report did not match the debt i have declared in loan application. Because of that my loan is reduced to 40,000$. My Question is if i clear all my liabilities from CIBIL and re apply for the loan , will i get the 70,000 loan again ?

Thanks



Thanks for posting - I have pinged prodigyfinance to clarify about your question.
_________________

Founder of GMAT Club

GMAT Club's Special offer for Student Loans only through Aug 31 - New!
Just starting out with GMAT? Start here... or use our Daily Study Plan


Co-author of the GMAT Club tests

Kudos [?]: 27124 [0], given: 4999

Expert Post
Prodigy Finance Representative
User avatar
Joined: 12 May 2014
Posts: 106

Kudos [?]: 15 [0], given: 4

Re: Live Q&A with Prodigy Finance!! [#permalink]

Show Tags

New post 16 Sep 2016, 01:58
raghuram kowdeed wrote:
Hi,
I applied for the loan in Prodigy Finance. I got the conditional loan of 70,000 $. But due to some misunderstanding , the liabilities in CIBIL report did not match the debt i have declared in loan application. Because of that my loan is reduced to 40,000$. My Question is if i clear all my liabilities from CIBIL and re apply for the loan , will i get the 70,000 loan again ?

Thanks


Hi Raghuram

Thanks for your question - I've flagged this with our applications team and someone will get back to you soon. If you haven't been contacted by COB Tuesday then please email info@prodigyfinance.com

Cheers
Liz
- Prodigy Finance Marketing Team

Kudos [?]: 15 [0], given: 4

Re: Live Q&A with Prodigy Finance!!   [#permalink] 16 Sep 2016, 01:58
    Similar topics Author Replies Last post
Similar
Topics:
Experts publish their posts in the topic How to Finance Your MBA - Prodigy Financial Livecast and Q&A bb 0 19 Jan 2017, 10:16
Experts publish their posts in the topic Prodigy Finance Scholarships Available prodigyfinance 4 24 Jul 2017, 06:19
4 Prodigy Finance - Finance your MBA with us prodigyfinance 1 09 Feb 2017, 06:52
36 Financing MBA: School credit w/o cosigners AN225 63 17 Apr 2017, 04:52
36 Experts publish their posts in the topic Financing your MBA - International Students ariel 78 18 Apr 2017, 02:24
Display posts from previous: Sort by

Live Q&A with Prodigy Finance!!

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


GMAT Club MBA Forum Home| About| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.