International community lender Prodigy Finance recently announced a new scholarship program for students accepted to study at U.K. and U.S. business schools. Open to all students who use Prodigy Finance to help fund their postgraduate degree in either the United States or the United Kingdom, the scholarship will provide five students with $20,000 each in funding toward their studies. To be eligible, students need to take a loan from Prodigy before November 30, 2016.
“Applying to study at one of the world’s top universities is daunting, and at Prodigy Finance we are committed to making this worthwhile investment in your future easier and more accessible,” Prodigy Founder and CEO Cameron Stevens said in a statement. More than 80 percent of those who use Prodigy Finance would not be able to finance their education otherwise, he added.
Prodigy was founded in 2007 by three INSEAD MBA graduates who understood firsthand how difficult it can be to finance an international MBA. They launched an innovative community lending platform though which alumni, impact investors and other private lenders provide funding for incoming MBA students looking to study abroad. The borrowers receive the financing they need to pursue their education, and the lenders earn both a financial and social return. To date, Prodigy’s investors have helped more than 4,000 students from 115 countries pursue their MBAs, and the repayment rate on Prodigy loans exceeds 99 percent.
In awarding these inaugural scholarships, Prodigy will assess candidates based on GMAT scores, current salary, advanced rate, minimum loan size and whether or not they are a recipient of other scholarship funding from their U.S. or U.K. business school. The initial two scholarship recipients have been selected and will be announced soon, but three scholarships are still available.
“The scholarship will allow even more international students to further their careers with a degree from a top university,” Stevens continued. “We believe the financial services industry needs to work harder for the world’s most talented individuals regardless of where they are from.”
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