To celebrate its 10th anniversary, international loan provider Prodigy Finance this month announced a new scholarship program to benefit international students who are accepted to study at business and engineering schools in the United States and the United Kingdom and chose Prodigy as their loan provider.
Five fortunate MBA students will receive $10,000 each to help fund their studies as part of the $100,000 scholarship program, announced March 10th. Another five scholarships will be awarded to students pursuing engineering degrees. Founded a decade ago by three INSEAD MBA graduates who themselves faced hurdles funding their own education, Prodigy Finance was developed to address challenges confronting international students—who can’t always secure a co-signer in their intended country of study and aren’t eligible for federal funds.
The fintech pioneer provided a solution by creating loans that are collectively funded by a community of alumni, institutional investors and qualified private investors. These funders receive financial and social return, and student borrowers gain access to higher education as a result. To date, Prodigy Finance has disbursed more than $250 million dollars in loans to more than 6,200 students from around the world, 80 percent of whom say they would otherwise have had no way to finance their graduate degree.
“Having experienced the difficulty in funding my overseas degree, it was evident that the financial services industry needed to be more flexible and adaptable,” Cameron Stevens, company founder and CEO, said in a statement. “This is why Prodigy Finance was set up, as funding should not be a barrier to education. Applying for postgraduate education is an investment and we want to continue making this accessible.”
Any student who plans to study at a supported U.K. or U.S. school and applies for a Prodigy loan between now and November 30, 2017, will be eligible to receive one of the scholarships granted as part of this celebratory $100,000 scholarship program. A complete list of business schools supported by Prodigy can be found here. No additional information must be submitted in order for consideration. Scholarship candidates will be selected based on a score determined by Prodigy Finance that takes into account both academic aptitude and financial need. Only one scholarship will be awarded per academic institution.
“I’m proud to say that we’re now in our tenth year and continuously growing,” Stevens continued. “Our loans are available to students from 150 countries, and this year’s scholarship programme will help even more international students further their education with a degree from a top university. Prodigy Finance looks forward to helping talented individuals attend the world’s top universities.”
For more information on Prodigy Finance and this special scholarship program, click here.
