Once your loan is approved and your loan agreement is signed, your funds are released based on the tuition disbursement details you provide and the verification steps you complete.
You can track your full disbursement schedule at any time in your dashboard.
Tuition Fees
How are my tuition fees paid?
Your tuition fees are sent directly to your school based on the disbursement dates and amounts you submit through your Prodigy Finance dashboard.
After you sign your loan agreement, you’ll be prompted to:
- Enter your tuition amount
- Select your preferred disbursement date(s)
- Upload a document confirming the fees due
Once your details are reviewed and approved, we’ll disburse your tuition on the confirmed date(s).
When will my tuition fees be sent?
Tuition fees are disbursed on the approved date(s) you selected during setup, provided:
- Your loan agreement has been signed
- Your tuition details and documents have been verified
- Your school is able to accept funds on the selected date
Once we release your tuition payment, it usually takes 3 to 5 business days for the funds to reach your school’s bank account. Your school may need a few additional days to allocate the payment to your student account.
Completing a payment instructions before your tuition is disbursed
In the week your tuition is scheduled to be disbursed, you may receive an email asking you to complete your payment instructions. This step is required for us to release your tuition funds to your school.
The email will include a submission deadline, if the deadline is missed, we won’t be able to release the funds and you’ll receive new instructions.
We will email you a step-by-step guide on how to generate a payment instruction. You are able to upload these instructions between Wednesday 4:00PM UTC(11:00AM ET/ 4:00PM UK) and Thursday 1:00PM UTC(8:00AM ET/ 1:00PM UK) on your dashboard under the Flywire payment instruction task.
You can always view your tuition disbursement dates on your Prodigy Finance dashboard.
Living Expenses (if included in your loan)
How are my living expenses paid?
If your loan includes living expenses, how they’re paid depends on your country of study.
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United States
- Living expenses are sent to your Zolve US bank account.
- You will need a Zolve account and add the details to your Prodigy Finance dashboard.
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Germany
- Living expenses are disbursed to your Expatrio blocked account, in line with German visa requirements.
- If you’re studying in Germany, you’ll need to open an Expatrio blocked account while still in your home country and add the details to your Prodigy Finance dashboard before funds can be released.
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UK and France
Living expenses are sent to a local bank account in your study country.
To receive funds, you must:- Add a local bank account in your name
- Complete mandatory AD authorisation
- Verify your account securely via Plaid
This setup can be completed once you’re in your study country.
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All other supported countries
Living expenses are sent to your local bank account in your study country.
We use Plaid to securely verify bank account details. Please make sure your bank information is added and up to date in your dashboard.
Living expenses are typically disbursed in multiple instalments.
- The first instalment is sent at least one month after your tuition has been disbursed, once all required verifications are complete
- Later instalments may require you to reconfirm your enrolment before funds are released
You can check your full living expense disbursement schedule on your dashboard at any time.
When will my living expenses be sent?
If your loan includes living expenses:
- The first instalment is usually sent around one month after your tuition payment
Additional instalments are released according to your disbursement schedule and may require enrolment confirmation - Once released, funds typically reflect in your account within 2 to 5 business days
Timing can vary depending on your country of study and account setup.
What if my funds don’t appear?
Contact us at info@prodigyfinance.com if:
- More than 10 business days have passed since your tuition was sent, and it hasn’t appeared on your student account, or
- Your living expenses haven’t reflected 5 business days after being released
We’ll investigate for you.
Changing an upcoming disbursement?
Once you submit your tuition disbursement details, changes are limited and reviewed carefully. We strongly recommend reviewing your tuition amount and dates carefully before confirming them in your dashboard.
Requests must be submitted as soon as possible and are not guaranteed. If your disbursement is close to its scheduled release date, changes may no longer be possible.
To request a change, contact info@prodigyfinance.com with your application ID and the relevant disbursement date.
Important things to keep in mind
- If your disbursement date is moved, interest will begin accruing from the date of the first disbursement listed
- All requested disbursement dates are subject to verification and must meet our timing requirements
- When selecting or changing dates, it’s important to ensure they align with your school’s ability to accept funds
- If funds are disbursed before your school can accept them, they may be returned to Prodigy Finance
- Unfortunately, once funds are returned, we’re unable to reissue them
For this reason, we strongly recommend confirming your tuition payment deadlines and documentation before requesting any changes.
Cancelling an upcoming disbursement
Should you wish to cancel your disbursement, you must notify us as soon as possible by contacting us at info@prodigyfinance.com. If your disbursement is close to its scheduled release date, we may not be able to stop the transfer.
What happens if I cancel an upcoming disbursement?
If you cancel an upcoming disbursement:
- The funds will not be sent to your school.
- The cancelled amount will be treated as an early repayment of your loan.
If your tuition has already been disbursed, you must contact your school directly to arrange a refund.
If you later decide you need the funds again, this may require a new assessment and is not guaranteed. Please only request cancellation if you are certain you no longer require those funds.
Important
Once funds have already been disbursed to your school, they cannot be cancelled. You would need to speak directly with your school about any refunds
If you have some questions about Prodigy Finance charging any hidden fees, whether your full cost of studies will be covered, whether forex rates will affect your interest, or if you’ll receive a tax break or not, here is an article that provides as good a Prodigy Finance review as possible.