Each school is a bit different. Here are a few things to consider.
- Attending a US School
- Attending a school outside of the US
- How will I get my funds?
- When are the funds paid?
- How long does it take for my funds to reach my school?
Attending a US School
Once your loan amount has been approved by your school, they'll let us know when they need to receive the funds. We'll set a preliminary date to send the funds to your school but if you have a special circumstance, you should reach out to us so that we can check with your school whether it's possible to change your disbursement date. For US students, who want to change their disbursement date, you would need to reach out to your school's Financial Aid Office to request a change in their disbursement date.
Here are some important things to remember:
- If you make any changes to your loan on short notice, we may need to reschedule your disbursement to the next available date. This allows us enough time to make the changes and to review the final documents with you before sending the funds to your school.
- If your funds are received later than those of your classmates, your school may decide to charge a late fee.
Need to change your disbursement date? Write to us at firstname.lastname@example.org to find out what's possible.
Attending a school outside of the US
If you are attending a school outside of the US, you won't be able to change your disbursement date. Our partner schools outside of the US let us know when they're able to receive funds and we'll need to send yours along with those for the rest of your class.
How will I get my funds?
We remove all hassle by sending the funds directly to your school, who will process it without you needing to do anything. if you are looking for a guide to living expenses for an online course you can view this article.
What can I use the loan for?
Some schools allow funds to be used for living expenses as well as tuition fees. If your loan includes living expenses, we will send all funds to your school. Once tuition fees are paid the school will then transfer living expense funds to you directly. In this case, it is best to reach out to your school's Financial Aid Office to coordinate the times and dates.
When are the funds paid?
Your school sets the date they're expecting to receive the funds and we'll align our disbursement day as closely as possible to the school's expected date. However, no funds will be released or disbursed until you have e-signed the loan agreement. Should you wish to change the date we have confirmed it may be a good idea to reach out to your school's Financial Aid Office first.
How long does it take for my funds to reach my school?
Once you have signed your loan agreement and Prodigy Finance has released your funds, it takes between 3 to 5 business days for the funds to arrive in your school’s account.
You'll need to allow a few extra days to give your school's admin department the opportunity to allocate our payment to your student account.