We'll ask for some numbers to show how you'll be funding your studies, including the loan you'd like to take with Prodigy Finance. If you receive a loan offer, we'll ask for documents to confirm all of the numbers that you provide here.
- Understanding the Cost of Attendance in your budget
- Do you have any Scholarships?
- Are you being sponsored by a Company?
- Deciding on the loan amount from Prodigy Finance
- What is the maximum and minimum amount I can apply for?
- Are you taking out any other Loans to complete your studies?
- Is your family contributing to your loan or are you using any savings?
- Summary of your budget
Understanding the Cost of Attendance in your budget
At the top of your budget, you will see two breakdowns of figures for your loan:
Cost of Attendance for your full course
- This shows the full cost of your course as provided by your school.
Cost of Attendance for your application period
- This shows the cost of your course as provided by your school for the period you selected back in Step 2.
- Clicking on the "?" will show you the breakdown of this cost between tuition and living expenses.
Do you have any Scholarships?
If you have any confirmed scholarships you can fill them in here:
Scholarships for the full course
- Enter the scholarship's currency and the full amount here.
Portion used for period, ie August 2019 - August 2020
- Enter the portion of the scholarship you'll use during the period you've applied for. We'll automatically determine the amount to be used for the remainder of your course.
Are you being sponsored by a Company?
If you have any confirmed company sponsorship, you can fill them in here:
Company sponsorship for the full course
- Enter the sponsorship's currency and the full amount here.
Portion used for *period*
- Enter the portion of the sponsorship you'll use during the period you have applied for. We'll automatically determine the amount to be used for the remainder of your course.
Deciding on the loan amount from Prodigy Finance
This is where you can enter the amount you need from Prodigy Finance.
- Depending on either our internal or your school's requirements, you can apply for a maximum of up to 100% Cost of Attendance, which would include tuition and living expenses.
The amount you need for Class & Period
- This is the loan amount you require for the period you are applying for. This is the loan amount you will be liable for.
Additional funds required to complete your full course
- This is the loan amount you'd require for the remainder (other periods) of your course. We'll only pre-approve you for these funds, they'll not be part of the funds for the loan taken with this application.
- We'll set aside these funds for you should you need them for your other periods, you are not obligated to take this amount.
What is the maximum and minimum amount I can apply for?
Each course will have its own maximum, please consult your school's page on our website for more information on the maximum loan we can offer for a particular course.
- Please note: some schools have particular conditions that require us to deduct any scholarships, sponsorships or deposits from the maximum amount we can provide as a loan.
The minimum amount depends on the currency of your loan and, in some situations, special rules related to a given state and school mean we must raise the minimum loan amount.
- Be sure of the amount that you request as it may not be possible to obtain the difference in the amount you request and the amount that you are eligible to apply for, once we have sent the funds to your school.
Are you taking out any other Loans to complete your studies?
If you are using any other loan or form of credit to directly fund your studies, you'd include the details here.
- Be careful not to duplicate this loan that you will be using to support your course under the "Debt" section of your loan later.
- Select the Type:
- Choose between, Education Loan, Personal Loan, Credit Card, Loan from a Family or friend.
- Please note that a loan from a family or friend is a loan that must be repaid.
- If it's a gift, you can add it as a Family Contribution under the Savings section.
- Outstanding loan balance:
- What is the total outstanding balance of your loan and the currency of the loan?
- Portion used for period:
- Out of your outstanding loan balance how much will you be using to fund for the application period?
- Interest Rate:
- the percentage interest rate currently applied to the loan.
- Remaining Term:
- the number of months remaining before you must have fully repaid the loan.
Is your family contributing to your loan or are you using any savings?
In this section, you can add any savings or family contributions (gifts) that you'll be using to fund your studies. These must be liquid assets such as cash or fixed deposits maturing during the study period. We can't consider personal or spousal income as a form of savings.
Savings used for full course:
- The entire amount you'll have available to you over the course of your studies.
Portion used for period:
- These are the funds you have available now for your upcoming period. You'll need to provide proof of these funds, and not your full savings.
If you do not have proof of the savings that are to be allocated to this period, you may provide us with proof that you have had excess funds over the past six months that can be used to support your studies.
For example, if you are doing an internship and receiving some income to contribute toward your living expenses, we could consider applying this amount as proof of savings to meet your budget. This also applies to if you have a financial contributor.
Summary of your budget
At the end you'll see a summary of your budget, in order to move forward, your budget must balance in order to move forward with your application.