Understanding the Repayment Process

Repaying your loan can feel like a big step. This guide explains how repayments work with Prodigy Finance, including in-school payments, grace periods, early repayment, and how to manage your loan during and after your studies

When do full repayments start?

• Full-time students: Full repayments begin 6 months after your course ends
• Part-time students: Full repayments begin in month four of your course

What is a grace period?

A grace period is the time after your course ends but before full contractual repayments begin.

For most full-time students, this period is designed to give you time to:

• Complete your studies
• Transition into employment
• Prepare for full repayments

Depending on your loan type, you may still be required to make in-school payments during the grace period. The exact terms are set out in your loan agreement and shown in your dashboard.

In-School Payments

What are in-school payments?

In-school payments are small, fixed monthly payments made while you’re studying. These payments reduce your outstanding balance and help lower the total interest paid over the life of your loan.

How much do I pay?

Full-time students

• Pay USD 100 per month during your studies and the 6-month grace period.
• Full contractual repayments begin after the grace period

Part-time students

• Pay USD 100 per month during the first 3 months of your studies
• Full contractual repayments begin in month four, after the 3-month grace period

Your exact payment schedule is shown in your dashboard and confirmed in your loan agreement.

Will in-school payments reduce my overall loan cost?

Yes. Making payments while studying reduces your outstanding balance, which means less interest accrues over time. This can lower the total cost of your loan.

Can I repay my loan early?

Yes. You can make early or extra repayments at any time, and there are no penalties for doing so.

You can make early repayments during:

• Your study period
• Any grace period
• The full repayment period

Interest is only charged up to the date you repay, in line with your loan agreement.

If you’d like to pay more than your required monthly instalment, learn more about advanced payments here.

What currency should I pay in?

All payments must be made in the same currency as your loan.

For example, if your loan is in USD, all payments should be made in USD.

To help avoid additional fees:

• Convert your funds into your loan currency before making a payment.
• Include “do not convert” in your payment instructions.

How do I make a payment?

You can view your available payment options and instructions by logging in to your account:

• Online
• iOS app
• Android app

You can view the available payment here.

Can I change my repayment term?

Your loan terms are tailored to your profile, so we’re unable to restructure or reconstruct your loan after disbursement.

You can’t reduce your monthly instalment on its own. The only way to lower your monthly payment is by making an advanced payment and selecting re-amortization.

However, you’re always welcome to repay your loan earlier than scheduled, with no penalties.

A reminder on repayment terms

Your repayment amounts, dates, and structure are set out in your loan agreement and reflected in your dashboard. Always refer to these for the most accurate and up-to-date information.