New Loan Scheme Available for International Students Doing Their MBA in the US

Pilot program launched for 15 business schools, including Wharton and Harvard

Prodigy Finance has launched a new loan scheme for international students who are doing their MBA in the US.

The loans will be available for international students at 15 business schools, including the University of Virginia's Darden School of Business, Harvard Business School, and MIT Sloan School of Management, among others. (See a complete list of business schools below.)

The loans are capped at the cost of tuition, and can only be used for tuition. Foreign full-time MBA students are eligible to apply, while US citizens and permanent residents are ineligible. 

Many banks don't lend to students who are studying internationally. To fill this need, Prodigy Finance uses a "community finance" model, by which alumni help fund loans that are intended for current students. Loan recipients pay interest of between 6 and 12 percent, depending on their profile and current Libor rates, which means that the alumni providing the money receive a return on their investment. Terms vary by business school.

Since launching in 2007, Prodigy Finance has distributed around $50 million to some 1,300 students. It provides loan schemes to students doing their MBAs at business schools all over the world, including Germany's ESMT, France's HEC Paris, Singapore's NUS Business School, and the UK's Oxford University Said Business Schools, among others.

In the US pilot program, loans are available for international students doing their MBAs at the following business schools:

  • Carnegie Mellon University - Tepper School of Business
  • Cornell University - Johnson Graduate School of Management
  • Dartmouth College – Tuck School of Business
  • Georgetown University - McDonough School of Business
  • Harvard Business School
  • MIT - Sloan School of Management
  • New York University - Stern School of Business
  • Northwestern University - Kellogg School of Management
  • UCLA - Anderson School of Management
  • UNC - Chapel Hill - Kenan-Flagler Business School
  • University of Chicago - Booth School of Business
  • University of Virginia - Darden School of Business
  • University of California - Berkeley Haas School of Business
  • Duke University - Fuqua School of Business
  • University of Pennsylvania - Wharton School

In addition to these US schools, loans are also available for international students attending Columbia Business School and Michigan University's Ross School of Business.

For more information, please see Prodigy Finance's USA Business School Pilot Program webpage.

Photo: 401(K) 2012 / Creative Commons (cropped, rotated)

Comments


Related Business Schools

Berkeley, California 88 Followers 111 Discussions
Hanover, New Hampshire 15 Followers 49 Discussions
Charlottesville, Virginia 27 Followers 60 Discussions
Philadelphia, Pennsylvania 61 Followers 162 Discussions
Cambridge, Massachusetts 47 Followers 161 Discussions
Full Profile
Jouy-en-Josas, France 92 Followers 359 Discussions
Pittsburgh, Pennsylvania 34 Followers 90 Discussions
Oxford, United Kingdom 61 Followers 256 Discussions
Full Profile
Berlin, Germany 150 Followers 156 Discussions
Ann Arbor, Michigan 38 Followers 84 Discussions
Boston, Massachusetts 77 Followers 197 Discussions
Singapore 76 Followers 155 Discussions
Los Angeles, California 83 Followers 138 Discussions
Washington, District of Columbia 24 Followers 54 Discussions
Chicago, Illinois 36 Followers 142 Discussions
Evanston, Illinois 65 Followers 195 Discussions
Ithaca, New York 81 Followers 128 Discussions
New York City, New York 151 Followers 238 Discussions
New York City, New York 161 Followers 239 Discussions
Durham, North Carolina 48 Followers 98 Discussions
Chapel Hill, North Carolina 37 Followers 74 Discussions

More MBA News

Jan 18, 2021

Johns Hopkins Launches New Joint MBA Program

Jan 18, 2021

More MBA News

MBA Articles

A Second Language is an Asset for International MBA Students

Jan 15, 2021

In some countries, fluency in the local lingo is a perquisite for a job in business

Uncovering the Bright Spots in the Post-MBA Pandemic Job Market

Dec 30, 2020

For MBA students, there is a staple store of recruitment opportunity in 2021

Business Schools Explore a Future Beyond the GMAT

Dec 12, 2020

As MBA programs waive the GMAT, business schools are debating the future of standardized testing

More Articles

Related Top 10 Lists

More Top 10 Lists