Buddy4Study - Prodigy Finance Education Loan Program

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To be eligible for Buddy4Study - Prodigy Finance Education Loan Program, applicants need to meet three basic requirements:

• They must be accepted into a school and program supported by Prodigy Finance. Applicants can apply for a quote before receiving their acceptance letter; proof of admission is required only when finalising the loan.

• Applicants must be planning to study abroad.

• They must reside in one of the countries supported by Prodigy Finance. (List of unsupported countries)

Note:

• If these criteria are met, applicants can complete a quick online application to receive a quote. In most cases, the quote will be provided immediately, indicating the eligible loan amount, interest rate, loan term, and any applicable fees.
• If attending a school in the US: Prodigy Finance can provide funding for students living in the US, US citizens, and international students outside the US.
• If attending a school in the UK: Funding is available for UK residents, citizens, and international students outside the UK.
• If attending a school in France: Prodigy Finance cannot offer funding for students living in France who also plan to study at a French university.
• If attending a school elsewhere: Funding is available for students who have not resided or worked in their study country for more than 90 days before beginning their studies. This excludes France but includes Canadian provinces and territories.
• Students studying in certain US states like Rhode Island and Vermont may not be eligible for funding.

Buddy4Study - Prodigy Finance Education Loan Program offers loans with varying amounts, depending on the information provided in the loan application. The program's smallest loan is $10,001, while the average loan per academic period is $36,000. The maximum loan amount depends on the school's determined cost of attendance.

In some situations, Prodigy Finance may offer funding for the entire program in one application. In other cases, applicants may need to apply separately for each academic period. For example, a student might borrow $45,000 for the fall semester and an additional $15,000 for the spring semester.

Note: Prodigy Finance charges simple interest on loans, meaning that interest doesn't compound over the loan's lifespan. Prodigy Finance doesn't gain from increasing interest rates. They levy a processing fee of up to $100 to reserve funds and a fixed administrative fee of up to 5% of the loan amount to finalise the loan. These fees cover operational expenses.

Fees are charged as follows:

• A processing fee of up to $100 is payable when funds are matched to the loan application to reserve the funds.

• An administrative fee of up to 5% of the total loan amount is added to the loan amount when issued. It's spread across monthly payments, so applicants aren't required to pay it upfront.

Note: During the grace period, simple interest accrues but isn't added to the outstanding balance until the first repayment date. After that, simple interest is charged on the new balance.

• Click the ‘Apply Now’ button below.

• Login to Buddy4Study with your registered ID and land on the ‘Application Form Page’.

  • Register at Buddy4Study with your email/mobile number/Gmail account if not registered.

• You will now be redirected to the ‘Buddy4Study - Prodigy Finance Education Loan Program’ application form page.

• Click on the ‘Start Application’ button to begin the application process.

• Fill in the required details in the online application form.

• Upload relevant documents.

• Accept the ‘Terms and Conditions’ and click on ‘Preview’. 

• If all the details filled in by the applicant are correctly showing on the preview screen, click on the ‘Submit’ button to complete the application process.

​​​​​To complete the application process, Prodigy Finance requires the following documents to confirm the applicant's identity, address, school admission, and credit history:

• Identity Verification: Applicants are asked to upload a clear, colour scan of the identification page of their valid passport. Additionally, they must provide a selfie to match the photo in their passport.

• Proof of Address: A document displaying the applicant's full name and residential address, dated within the last three months, must be submitted. The address provided in the application should match the document.

• School Admission Confirmation: Applicants must provide a letter, I-20, or email from their school confirming their acceptance. This document should clearly state the applicant's name, school, and course details and indicate their admission status.

• Credit Report: Applicants must provide a copy of their credit report from a credit reference agency in their country. If they lack a credit history, they can submit a "No hit" or "No data" report instead.

Note:  Applicants are encouraged to read this article to gain more insight into uploading their latest credit report.

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Application start date: April 18, 2024

Application deadline: December 31, 2024

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