Even though you can get into debt and pay an interest on a loan, it is still the second most popular method for financing MBA studies. The 2017 Prospective Students Survey, conducted by the Graduate Management Admission Council (GMAC), reports that 24% of full-time MBA prospects declare that they will apply for a loan, compared with 21% of respondents who will rely on personal earnings and savings, 30% who will apply for scholarships and grants and 5% who will rely on employer support.
Traditionally, loans are provided by banks. However, they are not the only source, especially when it comes to education loans. Explore your options. Prodigy Finance is an example and the good thing about it is that it has been founded by people who were once in your shoes.
Prodigy Finance is “a pioneer in community-based student finance” and its goal is to give educational loans to international students towards studying at top-ranked universities. In a webinar hosted by PrepAdviser on 20 March, Mindy Venema explained the benefits of obtaining educational funding from the company. Mindy said:
We find it very important to give access to finance across the world regardless of where you’re from. We believe in funding future potential.
Prodigy Finance is a start-up which went global on day one, and in 10 years has managed to provide funding to about 10,000 students from 127 nationalities.
The story of how the company launched is quite interesting. Its founders are actually three INSEAD MBA alumni who faced the same postgrad financing issues you probably are facing now. They entered a case competition within INSEAD, and despite not winning, a few of the professors who were judges liked their idea and decided to help them make their business plan a reality.
Another great thing to keep in mind is that by funding you, Prodigy Finance enables universities to build truly diverse classrooms. This means that when they fund your studies you will contribute to a greater international community at your university along with the benefits each culture brings to the academic and social life on campus.
If you are curious by nature and you would like to get access to similar educational financing webinars, live chats, and other free online events, follow PrepAdviser on Twitter!
Watch the video to discover more about education loans and feel free to leave a comment below. This video is a recording of the free webinar hosted by PrepAdviser on 20 March 2018. Good luck with your academic journey!
