Prodigy Finance is providing competitive interest rates and flexible repayment options to help make pursuing a masters degree more financially accessible for deserving students.
Prodigy Finance is providing competitive interest rates and flexible repayment options to help make pursuing a masters degree more financially accessible for deserving students.
In an attempt to make higher education more accessible for aspiring masters students around the world, Prodigy Finance, a FinTech focused on social impact and specializing in providing international student loans, has secured a $350-million facility from Citi, Schroders Capital, and SCIO Capital under its new multi-issuance structure.
The loan lender has committed $1.8 billion in postgraduate loans to more than 35,000 students from over 100 countries.
By 2030, an estimated 8 million students are predicted to be enrolled in foreign institutions, according to HolonIQ. To support this influx of international masters students, the $350 million facility will be focused on providing financing and bridging any financial gaps they may have.
Prodigy Finance, which provides financing for 86 percent of its borrowers from emerging markets and 67 percent of whom are first-generation students, has seen a 97 percent rise in applications for STEM degrees in 2022 compared to 2021.
The company is providing competitive interest rates and flexible repayment options to help make pursuing a masters degree more financially accessible for deserving students. The facility will finance more than 5,000 courses in 19 countries across computer science, information systems, analytics, engineering management, and more – including the recent expansion of approved courses in Australia.
Neha Sethi, Prodigy Finance’s CFO, noted that the facility is aimed at enabling students to reach their goals without facing financial constraints. “Education is a catalyst for societal progress, and we believe that financial barriers should not hinder anyone’s pursuit of knowledge,” she added.
Global Head of Securitized Product & Asset-Based Finance at Schroder Capital, Michelle Russell-Dowe, said they are “pleased” to continue their financing relationship with Prodigy. She highlighted the need for access to credit globally and expressed delight in completing the second financing “facilitating education.” Similarly, Jason Harris, CRO at SCIO Capital, said they are excited to continue supporting Prodigy Finance and their mission of providing equal access to life-changing education.
