Your comprehensive guide to Student Loan

If you are planning to pursue a quality education abroad, chances are you might be considering getting an education loan. But are student loans still worth it in this day and age? Or, should one just study where they can afford to and not think about their dream education at all? If this is exactly what you are thinking, we intend to hit this confusion out of the park once and for all!

It is a known fact that people with degrees from premium institutions tend to make more money and experience fewer rejections when hunting for a job. In an interview with CNBC, Elise Gould, a senior economist at Economic Policy Institute states that ‘the decision to go to college has been made harder and harder with the rising price of tuition.’ 

This is one of the biggest reasons many talented youngsters drown their dreams of a good education and settle with mediocre universities. Student loans help you avoid this scenario, especially when you take help from lending firms that are well-acquainted with the education industry and know how to navigate study abroad challenges. One such company is Prodigy Finance, which is founded on the philosophy that funding shouldn’t be a barrier to your education. Having funded more than 20,000 master’s students from 150 countries, Prodigy Finance can be the catalyst you need to enter your desired university. 

The Rising Cost of Tuition 

As per a recent study by Outlook India, the cost of education is rising at an average of 15% per annum. For example, in the last 15 years, the cost of an MBA rose from 2 lakh to more than 20 lakh rupees. Even if parents save by investing in mutual funds or fixed deposits, it is cumbersome to keep up with the exponential increase in the cost of tuition. 

This is where Prodigy Finance comes in, as it has already given more than $1 billion (approximately 7000 crore INR) in funding, allowing aspiring international students to attend 800+ leading universities. Prodigy Finance does not require a guarantor, co-signer, or collateral - it provides loans based on the individual student’s potential.

Interest and Repayment

When opting to study abroad, you need to carry out a comprehensive check on the interest rate, expenses the loan will cover, its repayment terms, and more. This can be a rather harrowing experience as you will have to acquaint yourself with each minuscule detail about the process. Fortunately, Prodigy Finance takes you through a step-by-step process where you:

• Register and apply for funding
• Upload your documents and finalize your loan

• Sign your loan when you land on campus and the money will be sent directly to your school, so you don’t have to worry about international payments

That’s it. If you’re a full-time student, you can now focus on your degree, as repayment doesn’t start until 6-months after completing your education. 

Where other institutions offer interest rates between 9% and 14%, Prodigy Finance’s rate starts as low as 6.7% APR (Annual Percentage Rate), with a study-first, pay-later guarantee. To add a cherry on the top, there are flexible repayment terms where you can pay back in 7-20 years. What’s more, payments can be tracked via a mobile app and there are no charges for making early repayments

Budgeting: An Important Skill 

Once you have funding, one key skill that can make the difference between an effortless education and making-ends-meet, is how you stretch the money over the required time. Many students make the mistake of spending large amounts of money early in their courses and then rely on extra money from their parents to pay for what the loan was already covering. 

Even after sending funds to your school, Prodigy Finance does not leave you to fend for yourself. The international company offers you guidance on budgeting, making extra money, advance repayments, and more, through resources in their Study Centre. 

They also conduct frequent webinars on the loan process, provide 1-on-1 phone consultations with a loan expert, host Q&A sessions on Telegram, and have a detailed FAQs page to ensure that students have as much information as possible. . Plus, their expert support team is always available through email, phone, and chat.

Putting It All Together

Your only concern must be completing your education and getting a job, as Prodigy Finance takes care of everything else by providing lower interest rates, easy repayment terms, and guidance at every step. 

With a long list of supported schools, affordable interest rates, completely online application , easy repayment, and an overall quicker (and easier) funding process, Prodigy Finance makes getting your dream education a breeze. So, visit their website right now and take the first step towards your life-changing study abroad journey!