For some programs, Prodigy Finance extends loans up to 100% of the cost of attendance. The minimum loan amount is $15,0000, but the upper limit will depend upon the cost of attendance at the school in question. There's also a 6-month grace period after you leave school before your monthly payments begin. Prodigy doesn't require any payments while you're enrolled full-time in your masters program. That means that you could be subject to dramatically higher payments later on in the life of your loan.īorrowers can borrow funds for terms ranging from 7 to 20 years. While a variable rate may not be a big problem in the short term, many of Prodigy Finance’s loans amortize over 20 years. Prodigy says that its rates are currently staring at 6.7%. The monthly loan payment may adjust as often as every three months, since the rates are determined by the three-month U.S. Unlike most student loans, the loans offered by Prodigy Finance are variable interest rate loans. All products and services are presented without warranty. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. strives to keep its information accurate and up to date.
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#Prodigy finance registration#
Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713. Our commitment, local and multinational expertise, and business know-how means our clients rely on us when it matters most. Prodigy Finance Ltd is incorporated in the United Kingdom (Company Number 05912562) and registered with the Office of the Information Commissioner (Reg. Our 2,800-plus lawyers deliver results worldwide through our own offices and alongside leading local firms. A London team of Chris Barratt, Paul Davidson, Joseph Biesterfield, Katy Foxall, Sarah Murray (on secondment to Prodigy) and Yuen Yuen Tan were integral to handling English and EU law and taxation issues.įreshfields Bruckhaus Deringer is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on groundbreaking and business-critical mandates. Partners and associates in New York who worked on the matter are Brian Rance, En-Min Chua and Francesca Loreto (all from New York Global Transactions), and Robert Scarborough and Dennis Caracristi (New York Tax). Prodigy is a long-standing client of the Freshfields London Global Transactions practice, and the matter was the culmination of approximately two years of work. The risk retention-compliant financing matures in October 2045, but is expected to amortize well in advance of that date.
The SPV will use the proceeds of the financing on a revolving basis through June 2022 to purchase student loans originated by Prodigy to students from developing countries enrolled in graduate school studies in business and various STEM curricula at select universities located in the United States.
International Development Finance Corporation (formerly OPIC) and the balance on a junior secured basis by a group of investors identified by Prodigy.
The financing was obtained by an Irish special purpose vehicle in two tranches: approximately $250 million on a senior secured basis from the U.S. Freshfields advises Prodigy Finance on a student loan securitization with the US International Development Finance Corporation as the majority Class A Lenderįreshfields closed a $300 million student loan receivables financing for Prodigy Finance Limited, an international student loan fintech platform, on October 26th.