International post-graduate students who look to CommonBond for funding options will have their applications processed by Prodigy, who will set out the loan’s terms and conditions.
Prodigy was developed by three MBA graduates in 2007. Investors, including business school alumni, are recruited to finance the loans. To date the platform has funded $50 million in loans to people representing 90 different nationalities.
In 2012, roughly one in eight of the 472,000 students enrolled in American business schools came from other nations. Their funding options are limited as they do not qualify for federal loans. They need a credit-worthy U.S. resident to cosign any loan from a U.S. bank.
“We understand firsthand just how difficult it is to finance an international MBA, which is why we launched Prodigy Finance eight years ago as a way of offering borderless loans to international MBA students while enabling investors to earn a competitive financial and a social return by investing in these students,” said Cameron Stevens, CEO and Co-Founder of Prodigy Finance. “We are excited about our partnership with CommonBond as it furthers our vision to create global funding options for international post-graduate students.”
“We have long recognized the need for a solution which addresses this need,” said CommonBond CEO David Klein. “Now, thanks to our partnership with Prodigy Finance, we are able to make U.S. business schools more accessible and affordable for international students.”