Cass partners with Prodigy Finance to offer innovative international MBA financing
Loan programme supports candidates without bank involvement
Cass Business School has announced a partnership with Prodigy Finance, a company specialising in international educational finance. Under the agreement, all of the School's Full Time MBA applicants can apply to a new loan programme.
The Prodigy MBA Bond also provides alumni and other investors the opportunity to earn a return on their investment while funding the next generation of talented and diverse cohorts of Cass students.
It has become increasingly difficult for students to secure loans. Traditional banks assess student loans using localised lending templates and base their decision on the students' historic earnings. In addition, the credit crunch has caused many banks to withdraw from the graduate lending sector. This has left many international MBA students - even those with excellent credit records - unable to secure the funds they need.
Prodigy Finance offers students a unique solution by using their predictive scorecard to focus on a student's future potential. Additionally, as their platform is borderless, Prodigy Finance has the flexibility to lend to over 150 nationalities. The Prodigy Finance Bond is structured as a listed bond funding MBA students from the 2013 class at Cass.
Investors earn a return of approximately 5% per annum. Since 2007, Prodigy Finance has committed £18 million worth of loans to over 680 students from more than 80 nationalities, with zero per cent in default.
Cass Deputy Dean Professor Steve Haberman says: "We are delighted to partner with Prodigy Finance to offer a comprehensive finance solution to our diverse group of MBA participants. Over 80% of Cass's students are from overseas, making our student population one of the most diverse of any school in the world. Our MBA graduates experience a post-MBA salary increase of 86%, making them a very high potential asset class. With almost 35,000 alumni worldwide this innovative, borderless finance option gives alumni a sound and sustainable investment option and ensures the very best candidates have access to world-class business education."
Prodigy Finance COO, Ryan Steele says: "It's a struggle for many international MBA students to secure the financing they need to attend the world's top business schools. Our programme strives to provide a sustainable solution for incoming students while adding value to the Cass school community."