Access to student loans allows students to pursue their education in their desired schools. It can be saddening to go through the rigorous process, get your admission letter and then be restricted because of financial constraints. It was George Washington who said that “Education is the key that unlocks the golden door to freedom.” Quality education broadens your knowledge and gives you access to places and positions, but this of course doesn’t come free.
While the cost of education can be discouraging, this doesn’t have to limit you as there are opportunities you can harness to actualize your goals. Having access to student loans to help with your educational expenses will set your mind at ease to focus on school while you develop a means to pay back gradually.
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In this article, Afterschoolafrica compares two student loan establishments, Prodigy Finance and Quorum. We will examine how they can help the furthering of your educational career.
Table of Contents
Prodigy Finance vs Quorum
Prodigy Finance was established in 2007 and it currently has its headquarters in London, United Kingdom. They assist in providing funding to international post-graduate students who are currently in a business school or a post-graduate institution.
Over the years, Prodigy Finance has provided $1.5 billion to over 30,000 students from 150 countries in 1,100 schools abroad. It is currently financed by alumni, institutional investors, and private investors who in return receive financial and social returns.
Quorum was founded in 1934 but changed its name to Quorum in 2005 Federal Credit Union as this enables them to accommodate the broad membership base. It has its headquarters in New York, U.S.A.
Quorum offers loans to students to help reduce the cost of their education. The loan covers areas like feeding, food, rent and most importantly tuition fees. They cover student loans for students who are currently studying in the U.S. They also give this opportunity to international students if the requirements are met. International students can borrow as much as $75,000 and pay back within a duration of 20 to 25 years.
Ease of Application Process
The application processes for both establishments are online although their requirements may differ one from another.
Prodigy Finance Application Process
The application process for prodigy finance is online. To start, click here. You must ensure you have gained admission or are currently studying at a school before you go ahead to start the application.
- It is necessary to check the eligibility requirement and ensure you are eligible to enhance the ease of the process.
- If you are eligible, proceed to fill out the application form. After you do this, you will receive conditional approval for your loan.
- Then, you be required to fill in other necessary information and upload relevant documents before which your loan will be approved.
The application process for Prodigy Finance takes approximately thirty minutes but you must meet up with all the criteria before going ahead
Quorum Application Process
Private student loans for Quorum take quite a long period because of the process it involves. Your documents will be reviewed and your university will also have to approve the loan amount before you are granted the loan. Moreover, all through the process, you will be receiving updates through your mail. The application for Quorum is equally online, and to get started, click here.
The information you need to complete the application is below:
- Your Info (such as name, date of birth, social security number)
- Your reference personal info (Note that the reference cannot be co-borrower)
- Information on income
- The information on the school you enrolled in
- The amount you need for the current semester
- If you are applying with a co-borrower, then you must be with them at the time of application, as they also need to provide the same kind of information.
Finally, note that you do not have to be a member of the Credit Union Membership to start the application. But to receive funding, you will have to be a member. Visit the Quorum Federal Credit Union website for membership information.
Eligibility Conditions
Prodigy Finance Eligibility Conditions
Prodigy Finance does not only consider your credit history, they also consider affordability based on your future earnings. There is also no need for any collateral and cosigner before you apply for any loan. The requirements that affirm your eligibility include:
- Must be admitted to a school and programme in the US, Canada & the UK supported by Prodigy Financing.
- Must be willing to study abroad.
- Must reside in one of the countries supported by Prodigy Financing.
If you meet these criteria then you can go ahead to fill out the application form. After which you will receive your quota stating the amount you are eligible for. Then you can proceed with the remaining process.
Quorum Eligibility Conditions
On the other hand, to be eligible for a Quroum Student loan:
- You must be enrolled in a degree program at an approved school
- You must also be a member of Quorum Federal Credit Union.
Note that you can apply for a loan without being a member of the credit union but you have to get a membership before you receive the funds. Therefore, you must review all eligibility requirements.
Supported Programs
Prodigy Finance currently supports programs in the following fields:
- Business
- STEM
- public policy
- Law
- Health science.
Quorum on the other hand supports programs like:
- Undergraduate programs
- Graduate programs
- Health professions programs (medicine, dentistry, nursing, pharmacy, physical therapy, and more)
- Law school programs
- Business programs
- Engineering and technology programs
It is important to note that these programs can change so it is advisable to check their websites regularly to ensure you are up to date.
Supported schools
Prodigy Finance Supported Schools.
Currently, Prodigy finance 800 schools offering Master’s courses in the various programmes listed above. To find the list of schools supported by Prodigy Finance, click on this link.
Quorum Supported Schools
To know the list of schools supported by Quorum, click this link.
Supported Study Destinations
Prodigy Finance currently supports over 800 schools globally. Some of the countries in which the schools are situated include France, America, Germany, India, U.K. among others. On the other hand, the Quorum Federal Credit Union loan is eligible for international students in the USA alone.
Eligible countries
Prodigy Finance supports students from diverse locations. But if your school is in any one of these countries, then you might not get the loan. Click here to view the lists of ineligible regions. Comparatively, Quorum Finance supports students from any country as long as the school they are studying at is among the list of schools endorsed by the establishment.
Interest rates
Initially, a 5% administration fee is included in the Prodigy finance loans. The minimum annual percentage (APR) IS 11.18% but this differs according to the different circumstances, loan amount and term. The average APR for student loans is 14.88%.
Additionally, the Quorum interest rates:
- Fixed interest loan rates: 4.74%-11.74% APR
- Variable interest loans: 3.25%-9.99% APR
Disbursement of Fund
Prodigy Finance disburses all funds directly to the school you are studying at and not your account.
Similarly, Quorum Federal Credit Loan also disburses the loan directly to the university. Note that this is for the payment of your tuition, fees and accommodation.
Repayment term
Payment does not begin until after 6 months after your study abroad for a Prodigy loan. The payment plan is flexible and allows you to pay up within 7 to 20 years. It is also advisable to pay early so as not to incur any extra costs or sanctions.
The Quorum federal loan has a repayment plan of 20 years if your principal balance is less than $40,000. However, for loans that are more than $40,000, there is a 25-year payment plan for that.
Support
As a student seeking to study abroad, and who doesn’t want fiance to be a barrier, the loan option is a good way to actualize your goals. At Afterschoolafrica, we are aware of the importance of education and its impact on individuals and society at large, so we dedicate our time to providing support to students who desire to further their education in prestigious schools abroad.
Are you a student seeking to study abroad for a post-graduate certificate? Do not let the cost hinder you as we are here to help your loan application process and ensure it is seamless for you to have a smooth ride and you go on.
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