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Booth School of Business MBA

Get a loan for University of Chicago - Booth School of Business  December 5, 2019 – 07:01 pm
University of Chicago-Booth
  • No co-signer, collateral or guarantor required
  • 150 nationalities eligible
  • Loans available for current and incoming international students
  • No up-front fee
  • 6 month grace period after classes end for full-time programs
  • No fees for early repayment
  • Get a provisional loan decision within 5 business days

How much can I borrow?

  • Up to 80% of Cost of Attendance (as provided by the school)
  • Minimum loan size is $15000
  • All loans disbursed directly to the school in accordance with tuition due dates
  • Loans are available in USD If your total payments to the school exceed the amount of tuition due, the remaining amount will be disbursed directly from the school to your local bank account

What is my rate?

  • 5.50% (fixed) over the 3-month US Libor base rate (variable). Rates are dependent on individual applicant profiles.
Product Terms Prodigy Finance MBA Loan Competitor 1
All in APR 7.28% 8.29%
Interest Rate US Libor + 5.5% US Libor + 6.5%
Current Rate 6.5% 7.5%
Origination Fee 2.5% 2.0%

Are there fees?

  • Fee of 2.5% of the loan amount (minimum of $500) is added to the loan amount and fully amortized.

How do I repay the loan?

  • The loan is repaid in monthly payments after your grace period has ended.
  • For full-time students the grace period is 6 months after classes end.
  • For part-time students the grace period is 3 months after the last disbursement.
  • The repayment period is either 7 or 10 years, depending on your program and application.
  • There are no fees or penalties for early repayment!

Is there a deadline to apply?

  • No, but try to submit an application at least one month before the loan needs to be disbursed to your school to ensure timely disbursement.

Are there nationalities Prodigy cannot lend to?

  • Citizens and permanent residents of the U.S.A. are ineligible. In addition, non-permanent residents who have lived and worked in the U.S.A. for 7 consecutive years prior to study are also unfortunately ineligible for funding at this time.

Learn More!

Would you like to hear from our current students who are using Prodigy loans to fund their studies? There are quite a few in this video and you can get in touch with a few of them through our Ambassadors program.

Representative Example

The below provides an example of a Prodigy loan for the MBA program.

Loan size: $60000

Interest rate: 5.50% over 3-month US Libor (Libor varies over the duration of the loan. As of January 8, 2017 it is 1.01%)

Representative APR: 7.28% APR variable, factoring in all fees and the effects on compounding interest.

Fees: Administrative fee of 2.5%, or $1500. This fee will be added to the total loan amount and fully amortized for a total credit of $61500.

Duration: Repayment period of 10 years, plus the study period of 21 months and a grace period of 6 months = 147 months.

Source: prodigyfinance.com

EssaySnark's Strategies for the 2013-'14 MBA Application for Chicago Booth: A SnarkStrategies Guide (EssaySnark's Strategies for Getting into Business School) (Volume 10)
Book (Snarkolicious Press)

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