CommonBond and Prodigy Finance Partner to Expand MBA Loan Options for International Students in the U.S.
Partnership offers solution to make U.S. business education more accessible and affordable for international students wanting to study in the U.S.
NEW YORK, July 9, 2015 /PRNewswire/ -- CommonBond, a leading marketplace lending platform that lowers the cost of student loans for borrowers and provides financial returns to investors, today announced a partnership with Prodigy Finance, the global leader in international post-graduate student lending, to connect international post-graduate MBA students in the United States with loan options to fund their post-graduate degrees.
The partnership will allow international post-graduate students, who come to CommonBond seeking student loan options, to secure funding for their business school education in the U.S. through Prodigy Finance, which determines the terms and conditions of the student loans.
By partnering, CommonBond and Prodigy Finance are meeting a significant need in the post-graduate student lending market. In 2012, about 13 percent of the 472,000 students enrolled in U.S. business schools came from other countries, according to the U.S. Department of Education. For international students studying in the U.S., funding options are limited, as non-American citizens do not qualify for federal loans and are often required to have a creditworthy U.S. resident cosign any private loan with a U.S. bank.
"International MBA students in the U.S. face a unique set of challenges in financing their degrees, largely due to the shortage of funding options from traditional financial institutions," said David Klein, CEO and Co-Founder of CommonBond. "We have long recognized the need for a solution which addresses this need. Now, thanks to our partnership with Prodigy Finance, we are able to make U.S. business schools more accessible and affordable for international students."
"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."
About CommonBond
CommonBond is a leading marketplace lending platform that lowers the cost of student loans for borrowers and provides financial returns to investors. Started by three Wharton MBAs, CommonBond is dedicated to delivering best-in-class student loan options with competitive pricing, a simple tech-enabled experience and exceptional customer service that is empowered to help borrowers. Since its national launch in 2013, CommonBond has funded over $200 million in student loans. The company saves borrowers more than $10,000 on average, over the life of the loan. CommonBond is the first company to bring the "one-for-one" social model to finance: For every degree fully funded on the company's platform, CommonBond funds the education of a student in in the developing world for a full year, through a partnership with Pencils of Promise. For more information, visit http://www.commonbond.co.
About Prodigy Finance
Prodigy Finance is a global platform that enables financing of international postgraduate students who attend one of the Financial Times (FT) Top 100 ranked business schools, whilst delivering competitive financial and social returns to alumni, institutional and qualified private investors investing in these students.
This borderless and innovative model enables educational loan financing to students from across the globe. Since 2007, Prodigy Finance has processed over US$130 million through the platform to fund students from 92 nationalities, with repayment rates in excess of 99%.
Currently Prodigy Finance has programmes at more than 60 of the of FT Top 100 ranked business schools, including INSEAD, Wharton, Chicago Booth, Columbia Business School, London Business School, NUS, Saïd Business School (Oxford University) and Stanford to name a few. For further information on specific schools visit prodigyfinance.com.
SOURCE CommonBond; Prodigy Finance
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