Improved career opportunities, significant salary increases, and a heightened sense of overall optimism highlight the transformational value of life-changing education
LONDON, Sept. 27, 2022 /PRNewswire/ -- Prodigy Finance, the pioneer in cross-border student lending, today announces the release of its 2022 Global Impact Report. The newest report highlights how the company continues to create positive impact across the globe by removing financial barriers for high potential students to access the world's best education. Leveraging research-based evidence, Prodigy's newest survey, the Impact Outcomes Survey, was designed to understand the impact of a master's degree on Prodigy-funded graduates, both professionally and personally.
The 2022 report follows Prodigy Finance's 2021 issuance of a $288m Social ABS Bond – our first - to support students to access affordable education. The Social ABS Bond has resulted in 4271 postgraduate students from low and middle income countries fulfilling their educational dreams.
As communities around the world continue to endure unprecedented challenges, Prodigy Finance is dedicated to supporting the growing demand of international students looking to pursue their educational dreams of studying abroad. "Our impact report is our commitment to codify our spirit and founding ethos into transparent and measurable outcomes that demonstrate our impact on society. It's easy to say that you have a soul and aspire to do good for people and the planet. It's harder, as you scale, to ensure that you stay true to it." said Cameron Stevens, CEO, Prodigy Finance.
By measuring the outcomes our loans have on our borrowers and their communities, we see that access to finance provides an education that results in better jobs and career opportunities, greater success at work as well as better attitudes and personal attributes.
Some highlights from the 2022 Impact Report include
FINANCIAL IMPACT ON EMERGING MARKET STUDENTS
Students from emerging market (EM) countries are significantly more underserved than those from developed markets (DM). Over two-thirds of EM students come from families earning less than $40,000, in contrast to 20% of DM students. The salary increases for EM students supported by Prodigy Finance are significant and, in many cases, life-changing. Among our EM graduates, 77% believe their salary has at least doubled, and 46% felt their salary has at least quadrupled due to their master's degree. So, while EM students come from more underserved backgrounds than students from DM, they report higher salary rises post master's graduation.
FEMALE GRADUATES REPORT POSITIVE OUTCOMES FOLLOWING THEIR MASTER'S DEGREE
Since its inception, Prodigy has provided financing to over 8,600 women, and the proportion of women relative to men has gradually increased over time. In 2021, women represented one-third of all borrowers. These women report the highest agreement (95%) to believing their master's degree has helped them access better career opportunities. Additionally, 93% of Prodigy-funded female graduates attained higher salaries after graduation, with 72% and 40% believing their salary has at least doubled or quadrupled, respectively, as a result of their master's degree.
INCREASING THE PROPORTION OF ENGINEERS FUNDED
Over the past few years, the number of engineering students funded has risen significantly. Prodigy is supplying this rapid demand of students who desire to study postgraduate engineering. Given that 90% of students report having limited-to-no-other funding options, many of these students would have struggled to source financing without Prodigy. Engineering students come from significantly more underserved backgrounds than business students; more than half of these students come from families earning less than $15,000 a year. In addition, 95% of engineering students reported earning below $25,000 a year at the time of their Prodigy loan application.
Engineering students also report significant positive financial impacts from obtaining their master's degree; 54% report at least quadrupling their salary, and 81% report at least doubling their salary, as a result of their Prodigy-funded master's degree. It is highly encouraging that this fast-growing segment of Prodigy-funded students is experiencing meaningful impact.
IMPACT ON HOME & HOST COMMUNITIES
Prodigy Finance has identified that the positive outcomes experienced don't stop with the borrowers themselves, but are far-reaching to their communities back home through remittances and skill transfer. Almost 80% of our emerging markets students send remittances home to their families or intend to within 5 years. Furthermore, where graduates stay in their country of study, they contribute to increased productivity and economic growth.
Additionally, universities across host countries agree that these new international students enrich campus culture and intellectual life, help domestic students develop skills, and help supplement tuition revenue for universities.
For more insights, download the full 2022 Global Impact Report at prodigyfinance.com/social-impact/invest.
For more information, please contact:
Prodigy Finance, [email protected], +44(0)20 3900 3535
About Prodigy Finance:
Prodigy Finance is revolutionising the way students and investors see international student loans. Fueled by a community of funders, our student borrower base is given the chance to attend the world's top universities. Over the last decade, our investors have received both a financial and social return, while thousands of students have gained access to higher education through our loans. Since its founding, Prodigy Finance has helped over 28,000 international master's students from 150 countries access over $1.5B in funding across postgraduate courses at 800+ international schools - and is committed to expanding its impact ever further in the future.
SOURCE Prodigy Finance
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