What happens if disbursement date falls after payment is due to the school?

The Prodigy loan can NOT be used to pay any acceptance deposits, commitment, or reservation fees required to secure your place at the school.

In some instances, our disbursement date falls after the first tuition instalment is due. We work closely with the schools to set clear disbursement dates, when we’ll send your funds directly to the school. Unfortunately, our disbursement date is set for the class as a whole and cannot be adjusted on an individual basis. Additionally, as the final loan agreement can only be signed after arrival on campus, funds cannot be disbursed prior to the start of class.

Prodigy will work hard to ensure that our students are not charged late fees on funds that are sent from us to the school. Very often, schools choose to waive any late fees that they would normally charge for late payments. Should the disbursement date fall after the first payment is due to the school, please contact your school's financial aid office to discuss the implications. 

Funds will be sent to the school on the schedule outlined in your loan agreement. If your loan agreement states that the full loan amount will be disbursed to the school and the loan amount exceeds the outstanding tuition amount at the time of disbursement, you can work with the school's finance office to have any excess funds transferred to your personal account after they’ve been sent to the school.  This can only be done in cases where the loan can be used towards tuition as well as living expenses. To learn more about the specific policies for your school, please refer to the school specific page on our website.

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