In my quest to immigrate to Canada without a professional background that would allow me to. I realized my path for that coveted Canadian citizenship would have to be through gaining higher studies. I already have a Bachelors degree in the Philippines. I just needed an extra edge with a masters degree. I have always been toying with the idea for an MBA. I just kept deferring it because of the high cost. After careful analysis of my career trajectory in management, I knew I needed to pursue higher studies if I wish to be CEO or VP someday. This is also key if you plan to file your Canadian student visa. Don’t lie. Review your career and personal goals if it matches. If you lie in your application, you can be banned from Canada. The visa officer will also review if your pursuit of higher studies makes sense. I have read in forums where some get their student visa declined because there is no cohesion. For example, you have a doctorate degree and you pursue a short course certificate in Canada. You will probably get declined because it is a downgrade. I researched on educational loans because I am poor but do have earning capacity. I am at fault on my lack of savings because like some of my fellow Kababayans, I kept spending money on family. Although I know it gives us great joy and fulfilment, I have since learned that I am able to help my family more if I help myself first to be on a better financial position.
With due diligence, I found out about prodigyfinance.com who funds international postgraduate students for their masters degree overseas. It was started in 2007 by 3 MBA students who realised the barriers of getting a loan as international students. I experienced this firsthand, looking for education loans in the Philippines. Most Financial institutions in the Philippines would tag it as a personal loan with short term payment of 3 months to a maximum of 3 years only. If you have a 2 year masters degree, you surely would have a tight leash to make full payment. Please note Prodigy Finance caters to “international” students. Those not holding permanent status of their destination country. You must be in your home country or possess a temporary visa like in my case with a workers visa in Singapore.
I filed an application with prodigy finance and was pleasantly surprised, their customer service was quick to respond. All steps were clear as my flawless skin. It started the ball rolling with my applications to several Canadian universities. What was great with Prodigy Finance is that they narrow your choices down to reputable universities all over the world with courses that have ensure ROI which are : Business, Engineering, Law, Health Sciences, Public Policy. Uniquely different with Prodigy Finance, is that they judge your eligibility for a loan based on your employment track record and future potential to earn. No collateral is required unlike bank loans in the Philippines. So yes, your polished CV is required first for them to assess if you qualify before you even proceed to file a formal application. The loan would only be final once you sign on a legally binding contract and you can withdraw your pre-approved loan should you wish before that. I chose a 7 year payment scheme with a slightly less than 1% monthly rate for a 1 year masters degree with a prospective university I’ve been admitted to. See below for illustration purposes only and depending on the total cost of your chosen university including living expenses : '> Screenshot of the calculator from Prodigy Finance education load. What was great is the loan is flexible and you can renegotiate your terms. For example, if you can partially fund some of it through the parents trust fund or your savings, the interest rates and monthly payment would even be more attractive as you lower your loan amount.
Furthermore, I asked Prodigy Finance for a breakdown of my payment scheme for 7 years and they were able to send it to me promptly enabling me to churn the numbers better. Do note kababayans that you need to do your own loan comparison review of Prodigy Finance versus private or government loans that you can get in your locality. You might even need to do a combination of private, government and personal loans just to lower that interest rate. And the name of the game is lower that interest rate! Don’t sign a contract without your full comprehension. So kabayan, lack of funds is not an excuse to curtail your dreams. If there is a will, there is a way.
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