Bloomberg Businessweek

More Funding for International Students

Prodigy Finance extends credit to postgraduates across borders

When Marcelo Mazzafera was accepted into the MBA program at Duke University’s Fuqua School of Business, he couldn’t afford the tuition and living expenses. He also couldn’t find financing in his home country, Brazil. Mazzafera ended up taking loans recommended by Duke for students who don’t have a U.S. co-signer or collateral.

The interest rate was steep—about 7.25 percent plus the three-month London interbank offered rate, compared with the 2 percent to 3 percent plus three-month Libor paid by fellow students with co-signers. When Mazzafera graduated in May 2018, he owed about $180,000 plus interest. Then he heard about a new refinancing product

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