Please note that Prodigy Finance loans are disbursed in US dollars directly to ESSEC. ESSEC Accounting will apply the funds against your tuition using the exchange rate of the disbursement date.
Students who are billed in SGD will also have their loan disbursed in US dollars.
Procedure once the loan has been approved:
1. You have completed your enrollment online, hence have access to MyRegistrar.
2. You should upload your acceptance letter which you received from Prodigy Finance.
3. You should enter your French bank account details (IBAN) in order to receive the extra funds from ESSEC Student Accounting for your living expenses.
4. You should notify the Office of the registrar so your ESSEC account statement will reflect the date of the disbursement scheduled by Prodigy Finance in agreement with the Office of the Registrar. Prodigy Finance pays 3 weeks after students have started courses, i.e second or third week of September in agreement with ESSEC Registrar.
Please understand that the Office of the registrar cannot enter the amount to be refunded nor the date in your ledger unless you completed Step 3.
5. When funds are disbursed, ESSEC will convert the amount received based on the exchange rate of the day of payment.
6. In case of a balance in favor of the student after the amount has been applied against tuition, ESSEC will transfer the difference to the student's bank account provided that the student entered his/her bank account details in MyRegistrar.
7. On the other hand, in case the loan amount is not sufficient to cover the tuition fees, the student is responsible for paying the difference.