Every decade, the number of international students doubles, and our hope is that Prodigy Finance will help accelerate that growth. Our planet sorely needs more educated citizens of the world.
As American universities’ interest in courting international students intensifies, an online lender that caters to them has drawn significant new financing.
Prodigy Finance, the lender that makes loans to international postgraduate students, said on Sunday that it had raised $40 million in new equity financing. It also said it had secured a $200 million credit line from an undisclosed bank.
The new financing comes at a time of keen interest in international students among American universities — and a decline in applications from those students that has begun to unnerve educators.
Students from abroad brought more than $32 billion to the United States economy during the 2015-16 academic year, and that figure has shown steady growth. Last year, the number of foreign students at American schools rose above one million for the first time.
But there are signs of trouble with the international student population. A survey of 250 institutions by the American Association of Collegiate Registrars and Admissions Officers found that nearly 40 percent of the responding schools reported a decline in applications from international students, particularly those from the Middle East. Many respondents cited concerns about the Trump administration’s immigration policies.