NO PURCHASE NECESSARY. VOID WHERE PROHIBITED. BY APPLYING FOR AND PARTICIPATING IN THE SCHOLARSHIP PROGRAMME, YOU AGREE TO BE BOUND BY THESE OFFICIAL TERMS AND CONDITIONS (“TERMS AND CONDITIONS")....
The promoter of the scholarship programme is Prodigy Finance Ltd (incorporated in England with company number 05912562), with its registered address at Palladium House, 1-4 Argyll Street, London, W1F 7LD ("Prodigy Finance")...
- Scholarship programme; Prodigy Finance is running a scholarship programme in 2018, whereby it will award ten (10) scholarships in the form of debt write-offs (and, where the amount of the write-off exceeds the borrower’s existing debt, an additional payment) each scholarship cumulatively being worth USD10,000, to 10 of its borrowers ("General Scholarship"). An eleventh (11th) scholarship in the form of debt write-off to the value of USD10,000 will be awarded to one female student who is studying towards an engineering degree (“Women in Tech Scholarship”). For the avoidance of doubt, these Scholarships will not involve Prodigy Finance’s payment of tuition or any other costs related to education at a college, university or other academic institution. When we refer to “Scholarship” in these Terms and Conditions, we refer to the General and/or the Women in Tech Scholarship.
- Eligibility: To be eligible to apply for a General Scholarship and receive the General Scholarship award, you must (1) be 18 years and older, (2) have the legal right to be resident and study in the United Kingdom, the United States, France or Spain for the 2018 or 2019 academic years, (3) have commenced studies, or will be commencing studies, at an academic institution wholly or partly financed by a Prodigy Finance loan ("General Candidates"). To be eligible to apply for, and receive, the Women in Tech Scholarship, you must meet the Candidate criteria (specified above), and also (4) be a female Prodigy Finance borrower who is studying towards an engineering degree (“Women in Tech Candidates”). For the avoidance of doubt, Women in Tech Candidates will also be eligible for the General Scholarship. When we refer to “Candidates” in these Terms and Conditions, we refer to the General and/or the Women in Tech Candidates. Borrowers with refinanced loans with Prodigy Finance, previous recipients of a Prodigy Finance Scholarship or borrowers who have commenced repayments of their loans, in accordance with the mandatory repayment terms of their loans agreements, are not eligible for a Scholarship and therefore these loans will not be included in the assessments. Employees and agents of Prodigy Finance or any of its subsidiary or affiliated companies and their immediate families and members of their households and anyone otherwise connected with operation or fulfilment of the Scholarship programme are not eligible to be a Candidate for possible receipt of a Scholarship. A maximum of one Scholarship may be awarded to any Candidate. Prodigy Finance reserves the right to require Candidates to prove that they are eligible in accordance with these Terms and Conditions; and award the Scholarship to another Candidate and to require the return of any Scholarship monies already awarded to such ineligible Candidate.
- Application process: To enter the Scholarship programme Candidates must complete the form at https://prodigyfinance.com/community/scholarship-entry by providing (1) their email address (which is the same email address used to apply for a Prodigy Finance loan), (2) the academic entry test type taken as part of their application for postgraduate studies (either GMAT, GRE, EA or LSAT), 3) the test score received, (4) correct answers to the skills based questions, and (5) a motivational paragraph that meets the minimum word count specified and includes substantive motivation for the Candidate to receive one of the ten scholarships. Female Candidates who are studying towards an engineering degree shall automatically be entered into the pool to be considered for the Women in Tech Scholarship. The Scholarship may only be entered once, and multiple applications will not increase your chances to be awarded a Scholarship. Prodigy Finance will only consider the first application submitted by a Candidate and all additional application will be deleted. Applications will open on 20 February 2018 at 8am EST. The assessment process for General Scholarships in 2018 shall take place on two assessment dates (each an "Assessment Date"), being on or about 30 April 2018 (the "First Assessment Date"), and on or about 30 October 2018 (the “Second Assessment Date”). The Women in Tech Scholarship shall take place on the Second Assessment Date. In order to be considered for the First Assessment for the General Scholarship, applications must be submitted by 25 April 2018 at 8am EST and for the Second Assessment for the General Scholarship and Women in Tech Scholarship, applications must be submitted by 26 October 2018 at 8am EST.
- Selection process: Following the First Assessment Date, 5 General Candidates will be chosen to each receive 1 of the 10 General Scholarships. Following the Second Assessment Date, 5 General Candidates will be chosen to each receive 1 of the 10 General Scholarships and 1 Women in Tech Candidate will be chosen to receive the Women in Tech Scholarship. Candidates for a Scholarship will be assessed by Prodigy Finance following each Assessment Date. Candidates for a Scholarship will be selected from the pool of individuals who completed the entry process as per clause 3 of these Terms and Conditions. Selection will be done by scoring each Candidate based on a combination of (1) academic aptitude (measured by GMAT, GRE, EA or LSAT scores, whichever is applicable), (2) declared salary, (3) advanced rate, (4) minimum loan size, (5) whether a Scholarship has already been awarded to a Candidate at that academic institution from a third party or the school, (6) whether correct answers has been provided in the application form to the skills based questions; and 7) the substantive motivation for the application. Prodigy Finance reserves the right to conduct interviews and/or request additional information from Candidates related to their loan. In respect of each Assessment Date, of the 5 General Scholarship Recipients, a maximum of 3 may ordinarily reside or be domiciled in and/or hold citizenship of the same country. In respect of the First Assessment Date, of the 5 General Scholarship Recipients, 3 shall be studying towards a Business degree and 2 shall be studying towards a Non-Business degree (Engineering, Law or Policy). In respect of the Second Assessment Date, of the 5 General Scholarship Recipients, 2 shall be studying towards a Business degree and 3 shall be studying towards a Non-Business degree (Engineering, Law or Policy) and the Women in Tech Scholarship Recipient shall be studying towards an Engineering degree. Only 1 General Scholarship will be awarded per academic institution, and the Women in Tech Scholarship may be awarded to an academic institution which has been chosen for a General Scholarship. Subject to the selection criteria, in the event of a tie, Prodigy Finance shall conduct telephonic interviews with the Candidates and assess and rank their criteria based on the following criteria: (1) financial need, (2) academic aptitude and (3) impact of the Scholarship, should it be awarded.
- Notification of Recipients: Candidates selected for a Scholarship will be notified no later than 14 days following the relevant Assessment Date by the email address they provided when signing up for a Prodigy Finance loan. Candidates who were not selected for a Scholarship will not be notified. For the avoidance of doubt, Prodigy Finance’s decision not to select a Candidate will in no way affect the status of his/her existing loan obligation. A Candidate who has been notified in this way will only be eligible to receive a Scholarship, if they confirm in writing that they accept these Terms and Conditions (and, for Candidates based in the US, if they also sign and return an Affidavit of Eligibility, a Liability Release and a Publicity Release, if lawfully requested by Prodigy Finance) and provide any other documents or information that Prodigy Finance may reasonably require to establish the Candidate's eligibility, all within 14 days of receiving the notification email . Following receipt by Prodigy Finance of these documents and subsequent confirmation by Prodigy Finance of the Candidate's eligibility, the Candidate will be a "Recipient" for the purposes of these Terms and Conditions). If the Candidate does not respond within 7 days of Prodigy Finance sending the selection email, or if the Candidate cannot be contacted (for example, a notification email is returned as undeliverable), such Candidate forfeits all rights to Scholarship, Prodigy Finance shall have no liability to Candidate whatsoever, and Prodigy Finance reserves the right to select an alternative Recipient for the Scholarship. Recipients of a Scholarship will be offered the opportunity to receive a USD10,000 deduction from their outstanding loan balance. The USD10,000 deduction will be credited to Recipient’s account within 30 days of verification of their eligibility as a Recipient and full compliance with these Terms and Conditions if the Recipient’s loan has been disbursed. If the Recipient’s loan is not yet disbursed, the USD10,000 deduction will be credited to the Recipient’s account within the next calendar month after the loan has been disbursed. If a Recipient's outstanding loan balance is less than USD10,000 any excess will be paid to the academic institution to which that Recipient's Prodigy Finance loan relates for payment by the academic institution directly to the Recipient's bank account. If a Recipient’s loan is in GBP or EUR, the equivalent of USD10,000 will be credited against their loan account in either GBP or EUR, depending on the currency of the loan, at the day’s exchange rate that the loan account is credited.
- Taxes: RECEIPT OF AWARDS TO POTENTIAL RECIPIENTS ARE SUBJECT TO THE EXPRESS REQUIREMENT THAT THEY SUBMIT TO PRODIGY FINANCE DOCUMENTATION REQUESTED BY PRODIGY FINANCE TO PERMIT IT TO COMPLY WITH ALL APPLICABLE FEDERAL, STATE, PROVINCIAL, LOCAL AND FOREIGN TAX REPORTING AND WITHHOLDING REQUIREMENTS. ALL AWARDS WILL BE NET OF ANY TAXES PRODIGY FINANCE IS REQUIRED BY LAW TO WITHHOLD. ALL TAXES IMPOSED ON AWARDS ARE THE SOLE RESPONSIBILITY OF THE RECIPIENTS. In order to receive a Scholarship, potential Recipients may be required to submit the tax documentation requested by Prodigy Finance or otherwise required by applicable law, to Prodigy Finance or the relevant tax authority, all as determined by applicable law, including, where relevant, the law of the potential Recipient’s country of residence. The potential Recipient is responsible for ensuring that (s)he complies with all the applicable tax laws and filing requirements. If a potential Recipient fails to provide such documentation or comply with such laws, the Scholarship may be forfeited, and Prodigy Finance may, in its sole discretion, select an alternative potential Recipient.|
- General conditions regarding the Scholarship programme: The Scholarship is as stated and is non-exchangeable, cannot be substituted and is non-transferable. There is no cash or other alternative to the Scholarship in whole or in part, unless otherwise provided in Prodigy Finance’s sole and unfettered discretion. By participating in the Scholarship, Candidates agree that the Scholarship is awarded on an "as is" basis, and that neither Prodigy Finance nor any of its subsidiary or affiliated companies, make any representations or warranties of any nature with respect to the Scholarship. In addition, Candidate agrees to cooperate fully with Prodigy Finance or its designated representatives in conjunction with the reporting of receipt of the Scholarship to all appropriate governmental authorities as per applicable law.
- Right to cancel, modify or disqualify: In the event that, for reasons beyond Prodigy Finance’s reasonable control and not related to the Recipient, Prodigy Finance is unable to award the Scholarship(s) as described in these Terms and Conditions, Prodigy Finance reserves the right to award the cash value of the Scholarship(s) directly to the selected Recipient(s). In the event of a printing or other error resulting in there being more than 5 Recipients for any of the Assessment Dates, Prodigy Finance reserves the right at any time to divide the Scholarship monies or the value of the Scholarship monies equally between the Recipients so affected. Under no circumstances will more than 5 Scholarships (valued at a total amount of USD50,000) be awarded on the First Assessment Date and more than 6 Scholarships (valued at a total amount of USD60,000) be awarded on the Second Assessment Date. Prodigy Finance reserves the right to modify, cancel, terminate or suspend the Scholarship programme in whole or in part, at its sole discretion, if it believes the Scholarship programme is not capable of being conducted as specified within these Terms and Conditions or in the event of a virus, a computer bug or unauthorised human intervention or any other cause that is beyond the reasonable control of Prodigy Finance that could corrupt or affect the administration, security, impartiality or normal course of the Scholarship programme. In such event, Prodigy Finance shall use its reasonable efforts to make the Scholarship(s) available for any of the Assessment Dates in a manner that is fair, appropriate and consistent with these Terms and Conditions as determined by Prodigy Finance in its sole discretion. Any Candidate who acts with regard to the Scholarship programme in a manner, which in Prodigy Finance's reasonable determination is contrary to these Terms and Conditions or by its nature is unjust to other Candidates (including without limitation tampering with the operation of the Scholarship programme, providing false or misleading information when applying for a loan (or otherwise in conjunction with their loan obligation), cheating, hacking, deception or any other unfair playing practices such as intending to annoy, abuse, threaten or harass any other Candidates or Prodigy Finance and/or any of its agents or representatives) may be rejected and excluded from the Scholarship programme at Prodigy Finance's sole discretion. Furthermore, where such actions have significantly impaired the Scholarship programme, Prodigy Finance may, at its sole discretion, add further stages to the selection process for the Scholarship programme as it deems reasonably necessary in order to resolve any problems arising as a result of such actions.,.
- Publicity: By accepting the Scholarship, Recipients accept that their names, photographs, voice, image, likeness, address (city/state) may be featured in publicity materials relating to the Scholarship programme or Prodigy Finance generally, except where prohibited by law. This includes publishing the names and photographs of the Recipients on Prodigy Finance’s website (prodigyfinance.com) for a period of 3 months starting on the day they are confirmed as a Recipient. The name and country / US State of Recipients of Scholarships will also be made available to Candidates and the public on request by sending an email to media@prodigyfinance.com no later than 15 March 2019..
- Privacy: Prodigy Finance will process Candidates' personal information in order to conduct the Scholarship programme and it will be shared with Prodigy Finance's agents to the extent necessary to conduct the Scholarship programme. Candidates' names and other personal details relating to their assessment for a Scholarship will be collected and stored by Prodigy Finance and held in accordance with the applicable privacy policy in place from time to time (see https://prodigyfinance.com/legal/privacy-policy).
- Limitation of liability and indemnity: Prodigy Finance will not be responsible for any damage, loss or injury resulting from the Scholarship Programme or a Recipient’s acceptance and/or use of a Scholarship, or for technical, hardware or software failures, lost, faulty or unavailable network connections or difficulties of any kind that may limit or prohibit Prodigy Finance’s offering of the Scholarship Programme (including but not limited to Prodigy Finance’s attempts to notify Candidates whom have been selected to receive a Scholarship). Nothing in these Terms and Conditions shall in any way limit Prodigy, Finance's liability for death or personal injury caused by its negligence or for any other matter where liability may not as a matter of law be limited. All Prodigy Finance's decisions in relation to the Scholarship programme are final and binding in all respects and are not subject to appeal. Prodigy Finance will not enter into any correspondence with Candidates in respect of this Scholarship programme (other than those who have been selected to receive a Scholarship). Prodigy Finance’s failure to enforce any provision of these Terms and Conditions in a given instance shall not constitute the waiver of such provision. The provision of the Scholarship does not imply endorsement by Prodigy Finance of any academic institution nor any other third parties concerned in any way with the Scholarship..
- Applicable law: .The Scholarship programme and these Terms and Conditions shall be governed by and construed in accordance with English law and the court of England will have exclusive jurisdiction in relation to any disputes. Where applicable, to the fullest extent permitted by law, any such dispute must be brought individually (NOT as part of a class action), with recovery being limited to one’s actual costs in conjunction with participation in the Scholarship programme (if any) with all damages or other forms of recovery being expressly waived.
