You have sat your GMAT, written your essays, submitted your applications and been offered a place on that coveted overseas MBA programme. Now comes the hard part: paying for it.

The credit crunch only exacerbated a problem that had been brewing for years, as the big banks and other traditional lenders pulled out of financing international students. However, the recovery of western economies and the return of jobs for graduating MBA students has done little to improve the situation for students who want to study overseas.

“In terms of the wider market, it is becoming more difficult,” says South African Cameron Stevens, one of the founders and chief executive of Prodigy Finance, which is working with Insead alumni to help fund loans for students studying there.