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- Edly Review
Edly Student Loans Review
ConsumersAdvocate.org Rating: 4.2 / 5 (Excellent)
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Founded in 2019, Edly is a private lending platform based in New York that offers students income-based repayment (IBR) student loans issued by FinWise Bank, a Utah chartered bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. Degree-seeking students at an Edly-supported school currently have two loan options: the Edly IBR No Cosigner Student Loan (for university students without a cosigner) and the Edly IBR Cosigned Student Loan (for university students with a cosigner).
How is Edly rated?
Breakdown
4.3/5
Loan Details
4.4/5
Eligibility Criteria
3.6/5
Customer Experience
4.4/5
Additional Benefits
Overall Rating: 4.2 / 5 (Excellent)
With its approach of offering alternative lending products instead of traditional private student loans, Edly makes its services accessible to a broader range of participants. The ability to get approved for funding without a cosigner (for its flagship product, the Edly IBR No Cosigner Student Loan) makes it more likely that borrowers will receive funding from Edly than from a private lender. Since these are not traditional private loans but income-based repayment loans, the student borrower must meet certain minimum income requirements before they are required to repay the loans after graduation. Graduates who do not earn at least $30,000 gross income per year may request hardship forbearance until they earn above that minimum requirement (maximum 6 month hardship forbearance for cosigner product). Further, borrowers have more repayment flexibility and can arrange to make payments not just monthly, but within a time frame that better suits their circumstances.
Edly Loan Specifics
Loan Details - 4.3 / 5
When applying for funding, borrowers can request up to the maximum amount allowed by Edly for the particular school, program, and semester. This amount can range from $5,000 to $10,000 per academic year ($5,000 per summer semester), and up to $20,000 lifetime for Edly IBR No Cosigner Loan and $5,000 to $15,000 per academic year ($5,000 per summer semester), and up to $25,000 lifetime for Edly IBR Cosigner Loan.
If approved, borrowers will be presented with the details of their loan terms, including the IBR percentage, the initial monthly payment, and initial APR before having to complete their application.
Students with an IBR No Cosigner Student Loan begin after a 3 month grace period after graduation, and are only required to do so if they meet the minimum required income. Therefore, if a student with this loan graduates but earns less than $30,000 gross income per year and is actively seeking employment in their field of study, repayments are deferred until such time as the minimum income threshold is met (with the IBR Cosigned Student Loan, students also make modest in-school payments in addition to their post-graduation payments).
To pay off their IBR loans, borrowers must meet one of various options for repayment which include the number of payments, repayment caps, loan balance, or maximum payment window. As an example, we applied for an IBR No Cosigner Student Loan for a $10,000 tuition amount with specific preliminary repayment terms. We would pay off our $10,400 loan (including 4% origination fee) if we fulfilled one of the following options:
- Make 84 regularly scheduled monthly payments
- Meet the repayment cap of 2.5 times the loan amount (in this case, since the loan amount was $10,400, the max total repayment amount would be $26,000)
- Pay off the loan balance, which accrues at the interest rate
- Arrive at the maximum payment window of 12 years (which establishes that borrowers who have adhered and met the terms but have not fulfilled the loan, will have done so at 12 years’ time)
Additionally, borrowers may apply for hardship forbearance if they lose their job or if their income dips below the minimum requirement (interest will continue to accrue during periods of forbearance)
If approved, borrowers will be presented with the details of their loan terms, including the IBR percentage, the initial monthly payment, and initial APR before having to complete their application.
Students with an IBR No Cosigner Student Loan begin after a 3 month grace period after graduation, and are only required to do so if they meet the minimum required income. Therefore, if a student with this loan graduates but earns less than $30,000 gross income per year and is actively seeking employment in their field of study, repayments are deferred until such time as the minimum income threshold is met (with the IBR Cosigned Student Loan, students also make modest in-school payments in addition to their post-graduation payments).
To pay off their IBR loans, borrowers must meet one of various options for repayment which include the number of payments, repayment caps, loan balance, or maximum payment window. As an example, we applied for an IBR No Cosigner Student Loan for a $10,000 tuition amount with specific preliminary repayment terms. We would pay off our $10,400 loan (including 4% origination fee) if we fulfilled one of the following options:
- Make 84 regularly scheduled monthly payments
- Meet the repayment cap of 2.5 times the loan amount (in this case, since the loan amount was $10,400, the max total repayment amount would be $26,000)
- Pay off the loan balance, which accrues at the interest rate
- Arrive at the maximum payment window of 12 years (which establishes that borrowers who have adhered and met the terms but have not fulfilled the loan, will have done so at 12 years’ time)
Additionally, borrowers may apply for hardship forbearance if they lose their job or if their income dips below the minimum requirement (interest will continue to accrue during periods of forbearance)
| Minimum Loan Amount | $5,000 |
| Maximum Loan Amount | $10,000 per academic year, $20,000 lifetime for Edly IBR No Cosigner Loan and $15,000 per academic year, $25,000 lifetime for Edly IBR Cosigner Loan. |
| Loan Term | 84 months post graduation |
| Repayment Options |
Deferred
Fixed
Immediate
|
| Deferment or Forbearance |
Edly Qualifications
Eligibility Criteria - 4.4 / 5
To begin the process, borrowers must check their terms by providing information about themselves (name, email, phone, citizenship) and their education goals (university, major, degree, funding semesters, graduation date, and funding amount). With this information, Edly determines which loans you may qualify for. If you’re enrolling in a school and program that is eligible, Edly presents initial terms to provide a general sense of what might be approved. Borrowers will not need a cosigner to be considered for an IBR No Cosigner Student Loan and does have a minimum credit score requirement for this loan. Students who do not qualify on their own, or who prefer to apply with a cosigner may apply for the IBR Cosigned Student Loan.
| Citizenship Requirement |
U.S. Citizen
Permanent Legal Resident
|
Edly Customer Experience
Customer Experience - 3.6 / 5
Borrowers who need to contact customer support can do so by chat, email, or phone. Live chat is offered during business hours, but outside of business hours and during busy times specialists typically reply within one business day. Edly’s customer service number is 888-4MY-EDLY. Although Edly’s website does not contain an extensive learning resource center, it does include an impact statement that explains the problems with unaffordable student debt, the existing options, and the alternatives to traditional options. It also provides the guiding principles behind IBR lending and how it relates to students. Further, students who are eligible for funding can use the payment estimator feature to calculate how much they would pay using Edly versus a traditional private loan.
| Student Loan Calculator |
Discounts
None mentioned.
Edly Company Reputation
Additional Benefits - 4.4 / 5
Being a newcomer in the student loan industry, Edly does not have much online presence in terms of customer reviews. The company does not have either a BBB or Trustpilot profile. We expect that, as more time passes and more borrowers use the service, online customer reviews will start to appear.
| Lender Type | Online Lender |
| Year Founded | 2019 |
| Date Collected | 2023-08-10 |
Company's Disclosure
1. Loan Example (IBR No Cosigner Student Loan):
$10,000 Tuition Amount with Salary of $65,000. Loan is funded in September, borrower graduates in May.
• Tuition Amount: $10,000
• Origination Fee: $400 (4%)
• Loan Amount: $10,400
• Gross income payment percentage: 7%
• Number of Fixed Payments: 12
• Initial Payment Amount: $200
• Number of Payments at gross income payment percentage: 62
• IBR Payment Amount: $379.17
• Final Payment to reach Payment Cap: $91.46
• Total Number of Payments: 75
• Total Payment Amount: $26,000.00
• Effective APR: 24.6%
2. Additional Loan Example (IBR No Cosigner Student Loan): $10,000 Tuition Amount with Salary at Minimum Income Threshold, $30,000. Loan is funded in September, graduates in May.
• Tuition Amount: $10,000
• Origination Fee: $400 (4%)
• Loan Amount: $10,400
• Gross income payment percentage: 7%
• Number of Fixed Payments: 12
• Initial Payment Amount: $200
• Number of Payments at gross income payment percentage: 72
• IBR Payment Amount: $175
• Total Number of Payments: 84
• Total Payment Amount: $15,000.00
• Effective APR: 9.7%
3. Additional Loan Example (IBR Cosigner Student Loan): $10,000 Tuition Amount with early payoff. Loan is funded in September, graduates in May, and is paying off early in September of the following year.
• Tuition Amount: $10,000
• Origination Fee: $400 (4%)
• Loan Amount: $10,400
• Gross income payment percentage: 7%
• Number of Initial Payments: 6
• Initial Payment Amount: $100
• Number of Payments at gross income payment percentage: 3
• IBR Payment Amount: $379.17
• Total Number of Payments: Early Payoff after 12 months
• Remaining loan balance: $11,118.20
• Total Payment Amount: $12,925.71
• Effective APR: 27.09%
4. Additional Loan Example (IBR Cosigner Student Loan): $10,000 Tuition Amount with Salary of $65,000. Loan is funded in September, graduates in May.
• Tuition Amount: $10,000
• Origination Fee: $400 (4%)
• Loan Amount: $10,400
• Gross income payment percentage: 7%
• Number of Initial Payments: 6
• Initial Payment Amount: $100
• Number of Payments at gross income payment percentage: 45
• IBR Payment Amount: $379.17
• Final Payment Amount: $206.86
• Total Number of Qualifying Payments: 46
• Total Payment Amount: $17,869.51
• Effective APR: 24.7%
About these examples:
These are examples. Your specific terms will be provided if you are approved. In examples 1 and 2, a student defers while in school and post-graduation grace period for 11 months and then makes the minimum payment for 12 months followed by the income based payments. In example 3, a student or co-signer defers for two months, then makes the minimum monthly payment for 6 months while the student is in school, then makes 3 income based repayments, and then pays off the loan in month 12. In example 4, a student or co-signer defers for two months and then makes the minimum monthly payments for 6 months while in school followed by income based payments beginning 9 months after taking the loan. For co-sign loans, the student or co-signer must make payments while the student is in school. The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may also pay off this loan by paying off the loan balance, which is accrued at the interest rate, at any time.
Please refer to your loan agreement or call us for your payoff amount. In examples 1 and 2, the maximum amount you will pay is $26,000 (not including Late Fees and Returned Check Fees, if any). In examples 3 and 4, the maximum amount you will pay is $26,000 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 84. No payment is required if the student’s gross earned income is below $30,000 annually or if the student loses his or her job and cannot find employment. This does not apply for co-sign loans. Interest will accrue at the Interest Rate of 23.66% (no cosigner) and 22.7% (cosigner) on the unpaid loan balance during the life of the loan including during any deferral periods. The effective APR differs from the Interest Rate and considers fees and reflects the cost of your loan as a yearly rate. For more information about the effective APR, see reference notes. See your loan agreement for additional information regarding your prepayment options, including how to prepay at the Pre-Payment Cap.
Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah state-chartered bank, Member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.
State Specific Restrictions:
Not available in Iowa, Colorado, Maine, Vermont, West Virginia, Connecticut, Nebraska.
Not available in US Territories.
There is a minimum loan requirement of $7,000 in Massachusetts.
https://student.edly.co/
$10,000 Tuition Amount with Salary of $65,000. Loan is funded in September, borrower graduates in May.
• Tuition Amount: $10,000
• Origination Fee: $400 (4%)
• Loan Amount: $10,400
• Gross income payment percentage: 7%
• Number of Fixed Payments: 12
• Initial Payment Amount: $200
• Number of Payments at gross income payment percentage: 62
• IBR Payment Amount: $379.17
• Final Payment to reach Payment Cap: $91.46
• Total Number of Payments: 75
• Total Payment Amount: $26,000.00
• Effective APR: 24.6%
2. Additional Loan Example (IBR No Cosigner Student Loan): $10,000 Tuition Amount with Salary at Minimum Income Threshold, $30,000. Loan is funded in September, graduates in May.
• Tuition Amount: $10,000
• Origination Fee: $400 (4%)
• Loan Amount: $10,400
• Gross income payment percentage: 7%
• Number of Fixed Payments: 12
• Initial Payment Amount: $200
• Number of Payments at gross income payment percentage: 72
• IBR Payment Amount: $175
• Total Number of Payments: 84
• Total Payment Amount: $15,000.00
• Effective APR: 9.7%
3. Additional Loan Example (IBR Cosigner Student Loan): $10,000 Tuition Amount with early payoff. Loan is funded in September, graduates in May, and is paying off early in September of the following year.
• Tuition Amount: $10,000
• Origination Fee: $400 (4%)
• Loan Amount: $10,400
• Gross income payment percentage: 7%
• Number of Initial Payments: 6
• Initial Payment Amount: $100
• Number of Payments at gross income payment percentage: 3
• IBR Payment Amount: $379.17
• Total Number of Payments: Early Payoff after 12 months
• Remaining loan balance: $11,118.20
• Total Payment Amount: $12,925.71
• Effective APR: 27.09%
4. Additional Loan Example (IBR Cosigner Student Loan): $10,000 Tuition Amount with Salary of $65,000. Loan is funded in September, graduates in May.
• Tuition Amount: $10,000
• Origination Fee: $400 (4%)
• Loan Amount: $10,400
• Gross income payment percentage: 7%
• Number of Initial Payments: 6
• Initial Payment Amount: $100
• Number of Payments at gross income payment percentage: 45
• IBR Payment Amount: $379.17
• Final Payment Amount: $206.86
• Total Number of Qualifying Payments: 46
• Total Payment Amount: $17,869.51
• Effective APR: 24.7%
About these examples:
These are examples. Your specific terms will be provided if you are approved. In examples 1 and 2, a student defers while in school and post-graduation grace period for 11 months and then makes the minimum payment for 12 months followed by the income based payments. In example 3, a student or co-signer defers for two months, then makes the minimum monthly payment for 6 months while the student is in school, then makes 3 income based repayments, and then pays off the loan in month 12. In example 4, a student or co-signer defers for two months and then makes the minimum monthly payments for 6 months while in school followed by income based payments beginning 9 months after taking the loan. For co-sign loans, the student or co-signer must make payments while the student is in school. The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may also pay off this loan by paying off the loan balance, which is accrued at the interest rate, at any time.
Please refer to your loan agreement or call us for your payoff amount. In examples 1 and 2, the maximum amount you will pay is $26,000 (not including Late Fees and Returned Check Fees, if any). In examples 3 and 4, the maximum amount you will pay is $26,000 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 84. No payment is required if the student’s gross earned income is below $30,000 annually or if the student loses his or her job and cannot find employment. This does not apply for co-sign loans. Interest will accrue at the Interest Rate of 23.66% (no cosigner) and 22.7% (cosigner) on the unpaid loan balance during the life of the loan including during any deferral periods. The effective APR differs from the Interest Rate and considers fees and reflects the cost of your loan as a yearly rate. For more information about the effective APR, see reference notes. See your loan agreement for additional information regarding your prepayment options, including how to prepay at the Pre-Payment Cap.
Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah state-chartered bank, Member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.
State Specific Restrictions:
Not available in Iowa, Colorado, Maine, Vermont, West Virginia, Connecticut, Nebraska.
Not available in US Territories.
There is a minimum loan requirement of $7,000 in Massachusetts.
https://student.edly.co/
Company Profile
| Full Name | Edly Student Loans |
| Company Website | |
| Headquarters | 555 Pleasantville Road, Suite N202, Briarcliff Manor, NY, 10510 |
Top Rated
Our Partner
8 Reviews
#1 Choice for Students & Co-signers
- Rates starting at 3.59% APR 1
- Best option for those with cosigners and good credit
- Enter to win a $1,000 scholarship, awarded monthly
- Checking rates won't affect your credit score
- Flexible options for repayment and no origination fees
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