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Edly IBR Student Loans are unsecured personal 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.
Loans from $5,000 - $10,000 per semester, with a $20,000 aggregate maximum and repayment terms of 84 months (Edly IBR No Cosigner Loan), and loans from $5,000 - $15,000 per semester, with a $25,000 aggregate maximum and repayment terms of 84 months (Edly IBR Cosigner Loan).
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.
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.
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.
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.
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 8 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 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 repay 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 cosign) and 23.7% (cosign) 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.
Edly IBR Student Loans are unsecured personal 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.
Loans from $5,000 - $10,000 per semester, with a $20,000 aggregate maximum and repayment terms of 84 months (Edly IBR No Cosigner Loan), and loans from $5,000 - $15,000 per semester, with a $25,000 aggregate maximum and repayment terms of 84 months (Edly IBR Cosigner Loan).
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.
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.
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.
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.
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 8 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 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 repay 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 cosign) and 23.7% (cosign) 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.
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