Edly IBR

Edly No Cosigner IBR Logo

Benefits

MUST BE a US citizen or permanent resident
MUST attend an Edly-supported school
Cosigner and Non-Cosigner student loan products available
Income-based repayment with built-in protections, like hardship forbearance if you lose your job
Pre-qualify without affecting your credit score

Eligibility

MUST BE a US citizen or permanent resident
MUST BE a college Sophomore, Junior, Senior or Graduate student in an Edly-approved school for the IBR Cosigner product.
MUST BE a Junior, Senior, or Graduate student for the IBR No Cosigner Student Loan product
Income-based repayment with built-in protections, like hardship forbearance if you lose your job
No in-school payments with the IBR No Cosigner Student Loan. In-school payments with IBR Cosigned Student Loan.
You’ll never pay more than the maximum repayment amount

Apply for an Edly IBR, No-Cosigner, Income-Based Repayment Loan

Variable APR Income Based

No Cosigner Required

Apply Now

Featured Lender

MUST BE a US citizen or permanent resident
MUST attend an Edly-supported school
Cosigner and Non-Cosigner student loan products available
Income-based repayment with built-in protections, like hardship forbearance if you lose your job
Pre-qualify without affecting your credit score

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.

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: $11,188.20
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 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 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.

Learn More on Edly's website.

Disclaimers