Edly IBR Loan Disclaimers

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 - $15,000 per academic year, with a $25,000 aggregate maximum with repayment terms of 84 months.

1. Loan Example (IBR No Cosigner Student Loan):

$10,000 Loan with Salary of $65,000. Loan is funded in September, borrower graduates in May.

• Loan Amount: $10,000
• Gross income payment percentage: 7%
• Number of Payments at an Initial APR: 12
• Initial Payment Amount: $200
• Number of Payments at gross income payment percentage: 53
• IBR Payment Amount: $379.17
• Final Payment to reach Payment Cap: $3.99
• Total Number of Payments: 66
• Total Payment Amount: $22,500
• Effective APR: 22.5%

2. Additional Loan Example (IBR No Cosigner Student Loan):

$10,000 Loan with Salary at Minimum Income Threshold, $30,000. Loan is funded in September, graduates in May.

• Loan Amount: $10,000
• Gross income payment percentage: 7%
• Number of Payments at an Initial APR: 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
• Effective APR: 9.7%

3. Additional Loan Example (IBR Cosigner Student Loan): $10,000 Loan with early payoff. Loan is funded in September, graduates in May.

• Loan Amount: $10,000
• Gross income payment percentage: 7%
• Number of Initial Payments: 9
• Initial Payment Amount: $50
• Number of Payments at gross income payment percentage: N/A
• IBR Payment Amount: N/A
• Total Number of Payments: Early Payoff
• Total Payment Amount: $12,516
• Effective APR: 23%

4. Additional Loan Example (IBR Cosigner Student Loan): $10,000 Loan with Salary of $65,000. Loan is funded in September, graduates in May.

• Loan Amount: $10,000
• Gross income payment percentage: 7%
• Number of Initial Payments: 9
• Initial Payment Amount: $50
• Number of Payments at gross income payment percentage: 47
• IBR Payment Amount: $379.17
• Final Payment Amount: $375.73
• Total Number of Payments: 57
• Total Payment Amount: $18,647
• Effective APR: 23.0%

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 beginning 24 months after taking the loan. In example 3, a student or co-signer defers for two months, then makes the minimum monthly payment for 9 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 9 months while in school followed by income based payments beginning 12 months after taking the loan. For co-sign loans, the student or co-signer must make small 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 repay this loan at any time by paying an effective APR of 23%. 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 $22,500 (not including Late Fees and Returned Check Fees, if any). In examples 3 and 4, the maximum amount you will pay is $25,000 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 84. You will not pay more than 23% APR. 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 Growth Rate of 22.75% on the unpaid loan balance during the life of the loan including during any deferral periods. The Growth Rate is an annualized interest rate which uses daily compounding and assumes actual number of days in each month and the actual number of days in each year (“Growth Rate”). The effective APR differs from the Growth 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

Product disclosure: Loan Application and Solicitation Disclosure