Skip Navigation
Edvisors Star Logo
Edvisors Logo
Search Box Form
  • Compare Lenders
      • Compare Lenders
      • Best Private Student Loans in August 2022
      • Student Loan Comparison: Federal Loans vs Private Loans
      • Parent PLUS Loans vs Private Student Loans
      • How Does Interest on Student Loans Work?
      • Private Student Loan Cosigner: Everything you Need to Know
      • View All Articles >
      Participating Lender Sallie Mae Apply Now

      This is an advertisement.

      • Compare Lenders
      • Best Student Loan Refinance Companies for August 2022
      • Federal Student Loan Repayment Plans
      • Student Loan Forgiveness: How to Get Student Loans Forgiven
      • Repayment Plans for Private Student Loans
      • Parent PLUS Loan Forgiveness
      • View All Articles >
      refinance student loans with college ave get started

      This is an advertisement.

    • Private Student Loans
    • Refinance Student Loans
  • Plan for College
      • Is College Education Worth the Cost?
      • Most and Least Lucrative College Academic Majors
      • College Comparisons
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Measuring Academic Fit: Reach, Match and Safety Schools
      • Need-Blind Admissions
      • How Long is a College Essay
      • When are College Applications Due
      • How to Write a Good College Essay
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Filing the FAFSA 2022-23: A Simple Guide for Students
      • FAFSA Deadlines for 2022-2023
      • FAFSA FAQ - Your FAFSA Questions Answered
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Most Popular Scholarships for College Students in 2022
      • Apply for Free Scholarships for College
      • College Scholarships for Kids
      • Most Prestigious Undergraduate Scholarships
      • Las mejores becas para estudiantes hispanos y latinos
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • How to Pay for College
      • Tuition Payment Plans
      • Pros and Cons: Borrowing From My 401K to Pay for College
      • Paying College Tuition with a Credit Card
      • Best Ways to Pay for College Without Financial Aid
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Financial Aid Disbursement: When and How You Will Get It
      • Should I Pay Off My Student Loans Right Now
      • How to Minimize Student Loan Debt
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

    • Benefits of College
    • College Admissions
    • FAFSA
    • Scholarships
    • Paying for College
    • Student LIFE Blog
  • Student Loans
      • Filing the FAFSA 2022-23: A Simple Guide for Students
      • FAFSA FAQ - Your FAFSA Questions Answered
      • FAFSA Deadlines for 2022-2023
      • FAFSA School Codes
      • Edvisors Identifies 12 Common Mistakes to Avoid in Filing the FAFSA; Offers Free Filing the FAFSA Book
      • View All Articles >
      Participating Lender Sallie Mae Apply Now

      This is an advertisement.

      • Best Private Student Loans in August 2022
      • Student Loan Comparison: Federal Loans vs Private Loans
      • Parent PLUS Loans vs Private Student Loans
      • How Does Interest on Student Loans Work?
      • Private Student Loan Cosigner: Everything you Need to Know
      • View All Articles >
      Participating Lender Sallie Mae Apply Now

      This is an advertisement.

      • Filing the FAFSA 2022-23: A Simple Guide for Students
      • FAFSA FAQ - Your FAFSA Questions Answered
      • The complete guide to federal undergraduate student loans
      • What are Federal Parent PLUS Loans and How to Apply?
      • Financial Aid for Graduate School
      • Compare Subsidized and Unsubsidized Student Loans
      • View All Articles >
      Participating Lender Sallie Mae Apply Now

      This is an advertisement.

      • Best Student Loan Refinance Companies for August 2022
      • Federal Student Loan Repayment Plans
      • Student Loan Forgiveness: How to Get Student Loans Forgiven
      • Repayment Plans for Private Student Loans
      • Should You Refinance Federal Student Loans?
      • Parent PLUS Loan Forgiveness
      • View All Articles >
      • Sallie Mae Student Loan Review
      • College Ave Student Loan Review
      • SoFi Student Loan Review
      • Ascent Student Loan Review
      • View All Articles >
      Participating Lender Sallie Mae Apply Now

      This is an advertisement.

    • FAFSA
    • Private Student Loans
    • Federal Student Loans
    • Repay Student Loans
    • Lender Reviews
  • Credit Cards
      • Petal® 2 Visa® Credit Card Review
      • SoFi Credit Card Review
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Best Credit Cards for 2022
      • Best Cash Back Credit Cards
      • Best 0% Introductory APR Credit Cards
      • Best Secured Credit Cards for 2022
      • Best Balance Transfer Credit Cards
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • How to Build Credit?
      • What Age Can You Get a Credit Card?
      • What is a Secured Credit Card?
      • What is an Unsecured Credit Card?
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

    • Card Reviews
    • Best Credit Cards
    • Credit Card FAQs
School Search Form
Advertisement Disclosure
Advertisement Disclosure
×

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

×
Get Your Free Guide to Filing the FAFSA Today!

Thank you for your interest in Edvisors' 2020-2021 Guide to Filing the FAFSA.

Please complete the form below to access your free copy.

Thank you! Click here to download your free FAFSA Guide.

I am a:

×
College knowledge starts here!

Enter your email below to receive your Student Loan Handbook from Edvisors.

Please check your email for the Student Loan Handbook.

After Navigation
Home Student Loans Lender Reviews Edly Student Loan Review
  • Contents
  • What is Edly?
  • How does Edly Work for College Students?
  • What does Edly Offer?
  • Repaying Your Loan
  • Comparing Edly’s IBR Loan vs. Traditional Private School Loan
  • Pros and Cons of Edly IBR Loans
  • How to Apply for an Edly Loan

Edly Student Loan Review

ARindfleisch
By Ainsley Rindfleisch
June 30, 2022
Email This Article
Fill out the form below to send a copy of this article to your email.
By clicking "Submit" I have read and agree to the Edvisors' Terms of Use and Privacy Policy. We strongly encourage you to read our Privacy Policy to understand how we use and share your information.
A copy of this article has been sent to your email.

What is Edly?

Edly Student IBR (income-based repayment) Loans are unsecured educational loans that are issued by FinWise bank, a Utah-chartered commercial bank, member Federal Deposit Insurance Corporation (FDIC) insured FinWise’s mission is to: 

  • Enable their customers to take greater control of their financial lives
  • Remove barriers to education and
  • Remove the burden of unpayable debt for students

Edly offers Income Based Repayment (IBR) loans, an alternative to traditional private student loans. It is no secret that many university students are dealing with excessive student debt, with this in mind Edly has spent years understanding the student loan debt crisis to offer access to affordable higher education. 

How does Edly Work for College Students?

After you express an interest in an IBR loan, Edly checks to see if you meet certain requirements based on school, major, graduation date, how much money you need and sends you an official offer with specific terms based on your information. If you are prequalified for an Edly IBR loan, you will be asked to submit an application and be subjected to a hard credit check. Upon accepting your application for a loan, Edly will send the information and funds over to your school to certify and your school will then disburse the funds to you. 

While you are in school, Edly believes that you should focus on your education. Repayment begins no sooner than four months after graduation AND when you are earning more than $30,000. This lending model believes that graduates shouldn’t begin repayment until they can afford it. 

What does Edly Offer?

Edly has the resources to help you meet your financial obligations of attending school without the stress of devoting the next decade or more to repaying your student loans when grants and scholarships don’t cover all your costs. Edly works with specific schools focusing on specific majors and programs. They look ahead at your potential earning value when issuing loans. Edly does not require applicants to have a cosigner. According to Edly, “students who meet the Edly requirements are three more times likely to qualify to be approved for an Edly IBR loan without a cosigner than for a traditional private student loan” (https://student.edly.co/).   

Income Based Repayment Loans (IBRs)

With research to back their Guiding Principles, Edly has created a lending product called an Income Based Repayment Loan (IBR). While similar to Income Share Agreements (ISAs), IBRs are based on your future income. If your yearly income falls below $30,000, you can apply for deferment for two months at a time for up to 12 months until your earnings increase, and then adds that time to the end of the repayment term. If you are in graduate school, there is no deferment option available. If you do not earn more than the minimum income threshold for five years (the standard repayment term), you are not free of your Edly loan commitment, but rather interest will accrue on your loan payments during your deferment while you are below the minimum income threshold. The interest begins accruing the day the loan is disbursed and continues to grow, even in deferment. Once you reach the minimum income threshold and begin repayment, your loan payment increases as your income increases, thus being proportional to your income. 

As an Edly borrower, you don’t have to worry about any up-front fees and can expect a single simple monthly payment when you enter repayment. Using Edly’s Check Terms page allows you to check the specific loan terms that may be offered to you. 

Repaying Your Loan

As per the terms laid out in your contract, your loan may be fulfilled by 

  • Making 60 regularly scheduled payments
  • Meeting the 2.25x repayment cap regardless of your income (i.e. a $10,000 loan would have a maximum repayment cap of $22,500)
  • Paying your loan off early with the 23% APR cap added to the loan amount
  • Pay the maximum payment window of 10 years and adhere to all the terms of the contract

 

Comparing Edly’s IBR Loan vs. Traditional Private School Loan

Checklist comparing Edly's IBR loan to conventional private school loans

Pros and Cons of Edly IBR Loans

 Pros Cons
 When making at or above the threshold income ($30K) your loan is repaid once you make 60 payments  If you earn a high wage or want to pay your loan off early, you may end up paying 2.25x more than you borrowed
 Edly does not require a cosigner or minimum credit score It may be more difficult to predict upfront how much you'll be paying in repayment, but the maximum repayment cost is 2.25x more than what you borrowed
If you are unemployed or your income level is less than $30,000/year you are not required to make payments  Making less than the minimum threshold may add time to your overall repayment term
  IBRs may not be available to all as there may be specific degree or major requirements
Payments are considered flexible and easy to budget as it is a set percentage of your income  Taking out multiple IBR loans could require you to pay a larger percentage of your income during repayment Edly allows you to borrow between $5,00 and $15,000 per semester and has a $25,000 aggregate borrowing limit. Each loan you take out with Edly is considered a separate loan and will have separate repayment terms
 Your loan has a fixed cap on the amount you pay If you choose to refinance, you most refinance the maximum repayment amount which means you will be paying all the interest upfront when refinancing

 

How to Apply for an Edly Loan

  1. Begin by receiving an estimated quote and rate terms, which takes about 30 seconds. 
  2. You will then officially apply for the Edly IBR Loan. This takes about 2 minutes to complete and receive your official offer. Edly will run a soft credit check (which does not affect your credit score) to look for adverse credit history such as defaults or collections prior to your final approval. 
  3. When you receive your final terms, carefully review and fully understand all the terms and conditions of the loan before accepting your loan. The terms of your Edly loan (IBR percentage, initial monthly payment, initial APR and minimum income threshold) are all dependent on your school, year in school, major, intended graduation date, and amount needed.
  4. Upon accepting your offer, Edly will send your information to your school to be certified and disbursed. 

Edly has made the application process simple and easy to move through for those who are eligible and qualify. It is designed to be affordable and adjust with your income as you progress through your career to be quickly and efficiently paid off.  

 

 

 

 
Get this article in your inbox.
Email This Article

Related Content

Income Share Agreements: A Comprehensive Guide to Income Share Agreements
By Elaine Rubin
12/02/2021
Income Share Agreements (ISAs) provide students with money to pay for college in exchange for a percentage of their income after graduation. Learn about using ISAs to pay for college.
Read More
Student Loans Without a Cosigner
By Penny Redlin
02/17/2021
Students who do not have a cosigner are still eligible for student loans. Options include federal student loans, as well as some private lenders if you qualify. Learn more.
Read More
Female student smiling while sitting at a desk in front of a chalkboard in her college classroom that says Student Loan
Best Private Student Loans in August 2022
By Elaine Rubin
06/16/2020
Compare the best private student loans. Learn about top private lenders who will offer you competitive rates and benefits and how you can easily apply online in minutes.
Read More
Income Share Agreements: A Comprehensive Guide to Income Share Agreements
By Elaine Rubin
12/02/2021
Income Share Agreements (ISAs) provide students with money to pay for college in exchange for a percentage of their income after graduation. Learn about using ISAs to pay for college.
Read More
Student Loans Without a Cosigner
By Penny Redlin
02/17/2021
Students who do not have a cosigner are still eligible for student loans. Options include federal student loans, as well as some private lenders if you qualify. Learn more.
Read More
Female student smiling while sitting at a desk in front of a chalkboard in her college classroom that says Student Loan
Best Private Student Loans in August 2022
By Elaine Rubin
06/16/2020
Compare the best private student loans. Learn about top private lenders who will offer you competitive rates and benefits and how you can easily apply online in minutes.
Read More
Could You Be Saving More?
Subscribe to Edvisors' Student LIFE Newsletter to receive up-to-date financial aid information and advice, explore scholarship opportunities, loan repayment options, and learn expert strategies on how to plan and pay for college.
Newsletter Form
By clicking "Subscribe" I have read and agree to the Edvisors' Terms of Use and Privacy Policy. We strongly encourage you to read our Privacy Policy to understand how we use and share your information.
Thank you for subscribing to our newsletter.
Ask the Edvisor
Blog
Contact Us
Edvisors in the News
Link to Us
Newsletter
Partners
Press
Student Aid FAQ
Testimonials
Tools and Calculators
About Edvisors
Video Resources
Accessibility Statement
Sitemap
Disclaimer
Do Not Sell My Personal Information
Notice of Collection
Interest-Based Ads
Privacy
Terms of Use

Better Business Bureau logo

Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

Copyright © 1998-2022 by Edvisors Network, Inc. All rights reserved.

All other trademarks and service marks displayed on Edvisors Network, Inc. websites are the property of their respective owners.

Edvisors Network, Inc. 350 S. Rampart Blvd, Suite 200, Las Vegas, NV 89145

Copyright © 2022 by Edvisors.com. All rights reserved.

×
You Got In - Now How Do You Pay for It?

Get the money you need from leading lenders

1 Pick Your College
2 View Your Options
3 Click to Apply
Exit Modal

PrivateStudentLoans.com recommends you consider all financial aid alternatives including grants, scholarships and federal loans (Federal Stafford, Federal Parent PLUS, Federal Grad PLUS) prior to applying for private student loans.