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Get your students the funding they need
Income-Based Repayment (IBR) Loans
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Loan Processing
Customer Service
Download Materials
FAQs
Loan Processing
Customer Service
Download Materials
FAQs
Loan Processing
Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered bank, member FDIC.
For additional information or to confirm your processing setup, please contact us at schools@edly.info. Our team is available 8:00am to 7:00pm ET, Monday - Friday.
Setup information
Loan Name and Lender
Edly Income-Based Loans, originated by FinWise Bank
Lender ID
558754
Loan Program Code
92E
Certification requirements
Required Enrollment Level
There is a half-time enrollment requirement.
Status Level
Edly IBR Career Training loans are accessible to borrowers who are currently enrolled in an eligible institution and participating in an approved program
SAP Requirement
Yes. Students must at least meet your school’s SAP guidelines to be eligible for an Edly student loan.
Loan Limits
Students may borrow up to $30,000 to cover qualified educational expenses. If a program has a custom cost designated by the school, the borrowing limit may be adjusted accordingly.
Application Expiration
30 days
Cancelations and Refunds
Once an application has been canceled (either by the student, the school or by Edly), the application cannot be reinstated. The student will have to reapply if funds are needed. Interest will be charged for cancelations or refund requests received more than 1 month from disbursement date.
Customer Service
Our team is available to answer questions you or your students may have. If you’re a student, please use our contact page or email students@edly.info.
schools@edly.info
Response time: 1-2
business days
Phone
(888) 4MY-EDLY Ext. 2
8:00am - 7:00pm ET
Monday - Friday
Mailing address
Edly Inc.
555 Pleasantville Rd, STE N202
Briarcliff Manor, NY 10510
Program Details
Product Name
Edly Income-Based Repayment Loan
Servicer Name
Firstmark Services, a subsidiary of Nelnet
Product Type
Certified Private Loan
Disbursement to
School
Available Loan Amount
Students may borrow up to $30,000 to cover qualified educational expenses. If a program has a custom cost designated by the school, the borrowing limit may be adjusted accordingly
Disbursements
Funding for the Academic Year 2023-2024 will take place no earlier than August 2023
APR Range
8.49% to 25.96%
Repayment Rate
0.00%
Repayment Margin
0.00%
Deferment Rate
0.00%
Deferment Margin
0.00%
Origination Fee
4.00%
Repayment Type
In school payments as low as $10/month for the No Cosigner product and modest in-school payments for the Cosigned product
Repayment Length
The Edly IBR loan products are designed to be paid over a 7 year period with a maximum of 12 years.
Cosigner Release
Yes - for the IBR Cosigned Loan
On-time Payments
Within 5 days of due date. Late fees assessed after 5 days.
Past Due Balances Applied
Yes
