Loan Name and Lender

Edly Income-Based Loans, originated by FinWise Bank

Lender ID

558754

Loan Program Code

92E

Required Enrollment Level

There is a half-time enrollment requirement.

Status Level

1. IBR No Cosigner Student Loans are available to undergraduate seniors, graduate students, or students who are within 16 months of graduation for specific programs
2. IBR Cosigned Student Loan are available to sophomores, juniors, seniors, and graduate students for approved schools

SAP Requirement

Yes. Students must at least meet your school’s SAP guidelines to be eligible for an Edly student loan.

Loan Limits

1. The IBR No Cosigner Student Loan funding limits are $5,000 - $15,000 per academic year, $5,000 additional for Summer terms, and $20,000 lifetime limit. The minimum amount schools must certify for is $2,000.
2. The IBR Cosigned Student Loan funding limits are $5,000 - $15,000 per academic year, $10,000 additional for Summer terms, and $25,000 lifetime limit. The minimum amount schools must certify for is $2,000.

Application Expiration

30 days

Degree Seeking Requirement

Yes

Past-debt loans

Yes, IBR student loans may be applied to past semesters and past due balances, but only if the student has not graduated or withdrawn from the university. The school may decide to allocate funds to past semesters at their discretion if the student has not graduated or withdrawn. The funds can cover past due balances up to one year.

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.