888-4MY-EDLY
Get your students the funding they need
Edly Income-Based Repayment (IBR) Loans
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Loan Processing
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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 (888) 4MY-EDLY Ext. 2. 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
Guarantor Name
1Logos
Guarantor ID
1LG
Return ID
1LG
Liason
Jose Guerrero (OneLogos)
Support Phone
(800) 897-5918
Support Email
studentloans@onelogos.com
Certification requirements
Required Enrollment Level
There is a half-time enrollment requirement.
Status Level
- IBR No Cosigner Student Loans are available to undergraduate seniors, graduate students, or students who are within 16 months of graduation for specific programs
- 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
$5,000 - $15,000 per academic year. $10,000 additional for Summer terms. $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IBR student loans may be applied to past semesters and past due balances, but only if the student has not graduated or withdrawn from the university. The school may decide to allocate funds to past semesters at their discretion if the student has not graduated or withdrawn.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.
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
Live chat
8:00am - 7:00pm ET
Monday - Friday
Program Details
Product Name
Edly Income-Based Repayment Loan
Servicer Name
Firstmark Services, a subsidiary of Nelnet
Product Type
Certified Private Loan
Index Type
Custom
Index Rate
0%
Disbursement to
School
Number of Disbursements
4
Available Loan Amount
$5,000 - $15,000 per academic year. $10,000 additional for Summer terms. $25,000 lifetime limit.
Disbursements
Funding for the Academic Year 2023-2024 will take place no earlier than August 2023
APR Range
9.4% to 23%
Repayment Rate
0.00%
Repayment Margin
0.00%
Deferment Rate
0.00%
Deferment Margin
0.00%
Origination Fee
0.00%
Repayment Type
Deferred while in school for the No Cosigner product, modest in-school payments for the Cosigned product
Repayment Length
7 years
Grace Period
4 months (IBR No Cosigner Student Loan)
Cosigner Release
Yes (IBR Cosigned Student Loan)
On-time Payments
Within 5 days of due date. Late fees assessed after 5 days.
Past Due Balances Applied
Yes
