Edly Student Loan Review January 2023

Loan Eligibility and Approval

To get student loans with Edly, you must meet the following eligibility requirements:

• Be 18+ or the age of majority in your state of residence
• be a U.S. citizen or permanent resident
• enrolled in a bachelor’s or master’s degree program
• Attending an eligible school
• have a valid social security number
• Become a junior or senior within 16 months of graduation
• You cannot live in Colorado, West Virginia, Iowa, Maine or Vermont
• Debt to income ratio must be less than 36%

Edly does not have a minimum credit score required and students can apply without a credit history. Edly also reviews majors to determine future income potential.

DACA recipients and international students are not eligible for loans on Edly.

Do I need a co-signer?

Edly does not require a loan co-guarantor and in fact does not offer any available student loan co-guarantors. Students must qualify based on their financial and academic information.

Are pre-approved loans available?

yes. Edly offers an online prequalification screening that can be completed in just minutes. You will need to provide the following information:

• full name
• address
• estimated annual income
• estimated credit score
• school name
• Graduation date
• amount you want to borrow
• social security number

Edly can perform a soft pull of your credit profile for prequalification, select loan terms and see potential interest rates.

Time taken for loan approval and payment

All loan applications are submitted online and are usually approved within a day. Once approved, Edly will contact the school for certification. The time to accreditation varies from school to school, but the process usually takes her two to four weeks. Some schools will not accept funding until closer to enrollment. Edly will pay your school once certification is complete.

Loan Fees and Repayment Options

loan fee

With Edly there are no loan application fees and no loan fees. There are no additional charges even if you pay in advance. However, income-based repayments require a minimum payment amount, and borrowers pay at the maximum APR percentage for the time they hold the loan if they want to pay off the loan early.

loan discount

Edly does not offer loan discounts.

Repayment method

Edly loans are income-based, but payments are not made while you are in school. Loans are either deferred or repaid.

Available options are:

• deferred repayment: Loan deferral during enrollment and up to 4 months after graduation. In other words, interest accrues, but there is no payment due date. If her annual income falls below her $30,000 after graduation, she is also eligible for deferment. If you don’t repay it for more than 10 years, the remaining debt will be forgiven.
• income tax repaymentA: Edly loans offer income-based repayment terms, with monthly payments based on a percentage of your income. If your income goes up, so will your salary. If your income goes down, your payments will go down. Repayments are typically completed over five years, with 60 monthly payments.

reward

There are no rewards available from Edly.

Loan Forbearance and Deductible Options

Edly does not offer traditional forgiveness or dismissals, but does offer deferred loans and options for students to waive remaining payments.

As mentioned above, Edly offers payment deferrals for those earning less than $30,000. Payments will be suspended during this time, but you may be required to provide a current payslip or proof of your job search. This deferment period has no time limit.

If the loan is not fully repaid by the end of 10 years (60 payments required), the remaining loan will be forgiven.

Is it possible to refinance a student loan?

Edly does not offer student loan refinancing.

customer service

Edly only provides basic contact information on their website, but you can contact their customer support team via email (students@edly.info), live chat, or phone.

The phone number is (914) 775-8299. Support is available Monday through Friday from 8:00 AM to 7:00 PM EST.

The Consumer Financial Protection Bureau (CFPB) did not include Edly or its funding bank (FinWise Bank) in its annual consumer report.

Apply for Edly Student Loan

Edly offers an online application that begins with a simple prequalification screening. Once pre-approved, you can select your loan details and provide your details and documents to complete your application.

The information you need to provide includes:

• name
• address
• Birthday
• Social Security number (for identity verification)
• attending school
• Graduation date
• Desired borrowing amount

Edly doesn’t require income verification or a minimum credit score, but will do a soft pull of credit to see if there are any negative marks on your report. After approval, Edly will request proof from your school before disbursing the loan.

another choice

	edry	ISL Education Loan	rise
Types of Loans Offered	Faculty	Undergraduate; Graduation; Parent	Undergraduate; Graduation
Undergraduate Fixed APR	none	3.85%–7.91%	4.62%–16.75%
Faculty Fluctuation APR	1%–23% (IBR payment plan)	3.03%–7.69%	4.72%–14.98%
Origination/Management Fee	none	none	none
Repayment method	Deferred; income-based	deferment; interest only.full payment	Deferred; Repaired; Interest Only.full payment
Refinanceable	No	yes	yes

final verdict

Edly offers income-based student loans for borrowers looking for additional ways to pay for school. Loans are easy to apply for and monthly payments can be affordable based on your income, but you can end up paying significantly more overall than other lenders.

Edly’s effective interest rate is high (up to 23%) and there is a prepayment penalty if you want to pay off the loan early (before 60 payments are complete). Also, the interest rate will not be disclosed until you apply, and the more you earn, the more you will repay.

Overall, Edly is an option for students with no income or credit history who are looking for a small loan to cover their tuition fees, but that they may end up paying more in the long run. Please be careful.

There are plenty of traditional student loan lenders worth trying before Edly. Browse our selection to find the best private student loans to see if you’re a better fit .

learn more

methodology

Investopedia is dedicated to providing consumers with unbiased and comprehensive reviews of student loan lenders. We collected thousands of data points (loan types, interest rates, fees, loan amounts, repayment terms, etc.) from 30 lenders to help our readers make the right borrowing decisions for their educational needs.