Edly Student Loans Review

When applying for funding, borrowers can request up to the maximum amount allowed by Edly for the particular school, program, and semester. This amount can range from $5,000 to $15,000 per academic year, and up to $25,000 lifetime If approved, borrowers will be presented with the details of their loan terms, including the IBR percentage, the initial monthly payment, and initial APR before having to complete their application. Students with an IBR No Cosigner Student Loan begin repayments four months after graduation, and are only required to do so if they meet the minimum required income.

Therefore, if a student with this loan graduates but earns less than $30,000 gross income per year and is actively seeking employment in their field of study, repayments are deferred until such time as the minimum income threshold is met (with the IBR Cosigned Student Loan, students also make modest in-school payments in addition to their post-graduation payments).

To pay off their IBR loans, borrowers must meet one of various options for repayment which include number of payments, repayment caps, maximum APR, or maximum payment window. As an example, we applied for an IBR No Cosigner Student Loan that gave us $10,000 with specific preliminary repayment terms. We would pay off our $10,000 loan if we fulfilled one of the following options:

● Make 84 regularly scheduled monthly payments
● Meet the repayment cap of 2.25 times the loan amount (in this case, since the initial loan was for $10,000, the max total repayment amount would be $22,500)
● Prepay at any time by paying the maximum APR, which is 23%
● Arrive at the maximum payment window of 12 years (which establishes that borrowers who have adhered and met the terms but have not fulfilled the loan, will have done so at 12 years’ time)

Additionally, borrowers may request hardship forbearance if they lose their job or if their income dips below the minimum requirement.

● Minimum Loan Amount : $5,000
● Maximum Loan Amount : $15,000 per academic year, $25,000 lifetime
● Loan Term: 84 months post graduation
● Repayment Options: Deferred, Fixed, Immediate

To begin the process, borrowers must check their terms by providing information about themselves (name, email, phone, citizenship) and their education goals (university, major, degree, funding semesters, graduation date, and funding amount). With this information, Edly determines which loans you may qualify for. If you’re enrolling in a school and program that is eligible, Edly presents initial terms to provide a general sense of what might be approved. Borrowers will not need a cosigner to be considered for an IBR No Cosigner Student Loan. But there is a minimum credit score requirement for this loan product. Student borrowers without a FICO score may still be approved. Students who do not qualify on their own, or who prefer to apply with a cosigner may apply for the IBR Cosigned Student Loan.

Borrowers who need to contact customer support can do so by chat, email, or phone. Live chat is offered during business hours, but outside of business hours and during busy times specialists typically reply within one business day. Edly’s customer service number is 888-4MY-EDLY.

Although Edly’s website does not contain an extensive learning resource center, it does include an impact statement that explains the problems with unaffordable student debt, the existing options, and the alternatives to traditional options. It also provides the guiding principles behind IBR lending and how it relates to students.

Further, students who are eligible for funding can use the payment estimator feature to calculate how much they would pay using Edly versus a traditional private loan.

Being a newcomer in the student loan industry, Edly does not have much online presence in terms of customer reviews. The company does not have either a BBB or Trustpilot profile. We expect that, as more time passes and more borrowers use the service, online customer reviews will start to appear.