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Edly Student Loans Review | Student Loans and Advice

Borrower tip: Refinancing federal student loans into a private student loan can make you ineligible for certain types of protections, such as income-driven repayment plans, federal debt forgiveness programs and forbearance/deferment options through the Department of Education.

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Edly offers income-based undergraduate and graduate student loans at schools across the U.S. with no co-signer required. Loans are unavailable for parents or international students, and Edly does not provide student loan refinancing.

Students can prequalify for an Edly loan online at student.edly.co to determine loan eligibility and terms. Prequalifying will not affect your credit score.

You can accept the loan online if you are ready to agree to the terms, and Edly will send your information to your school for certification. Funding can take between two and five weeks, according to the lender.

Edly’s income-based repayment student loans feature somewhat different terms from traditional student loans. Income-based payments are designed to be affordable and adjust with your income, according to the lender.

How it works: Your initial effective annual percentage rate will be between 9.4% and 23%, but your APR will adjust with your salary each year. Your loan will be paid off after you clear 2.25 times the loan amount, excluding late fees or returned check fees, make all scheduled payments, or reach the effective APR cap of 23% – whichever comes first.

Borrowers make a maximum of 84 monthly payments, and your specific loan terms will be provided if you are approved.

The lender charges origination, returned check and late fees. You could owe an origination fee of up to 5%; a $25 fee for returned check or nonsufficient funds payments; and a late charge of 6% or $25, whichever is less, for paying more than five days late.

Edly provides autopay discounts, but the amount depends on your offer from the lender.

You can prequalify online to see if you are eligible for an Edly student loan and check your terms. If you meet the initial requirements, you can proceed with the loan application. Edly does not accept co-signers.

Borrowers must be U.S. citizens or permanent residents, be enrolled in a school and major supported by Edly, and expect to graduate within the standard time frame.

The minimum loan amount is $5,000. Students can borrow up to $15,000 per academic year, $10,000 per summer semester and $25,000 total.

No minimum FICO score or credit history is required to apply for an Edly student loan. If you decide to apply, the lender will use a soft pull that won’t hurt your credit score to look for adverse credit history, such as defaults or collections, before approval.

Edly operates in most U.S. states but cannot fund residents of Colorado, Iowa, Maine, Vermont or West Virginia.

Edly loans are issued by Utah’s FinWise Bank, which receives an A rating from the Better Business Bureau. FinWise Bank rates 3.4 out of 5 stars, or average, based on only about a dozen reviews on Trustpilot.

The Consumer Financial Protection Bureau did not report complaints about either Edly or FinWise Bank in 2022.

You can call, chat with or email Edly’s customer service.

Call 914-775-9299 from 8 a.m. to 7 p.m. ET Monday through Friday for phone support. You can access chat support from 8:30 a.m. to 5:30 p.m. ET Monday through Friday on Edly’s website by clicking the blue icon at the bottom right of any page. Edly says it typically responds in 15 minutes or less by chat or email.

If you prefer email, click Contact at the top right of the lender’s homepage, complete the form, and someone will reach out to you.

Edly’s entire loan process, from application to disbursal, is handled online. Borrowers can prequalify online and use a loan servicing website to make online payments. The lender does not offer a mobile app.

All Edly loans start with a four-month deferment, which means you won’t start paying until four months after you are scheduled to graduate and only when you’re earning more than $30,000 annually. If you lose your job or your income drops below that threshold, your payments will be deferred.

Your options for payoff are to clear 2.25 times the loan amount, excluding late or returned check fees, to make 84 regular payments, or to reach the effective APR cap of 23% – whichever comes first. Your specific terms are provided upon approval, but the maximum number of payments will never exceed 84.

Loans are discharged upon death, or total or permanent disability.

  • Students nearing graduation.
  • Low-wage earners who need flexible repayment options..
  • Borrowers without a co-signer.

Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

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