Edly Student Loans Review

Edly offers something different with income-based private student loans

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Edly Student Loans

Edly Student Loans

Investopedia’s Rating

Our Take

Edly only offers income-based repayment (IBR) loans, with monthly payments based on a student's income after graduation. While students who make less than $30,000 don’t need to make payments, Edly carries a prepayment penalty and no cap on total repayment, which means you might end up paying more than with other loan providers.

  • Pros and Cons
  • Key Takeaways
  • Company Overview
Pros and Cons
  • Loan repayment based on income

  • No payments if you make under $30,000

  • No co-signers needed

  • No credit history needed to qualify

  • Prepayment penalty if you pay off loans early

  • Can only borrow up to $25,000

  • Not available in all states

  • Not available to freshman and sophomore students

Key Takeaways
  • Edly offers income-based repayment (IBR) loans to undergraduate and graduate students.
  • Student loans are available starting at $2,000, going up to $15,000 per semester, with a $25,000 aggregate cap.
  • Edly is not available to DACA recipients or international students.
  • Edly supports 45 states and Washington D.C.; it’s not available in Colorado, Iowa, Maine, Vermont, and West Virginia.
Company Overview

Edly is a student loan company that offers income-based loans to undergraduate and graduate students in the U.S. Edly loans are issued by FinWise Bank, a chartered commercial bank in Utah, member FDIC. Edly is only available to U.S. residents, and only offers loans to junior and senior students at qualifying schools.

  • Year Founded 2021
  • Official Website student.edly.co
  • Loans Offered Undergraduate, Graduate
  • Customer Service Email. Live chat. Phone: (844) 601-3534)

Edly Student Loans: Quick Look

Loan Type Effective Loan APR
Undergraduate loan  1%–23% 
Graduate loan  1%–23% 

Edly is a bit unusual and may be a good pick under certain circumstances, but there are many traditional student loan lenders out there; see our picks for the best student loans to help fund your education.

Pros Explained

  • Loan repayment based on income: Edly loan repayment is based on your income after you graduate, helping to make sure you can afford the loan.
  • No payments if you make under $30,000: If your annual income is under $30,000, you don’t have to make any monthly payments, effectively putting your loans into deferment until you make more.
  • No co-signers needed: Edly loans do not require a co-signer, and applicants can qualify even with a limited credit history. Edly states that applicants without co-signers are three times more likely to be approved with Edly than with traditional lenders.
  • No credit history needed to qualify: Edly considers more than just your credit profile, and you may be able to get a loan solely based on your major and academic performance.

Cons Explained

  • Prepayment penalty if you pay off loans early: If you want to pay off the loan early, you’ll be charged a prepayment fee of 23% of the total loan amount.
  • Can only borrow up to $25,000: The total amount that can be borrowed is $25,000, with a cap of $15,000 per semester. This will not be enough for many schools.
  • Not available in all states: Edly does not support applicants in several states: Colorado, Iowa, Maine, Vermont, and West Virginia.
  • Not available to freshman and sophomore students: Edly only offers loans to junior and senior students, so freshman and sophomore students cannot apply.

Student Loans Offered by Edly

Undergraduate/Graduate Student Loans

Edly offers income-based student loans for junior and senior undergraduate and graduate students at over 1,700 supported schools. Loan repayment terms are all set to five years in length, or upon completing 60 monthly payments. 

Loans don’t have specific interest rates; as mentioned, payments are based on your income and other criteria. This means the effective rate can vary wildly, from 1% to 23% APR. Repayment amounts are based on income, and graduates making less than $30,000 do not need to make payments.

Terms for Undergraduate/Graduate Loans
Loan APR 1%–23%
Loan amounts  $2,000–$15,000 ($25,000 total) 
Loan terms  60 months 

Loan Eligibility and Approval

To qualify for a student loan with Edly, you must meet the following eligibility requirements:

  • Be at least 18 years old or the age of majority in your state
  • Be a U.S. citizen or permanent resident
  • Be enrolled in a program for a bachelor’s or master’s degree
  • Be attending an eligible school
  • Have a valid Social Security number
  • Be a junior or senior, within 16 months of graduation
  • Cannot live in Colorado, Iowa, Maine, Vermont, and West Virginia
  • Must have a debt-to-income ratio below 36%

Edly does not have a required minimum credit score, and students can apply even without a credit history. Edly will also review your major to determine your future income potential.

DACA recipients and international students cannot qualify for a loan with Edly.

Are Co-Signers Required?

Edly does not require co-signers for loans, and in fact, does not offer co-signing for any of their available student loans. Students must qualify based on their own financial and academic information.

Is Loan Pre-Qualification Available?

Yes. Edly offers online pre-qualification that can be completed in just a few minutes. You will need to provide the following information:

  • Full name
  • Address
  • Estimated annual income
  • Estimated credit score
  • School name
  • Expected graduation date
  • Amount you'd like to borrow
  • Social Security number

Edly will run a soft pull of your credit profile for pre-qualification, and you will be able to choose loan terms to see potential rates.

Length of Time for Loan Approval and Disbursement

Loan applications are all done online, and approval is typically within the same day. Once approved, Edly will reach out to your school for certification. While the time to certify varies by school, the process typically takes two to four weeks. Some schools don’t accept funds until closer to enrollment. Once certification is complete, Edly will disburse funds to your school.

Loan Fees and Repayment Options

Loan Fees

Edly does not charge loan application fees, and there are no origination fees either. Prepayment doesn’t come with any additional fees either. But income-based repayment has a minimum payment amount required, and borrowers pay at the maximum APR percentage for the amount of time they have held the loan if they wish to pay off their loan early.

Loan Discounts

Edly does not offer loan discounts.

Repayment Options

Edly loans are based on income, though payments are not due while you are in school. Loans are either in deferment or repayment.

Here are the options available:

  • Deferred repayment: During school and for up to four months after graduation, loans are deferred. This means no payments are due, though interest will still accrue. If your income dips below $30,000 per year after graduating, you will be put into deferment as well. If you do not pay back the loan after 10 years, the rest of the balance is forgiven.
  • Income-based repayment: Edly loans offer income-based repayment terms, with monthly payment amounts based on a percentage of your income. If your income goes up, your payment will go up as well. If your income drops, so will your payment. Repayment is typically completed over a five-year period, constituting 60 monthly payments in all.


There are no rewards available from Edly.

Loan Forbearance and Discharge Options

Edly does not offer traditional forbearance or discharge, but does offer deferred loans, and an option for students to discharge remaining payments.

As mentioned above, Edly offers payment deferment for anyone making under $30,000. Payments are paused during this time, though you may need to send in current pay stubs or proof of job search. There is no time limit on this deferment period.

If your loan is not completely paid off (60 payments required) by the end of 10 years, the rest of your loan will be forgiven.

Is Student Loan Refinancing Available?

Edly does not offer student loan refinancing.

If you already have a loan and you’re looking to lower your rate, Edly won’t be for you. Check out our picks for the best student loan refinance companies to see your options.

Customer Service

Edly offers only basic contact information on its website, but you can contact the customer support team via email (students@edly.info), live chat, and phone.

The phone number is (914) 775-8299; support is available from Monday to Friday, 8 a.m. to 7 p.m. Eastern Time.

The Consumer Financial Protection Bureau (CFPB) did not include Edly, nor its funding bank (FinWise Bank) in its annual consumer report.

Applying for an Edly Student Loan

Edly offers online applications that begin with a simple pre-qualification. Once you are pre-approved, you can choose your loan details, and then complete the application by providing further information and documentation.

Some of the information you will need to provide includes:

  • Name
  • Address
  • Date of birth
  • Social Security number (for ID verification)
  • School of attendance
  • Expected graduation date
  • Requested loan amount

Edly doesn’t require income verification or a minimum credit score, though it will do a soft pull of your credit to check for any negative marks on your reports. After approval, Edly will request certification from your school before disbursing the loan.

We recommend applying for the Free Application for Federal Student Aid (FAFA) before applying for a private student loan. Federal loans typically have much better rates and terms than private student loans.

Alternative Choices

  Edly ISL Education Lending  Ascent 
Loan types offered Undergraduate Undergraduate; graduate; parent Undergraduate; graduate
Undergraduate fixed APR  N/A  3.85%–7.91%  4.62%–14.68% 
Undergraduate variable APR  1%–23% (IBR payment plan)  4.44%–8.98%  5.31%–13.57% 
Origination/administrative fee  None  None  None 
Repayment options  Deferment; income-based  Deferment; interest-only; full payment  Deferment; fixed; interest-only; full payment 
Refinancing available  No  Yes  Yes 

Final Verdict

Edly offers income-based student loans for borrowers who are looking for additional ways to pay for school. While the loans are easy to apply for, and monthly payments are based on your income to help make them affordable, you may end up paying quite a bit more overall than you would with other lenders.

Edly has high effective interest rates (up to 23%), and will charge a prepayment penalty if you want to pay off the loan early (prior to 60 completed payments). In addition, interest rates are not disclosed until you apply, and the payments will increase as you make more money.

Overall, Edly is an option for students with no income or credit history who are looking for a small loan to cover school expenses, but be aware that you may end up paying more in the long run.

There are many traditional student loan lenders out there who are worth trying before Edly. Browse our selections for the best private student loans to see if one might be a better fit.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected thousands of data points across 30 lenders—including loan types, interest rates, fees, loan amounts, and repayment terms—to ensure that we help readers make the right borrowing decision for their education needs.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Edly. "IBR Guiding Principles."

  2. Edly. "A better way to pay for school."

  3. Consumer Financial Protection Bureau. "Report of the CFPB Education Loan Ombudsman."