Future Teachers, Social Workers, and Journalists Now Have Access to Income-based Student Loans

Edly brings affordable and flexible tuition financing to students pursuing careers with high social impact

NEW YORK, March 22, 2022 /PRNewswire/ -- The innovative leader in income-based repayment loans, Edly, announced that it is broadening student loan financing to eight new fields of study focused on careers with high social impact, including teaching, social work and journalism. More than 530,000 students graduate each year to pursue careers with high social impact in the US and they face a combined tuition funding gap of more than $5 billion. By expanding access to its affordable and flexible student loan solution, Edly is advancing its core mission to deliver a positive social impact by providing students with access to tuition funding that might not otherwise be available due to a lack of credit history or co-signer. It is also the first and only student loan platform facilitating income-based repayment loans to students in the new fields of study. Loan applications can be submitted starting immediately.

 "Students should be able to pursue high impact careers, and access the tuition funding they need to do so, even if that means accepting a lower salary upon graduation," said Chris Ricciardi, CEO of Edly. "That's why we're bringing the accessibility and flexibility of our income-based repayment loans to more students passionately pursing high social-impact careers. We empower students to enter careers that can positively impact society, spur social change and create transformative benefits for communities."

Students pursuing a degree with the potential for high social impact face an estimated $10,000 funding gap—the difference between tuition and available Federal student loan funding. Edly's first-of-its-kind loan platform is designed to meet this need without the need for credit scores or co-signers by aligning students' future economic success with the ability to generate investment opportunities for social impact-oriented investors.

Edly is a platform which connects students and investors looking to support students by investing in their tuition funding. Accredited and institutional investors interested in financing the next generation of high impact careers can do so by investing in the EdlyOutcomes High Impact strategy. This unique approach consists of loans made to students whose schools and fields of study have an above-average likelihood of creating positive social impact but who don't necessarily have high expected earnings. By providing a platform for interested and qualified investors, Edly has made it possible to provide its affordable education financing solution available to more than half a million students who desire to make a social impact but who may be unable to graduate college because of a funding gap.

Edly recently took three major steps in its own growth, bolstering its C-suite, securing $175 million in new funding, and acquiring Avenify—a leader in student financing for nursing school and long-time Edly partner. These moves in Edly's rapid growth come at a critical moment for US student borrowing, as the federal student loan repayment moratorium is set to expire on May 1, 2022.

For more information about Edly or to check loan terms visit: www.edly.co.

About Edly
Edly is a platform that connects students looking to fund college tuition with investors looking to support social impact investments in education. Edly focuses on a type of tuition funding known as income-based repayment loans ("IBR loans"), the only regulated student lending model of its kind in the private sector. Students benefit from a repayment process that is tailored specifically to their starting salary and adjusts with their professional progress. This unique model uses historical data about student outcomes from sources such as the Department of Education, the Bureau of Labor Statistics, private databases, and Edly's proprietary data to underwrite the likely success of student borrowers without relying on traditional credit scores or co-signers. This has enabled Edly to facilitate more flexible, affordable, and accessible education funding for students pursuing degrees in nursing, teaching, journalism, social work, STEM, accounting and more. Edly has funded more than 4,000 students since its launch in 2019 and is available to provide education financing to students at more than 1,800 of the leading US colleges and universities. All student IBR loans are unsecured personal student loans originated by FinWise Bank, a Utah chartered commercial bank, member FDIC.

SOURCE Edly, Inc.