Question 1

Who is Edly?

Accepted Answer

Launched in 2019, Edly is a student lending platform that helps US students close the tuition funding gap by offering income-based repayment (IBR) student loans -- an alternative to traditional private student loans. Edly loans are issued by Transportation Alliance Bank, Inc. d/b/a TAB Bank.

Question 2

What type of loans are offered?

Accepted Answer

Income-based repayment (IBR) loan options through Edly are based on the borrower’s future income. These types of payments are designed to be affordable as they continuously adjust with your post-graduation income. The IBR Student Loan products offered are designed for students in qualifying, degree-seeking college and university programs. IBR Career Training Loan products through Edly are designed for students pursuing certificates and/or career training in programs and schools including coding bootcamps, allied health and similar fields.

Question 3

How do I contact Edly?

Accepted Answer

You can contact Edly a few different ways. If you are a student borrower, you can reach us by phone at 914-775-8299, Monday through Friday from 8 am to 4 pm EST, or you can email us at students@edly.info. mailto:students@edly.info If you are a school staff member you can reach us by phone at 914-775-8299 or you can email us at schools@edly.info. mailto:schools@edly.info

Question 4

How do I get in contact with the Edly loan servicing department?

Accepted Answer

The loan servicing department can be reached by phone at 800-233-0557, Monday through Friday from 8 am to 9 pm EST, or your loan servicing portal, aesSuccess.org https://www.aessuccess.org/ .

Question 5

How do I apply?

Accepted Answer

To see if you’re eligible, start by checking your terms. /get-start We’ll run some initial eligibility checks to see if we support your education institution. If we do, we’ll show you some preliminary terms to get an idea of what you might be approved for.

Question 6

How long does the application process take?

Accepted Answer

The application process should take less than 10 minutes! To be best prepared, have all of your personal and school information available. If you are applying with a co-signer, the process may take longer.

Question 7

What is an income-based repayment (IBR) loan?

Accepted Answer

An IBR loan is a repayment plan that is based on your income. Borrowers with an IBR loan will pay a percentage of their income after landing a job paying above the minimum income threshold of $30,000.

Question 8

How can I check on the status of my application?

Accepted Answer

You can log into your Edly account and click on the application you want to review. The activity bar will let you know where you are in the process and what your next steps are.

Question 9

Can I make edits to my application?

Accepted Answer

You can make edits to your application from your dashboard. If you want to adjust your funding amount, you can do so up until your school approves your application. If you want to cancel your application, you can do so up until 3 days after your school has approved your application.

Question 10

Can I use this loan for a past due balance?

Accepted Answer

Applications can cover past due balances up to one year in the past.

Question 11

What are the benefits of an IBR No Cosigner Student Loan?

Accepted Answer

An IBR No Cosigner Student Loan empowers students to establish their own credit history. Students have the opportunity to borrow the cost of attendance at one of the select programs. Borrowers will make small, in-school payments then payments will become income-based upon graduation if you are earning an income greater than the minimum threshold of $30,000.

Question 12

What are the benefits of an IBR No Cosigner Career Training Loan?

Accepted Answer

The IBR No Cosigner Career Training Loan is designed for students pursuing certificates and/or career training in programs and schools including coding bootcamps, allied health and similar fields. Students have the opportunity to borrow the cost of attendance at one of the select programs. The IBR No Cosigner Career Training Loan empowers students to establish their own credit history. Repayments are scheduled to begin after graduation, provided that the student is employed and earning an income greater than the minimum threshold of $30,000.

Question 13

What are the benefits of adding a cosigner?

Accepted Answer

Adding a cosigner into your loan application may offer several advantages, such as increased approval chances and peace of mind if you need help making a payment. You’ll also have the benefit of building credit in your name and potentially better rates with the comfort of a cosigner.

Question 14

What is “cosigner release?”

Accepted Answer

Cosigner release is the process whereby you release your cosigner from the loan contract that you jointly signed. You will be eligible to apply to release your cosigner after you have made six consecutive, in-full, qualifying post-graduation payments, which can happen in less than a year after graduation. To release your cosigner you will also have to pass a credit check, have a minimum FICO score of 600 and a debt-to-income (DTI) ratio of no more than 25%. Student borrowers will need to complete an application to release the cosigner.

Question 15

How long does it take for my school to get the funding?

Accepted Answer

Upon submission of your application, Edly will forward it to your school for review and approval. Once your school approves the application, Edly will disburse the approved funds directly to your school within 30 days, or on a date specified by the school.

Question 16

Do you run a credit check?

Accepted Answer

For the IBR No Cosigner Student Loan, Edly runs a soft credit pull for prequalification which has no effect on your credit score. If you pass the soft pull and opt to proceed with your application, we then run a hard credit pull before providing final approval. For the IBR Cosigned Student Loan, Edly runs a soft credit pull for prequalification and only runs a hard credit pull on the cosigner before providing final approval. Upon a request for cosigner release, Edly will run a hard credit pull on the student borrower as well as income verification to determine eligibility for the cosigner release.

Question 17

How do I upload my transcript?

Accepted Answer

During the application process, Edly uses MeasureOne to help connect your transcript. In case you encounter difficulties locating your school while attempting to link your transcript, you have the option to click on 'Having trouble?' to manually upload your transcript instead.

Question 18

How do I see if I am eligible?

Accepted Answer

To see if you’re eligible, start by checking your terms. /get-start We’ll run some initial eligibility checks to see if we support your school, major and graduation date. If we do, we’ll show you some preliminary loan terms – with no impact to your credit score – to get an idea of what you might be approved for. Before applying, we always encourage you to complete the Free Application for Federal Student Aid (FAFSA) form and take advantage of all federal student loan options and financial aid available to you.

Question 19

How much funding can I get from an Edly IBR loan?

Accepted Answer

Students may borrow up to $100,000 to cover qualified educational expenses. If a program has a custom cost designated by the school, the borrowing limit may be adjusted accordingly.

Question 20

What is the difference between an IBR No Cosigner Student Loan and an IBR Cosigned Student Loan?

Accepted Answer

IBR No Cosigner Loans allow students to receive tuition funding on their own and to begin building credit in their own name. Such loans require in-school payments as little as $10/month. IBR Cosigned Loans are available to a wider range of programs. If you initially apply for a no cosigner loan at a supported school but do not qualify, you will have the option to add a cosigner to your application if you meet the eligibility requirements.

Question 21

Can international students apply?

Accepted Answer

Only U.S. citizens or U.S. permanent residents are supported at this time.

Question 22

What are the enrollment requirements?

Accepted Answer

Borrowers applying for a student loan are required to be enrolled at least half-time at a qualifying institution.

Question 23

What if I can’t find my school?

Accepted Answer

If you cannot find your school in the drop-down menu, your school is not currently supported at this time.

Question 24

What if my state is not listed?

Accepted Answer

If your state of residence is not listed, then we can unfortunately not support you at this time. Edly IBR Student Loans are currently available to residents of all US states except Colorado, Connecticut, Illinois, Maine, Nebraska, Puerto Rico, Vermont, and West Virginia.

Question 25

How do I make my monthly payments?

Accepted Answer

You can make your monthly payments and view your account at aesSuccess.org https://www.aessuccess.org/. If you have not created an account yet, you can do so by using the email you used to apply for your application for your IBR loan and then create your password. You can visit your Edly dashboard at any time to find out more information about how to make a payment and access your loan servicing account.

Question 26

Do I have to make in-school payments?

Accepted Answer

If you choose to take out an IBR No Cosigner Loan, you will make in-school payments as little as $10/month. If you choose an IBR Cosigned Student Loan, there are modest in-school payments as low as $100. These payments depend on the amount you borrow.

Question 27

How can I set up AutoPay?

Accepted Answer

You can set up AutoPay by navigating to your Edly dashboard. Within your application you will have an option to turn on AutoPay. If you have completed your application and the funds have not been disbursed to your school yet, you can turn on AutoPay from your loan dashboard or in your settings. If your funds have already been disbursed to your school and you want to enroll in AutoPay, log in to your loan servicing portal here, aesSuccess.org https://www.aessuccess.org/. and submit a form to enroll in AutoPay. Incentives apply to those who enroll in AutoPay!

Question 28

How can I request forbearance?

Accepted Answer

To request forbearance, please log in to your Edly Student Dashboard at student.edly.com/login /login. Once logged in, select your loan application and choose the “Apply for Forbearance” option. Complete and submit the forbearance form. Our team will review your application within 3 business days. If you have any questions regarding forbearance, you can contact us at careercounselor@edly.info mailto:careercounselor@edly.info.

Question 29

When do payments begin?

Accepted Answer

In-school payments begin in the third month after you take out the loan. One month after you graduate from the program, your loan switches to an income-based repayment plan.

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