Edly

Edly is a student loan platform founded in 2019 that offers income-based repayment (IBR) loans — a category of private student loan where monthly payments scale with the borrower's future income rather than being fixed from day one. The product is structured so that borrowers don't begin making payments until their income reaches a defined threshold (typically $30,000 in annual earnings), and payments stop if income drops below that threshold. This makes Edly fundamentally different from traditional private student loans like Sallie Mae or SoFi, where repayment begins regardless of employment status or earnings level.

The platform targets a very specific borrower profile: U.S. domestic students in their junior year, senior year, or graduate school, attending eligible institutions, who don't have a cosigner available. Loan amounts top out at $25,000 per academic year and $75,000 total across a student's academic career — materially lower than what a traditional private lender would provide for full tuition at a private university. The repayment structure is defined by the Income Share Percentage (typically 7%–12% of income for 60 months), an Earnings Cap that prevents payments from exceeding roughly 2.25x the borrowed amount, and a 30-year term ceiling. Edly also offers a 50% interest-rate discount during school, which reduces the accruing balance before graduation. Loans on Edly are originated through FinWise Bank.