NEW YORK, Jan. 20, 2022 /PRNewswire/ -- Edly, the nation's only student loan platform offering income-based repayment (IBR) loans in the private sector, today announced its acquisition of Avenify, a leader in student financing for nursing school. Through this purchase Edly will expand its social impact and provide more nursing students with access to the company's affordable, flexible and secure education financing solution. The company also announced that it is growing its executive leadership team, naming Rob Caskey as chief operating officer. These latest steps 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, and the nation faces a critical shortfall of more than 1.1 million nurses[i] on the front line of America's health care system.
Edly helps solve a long-time challenge for higher education in America: how to affordably close the funding gap for students whose education financing needs exceed what is available through federal programs. It does this through the unique IBR loans it offers—currently available to students pursuing degrees in nursing, STEM, accounting—which primarily focus underwriting on the cost of specific schools and programs by basing future loan payments on a student's actual salary, alleviating the uncertainty and risk many face in choosing how to finance their education.
"Our country is staring down a critical shortage of nurses, a crisis made worse every time a promising student fails to graduate or pursue their passion for healthcare because of an unaffordable student debt burden or inability to secure a loan," said Chris Ricciardi, CEO of Edly. "Our acquisition of Avenify helps us pursue our mission of ensure that the next generation of college-educated professionals, in this case nurses, can realize their full potential."
The acquisition of Avenify solidifies Edly's position as the income-based loan provider of choice for nursing students. Avenify, a long-time Edly partner, has been recognized[ii] as one of the best lending platforms for nursing students. By combining expertise and operations, Edly continues to bring economies of scale to its IBR lending platform, lowering the cost of loans over time and creating more accessible student financing.
The addition of Rob Caskey as chief operating officer will help Edly continue its mission and capitalize on the potential of the combined companies. A veteran operations, strategy and marketing leader who brings deep experience with early-stage companies and products, Mr. Caskey joins Edly from Capital One where he oversaw digital marketing for the Mainstreet card segment of the Fortune 100 company. With Edly, Caskey will be responsible for guiding the company's growth and helping build out its sales, marketing and operations infrastructures.
"Edly's innovative approach to education financing offers a unique solution to our nation's student debt crisis," said Caskey. "My objective is to provide greater access to Edly loans for students while also raising awareness with students and investors keen on having a positive social impact on America's higher education landscape. I'm pleased to be joining Edly at such an important time for the company and significant moment for student loans in the US."
"We're pleased to bring Rob's background and expertise to our leadership team," added Ricciardi. "Edly is focused on building the right team and the right partners to make a difference."
Caskey holds a master's degree from The George Washington University School of Business and Public Management and a Bachelor of Business Administration, finance degree from James Madison University.
For more information about Edly or to check loan terms visit student.edly.co.
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 provide more flexible, affordable and accessible education funding for students pursuing degrees in nursing, 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 1,500 of the leading US colleges and universities. Edly student IBR loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC.
[i] American Nurses Association, Workforce: The Nursing Shortage
[ii] NerdWallet, 8 Best Students Loans Without a Co-Signer of January 2022 and Five Star Rating
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SOURCE Edly, Inc.