Edly, a student loan platform offering income-based repayment (IBR) options, has recently announced that it has acquired Avenify, a leader in student financing for nursing school.
Through this acquisition, Edly will expand its social impact and provide more nursing students with access to the company’s affordable, flexible and secure education financing solution, said a press statement. The acquisition comes at a critical moment for US student borrowing, as the federal student loan repayment moratorium is set to expire on May 1, and the nation faces a critical shortfall of more than 1.1 million nurses on the front line of America’s health care system, added the statement.
Edly has also announced that it is growing its executive leadership team, naming former Capital One Digital Marketing Director Rob Caskey as its new chief operating officer. With Edly, Caskey will be responsible for guiding the company’s growth and helping build out its sales, marketing, and operations infrastructures.
Launched in 2019, Edly is a platform that connects students looking to fund college tuition with investors looking to support social impact investments in education. The platform 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 loan platforms it offers, which primarily focuses 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.
Speaking on the development, Chris Ricciardi, CEO of Edly, said in a statement,
“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. Our acquisition of Avenify helps us pursue our mission to 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 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.
Rob Caskey, the newly named COO of Edly, said,
“Edly’s innovative approach to education financing offers a unique solution to our nation’s student debt crisis. 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.”
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. Edly has funded more than 4,000 students since its launch and is available to provide education financing to students at more than 1,500 of the leading US colleges and universities.