Edly acquires Avenify to expand funding for nursing student education; announces new CEO

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The Nation’s Only Income-Based Repayment Lending Platform Reinforces Its Commitment to Empowering the Next Generation of Professionals with Flexible Education Financing

NEW YORK, January 20, 2022 /PRNewswire/ — Edly, the nation’s only student loan platform offering income-based repayment (IBR) loans to the private sector, today announced its acquisition of student finance leader Avenify for nursing schools. With this purchase, Edly will expand its social impact and enable more nursing students to access the company’s affordable, flexible and secure education financing solution. The company also announced that it was expanding its management team, appointing Rob Caskey as Chief Operating Officer. These latest stages of Edly’s rapid growth come at a critical time for U.S. student loans, as the federal student loan repayment moratorium is set to expire on May 1, 2022, and the country faces a critical shortage of more than 1.1 million nurses[i] on the front line of the American healthcare system.

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Edly is helping solve a long-standing challenge for higher education in America: how to affordably close the funding gap for students whose education funding 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 on underwriting the cost of specific schools and programs by basing future payments loan against a student’s real salary, which reduces uncertainty. and the risk many face when choosing how to finance their education.

“Our country is grappling with a critical shortage of nurses, a crisis that worsens each time a promising student fails to graduate or pursue their passion for health care due to indebtedness. unaffordable student or his inability to get a loan,” said Chris Ricciardi, CEO of Edly. “Our acquisition of Avenify helps us continue our mission to ensure that the next generation of college-educated professionals, in this case nurses, can achieve their full potential.”

The acquisition of Avenify strengthens Edly’s position as the income-based loan provider of choice for nursing students. Avenify, Edly’s long-time partner, was recognized[ii] as one of the best loan platforms for nursing students. By combining expertise and operations, Edly continues to bring economies of scale to its IBR lending platform, reducing the cost of loans over time and creating more accessible student financing.

The addition of Rob Caskey as COO will help Edly pursue its mission and capitalize on the potential of the combined companies. A veteran of operations, strategy and marketing who brings deep experience in early-stage companies and products, Mr. Caskey joins Edly from Capital One where he oversaw digital marketing for the company’s Mainstreet card segment. Fortune 100. Along with Edly, Caskey will be responsible for guiding the company’s growth and helping develop its sales, marketing and operations infrastructure.

“Edly’s innovative approach to education financing offers a unique solution to our nation’s student debt crisis,” Caskey said. “My goal is to provide greater access to Edly loans for students while educating students and investors who want to have a positive social impact on America’s higher education landscape. I’m excited to join Edly at some point. as important for the company and an important moment for student loans in the United States.”

“We are delighted to bring Rob’s experience and expertise to our management 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, Diploma in Finance from James Madison University.

For more information on Edly or to check loan terms, visit student.edly.co.

About Edly
Edly is a platform that connects students wishing to finance tuition fees with investors wishing to support social impact investments in education. Edly focuses on a type of tuition financing known as income-based repayment loans (“IBR loans”), the only regulated student loan model of its kind in the private sector. Students benefit from a reimbursement process specifically adapted to their starting salary and adjusting to their professional development. This unique model uses historical student performance data from sources such as the Department of Education, Bureau of Labor Statistics, private databases, and proprietary Edly data to ensure student borrower success is likely without relying on traditional credit ratings or co-signers. This has allowed Edly to provide more flexible, affordable, and accessible education funding for students pursuing studies in nursing, STEM, accounting, and more. Edly has funded over 4,000 students since its launch in 2019 and is available to provide educational funding to students at over 1,500 of America’s leading colleges and universities. Edly’s IBR Student Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC.

[i] American Nurses Association, Workforce: the shortage of nurses

[ii] Nerd Wallet, 8 best student loans without a cosigner January 2022 and Five star rating

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SOURCEEdly, Inc.

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