Edly Acquires Avenify to Expand Education Funding for Nursing Students; Announces New Chief Operating Officer | National News
NEW YORK, January 20, 2022 /PRNewswire/ — Edly, the nation’s only student lending platform offering income-tested repayable (IBR) loans to the private sector, today announced it has acquired Avenify, a leading provider of student financing for nursing schools. With this purchase, Edly expands its social impact and gives more nursing students access to the company’s affordable, flexible and secure education financing solution. The company also announced that it is expanding its leadership team, Naming Rob Casey as Chief Operating Officer. These latest steps in Edly’s rapid growth come at a critical time for US student borrowing as the federal moratorium on student loan repayments expires on May 1, 2022, and the nation is facing a critical deficit of more than 1.1 million nurses[i] at the forefront of the American healthcare system.
Edly is helping solve a long-standing challenge for higher education in America: how to cost-effectively close the funding gap for students whose educational funding needs exceed what is available through federal programs. It does this through the unique IBR loans it offers – currently available to students with Nursing, STEM, and Accounting degrees – which primarily focus on the costs of specific schools and programs by basing future loan payments on an individual’s actual salary Support students, reducing the uncertainty and risk many face when making choices about funding their education.
“Our country faces a critical shortage of nurses, a crisis that is exacerbated every time a promising student fails to graduate or pursue his passion for healthcare because the student debt burden is prohibitive or he is unable is to get a loan,” he said Chris Ricciardi, CEO of Edly. “Our acquisition of Avenify helps us pursue our mission of ensuring the next generation of graduate professionals, in this case nurses, can reach their full potential.”
The acquisition of Avenify solidifies Edly’s position as the income-based loan provider of choice for nursing students. Avenify, a longtime Edly partner, was 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 borrowing costs over time and creating more accessible student financing.
The adding of Rob Casey as Chief Operating Officer, Edly will help continue his mission and realize the potential of the combined companies. A veteran operations, strategy and marketing leader, bringing extensive experience with early-stage companies and products, Mr. Caskey joins Edly from Capital One, where he led digital marketing for the Fortune 100 company’s main street card segment. Along with Edly, Caskey will be responsible for driving the company’s growth and helping to build out its sales, marketing and operations infrastructure.
“Edly’s innovative approach to education financing offers a unique solution to our nation’s student debt crisis,” said Caskey. “My goal is to provide students with greater access to Edly loans while raising awareness among students and investors interested in making a positive social impact on the American higher education landscape. I’m excited to join Edly at such an important time for the company and moment for student loans in the US.”
“We are excited to bring Rob’s background and expertise to our leadership team,” added Ricciardi. “Edly is focused on building the right team and 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 review loan terms, visit student.edly.co.
Edly is a platform that connects students looking to fund tuition with investors looking to support social investment in education. Edly focuses on a form of student finance known as an income-tested payback loan (“IBR Loan”), the only regulated student loan model of its kind in the private sector. Students benefit from a payback process that is specifically tailored to their starting salary and scales with their career progression. This unique model uses historical data on student outcomes from sources such as the Department of Education, Bureau of Labor Statistics, private databases and Edly’s proprietary data to substantiate 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 educational 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 educational funding to students at more than 1,500 of the top US colleges and universities. Edly IBR student loans are unsecured personal student loans issued by FinWise Bank, a Utah Chartered Commercial Bank, member of the FDIC.
[i] American Nurses Association, Workforce: The Nursing Shortage
[ii] NerdWallet, 8 best student loans without co-signers by January 2022 and five star rating
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SOURCE Edly, Inc.