Edly Acquires Avenify for Income-Based Nursing Student Loans
As healthcare worker shortages and nursing school tuition across the country continue to rise, companies specializing in student finance services and online loans are offering programs to help students low-income people find their way in health care.
According to a press release this week, student loan platform Edly, which offers income-based repayment options, has acquired nursing school finance company Avenify to combine their respective products and make the cost of loans less expensive. constraining for future nursing students.
Edly’s program, which will adjust a nursing student’s repayment schedule based on their future salary, aims to help fill a deficit of more than a million nurses in clinics and hospitals during the COVID-19. The acquisition of Avenify also comes as the federal student loan repayment moratorium is set to expire on May 1.
“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 their inability to get a loan,” Edly CEO Chris Ricciardi said. said in a public statement. “Our acquisition of Avenify helps us continue our mission to ensure the next generation of college-educated professionals, in this case nurses, can reach their full potential.”
Edly also announced plans to expand its management team and customer base following the acquisition, appointing former Capital One chief digital marketing officer Rob Caskey as chief operating officer.
“Edly’s innovative approach to education funding provides a unique solution to our country’s student debt crisis,” Caskey said in a public statement. “My goal is to provide greater access to Edly loans for students while educating students and investors who want to make a positive social impact on America’s higher education landscape.”