According to a news release this week, the student loan platform Edly, which offers income-based repayment options, has acquired the nursing school financing company Avenify to combine their respective products and make the cost of loans less of a hurdle to prospective nursing students.
Edly’s program, which will adjust a nursing student’s repayment schedule according to their future salary, aims to help alleviate a shortfall of more than 1 million nurses at clinics and hospitals during COVID-19. The acquisition of Avenify also comes as the federal student loan repayment moratorium is set to expire May 1.
“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 health care because of an unaffordable student debt burden or inability to secure a loan,” Edly CEO Chris Ricciardi said in a public statement. “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.”
Edly also announced plans to expand its executive leadership team and customer base following the acquisition, naming former Capital One Digital Marketing Director Rob Caskey as its new chief operating officer.
“Edly’s innovative approach to education financing offers a unique solution to our nation’s student debt crisis,” Caskey said in a public statement. “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.”
