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|Industry||FinTech, Student Finance, Charity, Non-Profit|
EdAid was founded by Tom Woolf (CEO), the former Mission Chief of JustGiving Middle East and Africa and Accenture Financial Services Strategy alumni. He is also a former professional athlete and remains involved in sports as the current Head Coach for Nike Middle East. EdAid received regulatory approval from the Financial Conduct Authority (FCA; formerly the FSA) in February 2016 and was launched in March 2016.
EdAid lets students defer tuition fees, interest-free.
Study now, pay later is the mechanism by which students from underrepresented communities can get fair, affordable access to higher education.
EdAid ensures that students and their education provider have shared risk, shared reward model that builds greater level of equity into Higher Education.
EdAid is regulated by the Financial Conduct Authority and students are validated through a three-phase process that includes identity, fraud and AML checks before starting an application. Students must be on a UK, US, Canadian or Australian accredited course with the permanent right to remain in their country of study after graduation.
EdAid has offices in the United Kingdom, United States of America, Canada, Ireland, the United Arab Emirates and Australia.
EdAid will fund 10,000 students in 2020, typically doubling household income for the students it funds.
EdAid charges a technology and processing fee to the education provider and zero fees to the student. from successfully funded students which cover legal, regulatory, banking and administrative costs. Repayments are pegged to the rate of the Consumer Price Index without additional interest charges. Students will typically start to repay 10% of their monthly salary after they graduate and are in full-time employment, although EdAid also offers some regular payment plans on certain courses.
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