EdAid

EdAid is a funding platform for higher education[1][2]. EdAid partners with university and professional schools to defer tuition payment, interest-free.[3]

EdAid
IndustryFinTech, Student Finance, Charity, Non-Profit
FounderTom Woolf
HeadquartersLondon, SW1E
United Kingdom
Websitehttp://www.edaid.com/

History

EdAid was founded by Tom Woolf (CEO), the former Mission Chief of JustGiving Middle East and Africa[4] 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.[5] EdAid received regulatory approval from the Financial Conduct Authority (FCA; formerly the FSA) in February 2016[6][7][8] and was launched in March 2016.[3]

Process

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[6][7] and students are validated through a three-phase process that includes identity, fraud and AML checks[9] before starting an application.[10] 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.[11][12]

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.

Fees

EdAid charges a technology and processing fee to the education provider and zero fees to the student.[13] 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.[14] 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.[15]

EdAid Foundation

The EdAid Foundation is a UK-registered charity[16][17] that provides matched funding from corporations, trusts, high net-worth individuals and alumni.

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See also

References
  1. "The benefits of peer-to-peer lending". Esquire Middle East. Retrieved 7 July 2016.
  2. "Innovate Finance dubs UK a fintech diversity hub". Retrieved 8 July 2016.
  3. "Euromoney Magazine". Euromoney. Retrieved 7 July 2016.
  4. "Brief: Former Mission Chief For JustGiving Tom Woolf Set to Launch New Crowdfunding Platform Dedicated to Students". Crowdfund Insider. 14 August 2015. Retrieved 7 July 2016.
  5. "InnerTalks 4, 30th April 2015". InnerFight. Retrieved 7 July 2016.
  6. Williams, Aimie (1 April 2016). "Big peer-to-peer lenders still awaiting Isa approval". Financial Times. Retrieved 7 July 2016.
  7. "Just 11 providers FCA authorised for IFISA launch | Financial Reporter". www.financialreporter.co.uk. Retrieved 7 July 2016.
  8. "Only 9% of P2P platforms fully regulated - FTAdviser.com". www.ftadviser.com. Retrieved 8 July 2016.
  9. "EdAid Principles". www.edaid.com. Retrieved 7 July 2016.
  10. Green, Harriet (8 October 2015). "The future of education finance is here". Retrieved 7 July 2016.
  11. "Time to end "cloak and dagger" student loans says EdAid entrepreneur | Quintin Hogg". www.theqh.co.uk. Retrieved 8 July 2016.
  12. "EdAid FAQ". edaid.com. Archived from the original on 28 August 2016. Retrieved 7 July 2016.
  13. "New Platform Targets UK Students - AltFi News". Retrieved 7 July 2016.
  14. Payne, Aaron (14 August 2015). "Crowdfunding platform set up to help students". Retrieved 7 July 2016.
  15. "Industry Interview: Lawrence Wintermeyer, CEO of Innovate Finance | Verdict Financial". www.verdictfinancial.com. Retrieved 7 July 2016.
  16. "Edaid Foundation - Total Giving - Donate to Charity | Online Fundraising for Charity UK". www.totalgiving.co.uk. Retrieved 7 July 2016.
  17. "EDAID FOUNDATION :: OpenCharities". opencharities.org. Retrieved 7 July 2016.
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