What is Climb Credit?
Climb Credit is a new kind of student lender.
Climb believes education is an investment and should be treated that way — we partner with schools offering career-focused education, and then provide accessible and affordable loans to attend these schools.
What is the process to apply for a loan?
Simply type your school's name into the search bar after clicking "Apply now" to find a link to the application page. From there, you'll be able to complete our short online application.
You may also have received a link to apply for a Climb loan from your school’s admissions team, or you can find the link on your school’s website or Climb's website. Apply using your laptop, tablet, or phone.
You'll want to make sure you fill out an application for the specific school and program you'll be attending. We link our loans to each course, so your school will know you've been approved for a loan with us and that we'll be sending your tuition to them.
How long will it take until I get a decision?
On average, 4:01 minutes — and just applying will not impact your credit score. We know that your time is valuable, so we’ve kept our application as short as possible.
Do I need a cosigner?
No. Climb only fund loans for students who are attending the program. The program attendee should always be the primary borrower on the application.
During your application, you will have the option to add a co-borrower. If you have a co-borrower with a better credit score that you, adding them to your loan application can potentially help you get approved and/or receive a lower interest rate offer.
If my applications is accepted, am I committed to using the financing?
No. Applying for Climb financing is free and comes and carries no commitment until you accept and finalize the loan. The initial application will not affect your credit score, and you are free to decline your loan offer if you change your mind about financing.
What are the terms of the loan?
To view the equation used to calculate your interest and monthly payments, check out this article HERE!
When does loan payback begin?
Depending on your program, we may offer loans with either an initial interest-only period while in class and for a few months after, a full deferral period while in class and for a few months after, or immediate full repayment.
For loans with an interest-only period or immediate full repayment, your first payment is due one month after your loan is funded.
How long will I be making payments?
Climb's standard loan tenor is 36 months, but you can pay any time before that, as there is no pre-payment penalty. You can repay your 3-year loan in 3 years or in 1 day.
Climb's goal is to make sure that your monthly payments stay low and affordable, which is why we give you the option to choose your term length when you apply.
Master’s students can choose between a 2-year or a 3-year repayment term.
Doctoral students can choose between a 4-year or a 5-year repayment term.
How do I find out how much my monthly payment is?
This amount is mentioned in your loan agreement.
Are there any circumstances that would allow me to put my loan payments on hold?
In order not to fall behind on your Climb loan payments, you can request a deferral of payments on your loan. A deferment will allow you to temporarily reduce your monthly loan payment amount.
Can I pay off my loan early?
Absolutely! You can pre-pay your loan, in whole or in part, at any time with no penalties.