How our credit program works
Deciding that you want to gain new knowledge and grow in your career is already a big and bold step. But sometimes life happens, and it can be difficult to find the money to pay your tuition right away. That's why we now allow Careerist students to pay their tuition fees with the help of our friends at ClimbCredit.
Payment with ClimbCredit is a new format that’s perfect for those who are more comfortable paying their tuition in small installments, without significant impact on their budget.
Let's introduce Kate and use her as an example to explain how it works.
Step 1: Kate wants to take a course at Careerist. When contacting the manager, she indicates that she wants to choose ClimbCredit as her payment format.
Step 2: Kate receives a link to an application with general information that she needs to fill out.
Step 3: If approved, Kate will sign a master promissory note, after which she can begin her studies without paying anything at the start.
Kate's interest rate depends on a number of factors: her credit history, her background, the bank's assessment of it, and the interest rate she'll agree to pay to get her fund.
But you can increase your chances of approval and lower your interest rate if you:
- Specify a borrower in your application — a person who can vouch for you. If they have a regular income, a good credit history, and are in a good financial position overall, this will allow you to lower your interest rate. If your application (with or without a borrower) is not approved the first time, you can put another person on the application and try again.
- Check your credit history. If you get a rejection when you submit your application, don't be discouraged. If you're sure you have a good credit history, check it for errors at annualcreditreport.com. (You can do it for free once a year.) If there is an error, you can ask the credit bureau to correct it. You can then re-apply to ClimbCredit. If you're interested in checking out the score itself, many banks and credit card companies offer this information as a service. You can call, check your statement, or see if the score is viewable through online banking.
- List all sources of income. If you stated only one source of income on your application and did not mention, for example, freelance income, add this information to your next application and attach proof. This will help ClimbCredit get a clearer picture of your financial situation, which means the chances of being approved and receiving a lower interest rate will be much higher.
Now that she’s been approved, Kate will be able to pay her tuition in installments. The amount depends on the payment model she chooses and the number of months she’s borrowing for.
There are two possible payment models:
1. The total amount of the loan, along with interest, split evenly over the total number of months.
2. The loan begins with an interest-only period, when the monthly payment is greatly reduced for the first few months.
Why it's convenient
Paying with ClimbCredit allows you to avoid paying a large amount at once, and allocate a small portion from your budget each month instead. That said, if you have a co-borrower and a good credit history, you can lower your interest rate and pay even less. The ClimbCredit deal is a great way to split your tuition payment into small installments.
Who can apply
To apply to take a Careerist course with ClimbCredit, you must:
1. Be at least 18 years old
2. Be a US citizen or temporary resident
1. Do I need a co-borrower to take out a Climb loan?
Having a co-borrower is not required, but you may end up with a lower interest rate if you do decide to apply with one. Adding a co-borrower can also increase your chances of getting approved.
2. What would my interest rate be?
Climb interest rates range from 6% to 15% and are always fixed, which means you don't have to worry about your monthly payment amount changing from month to month. What your rate ultimately depends on is your state of residence, the program you enroll in, your credit history, and any applicable laws and regulations.
3. How (and when) should I expect my loan to be funded?
Once your loan is finalized and accepted by you and we’ve verified your enrollment in the program of your choice, Climb will send the tuition funding directly to us.
4. How do I make loan payments?
Payments are handled by the Climb loan servicing partner, University Accounting Service. Through UAS, you can enroll into autopay or make manual monthly payments online or by personal check. Most Climb borrowers choose autopay so they don’t have to worry about late payments. As an added bonus, Climb will reduce your interest rate by 0.25% if you sign up for autopay. They will send you instructions on how to sign up for UAS once your loan is funded.
5. What happens if I am unable to make a payment?
Climb wants to help! They offer payment deferment options for qualifying borrowers. Just reach out to them to learn more.
6. When do I start making monthly payments?
Your first payment is due one month after your loan is funded by Climb.
7. So how do I apply?
Our admissions team can send you a link to start your application. All applications are paper-free and can be submitted from your computer, tablet, or phone.
One more thing: Make sure you fill out an application for the specific program you'll be enrolling in, since Climb links their loans to individual courses.
8. What happens if I get denied for a Climb loan?
When a student is denied, they will be asked to reapply with a co-borrower. The student will then receive a separate email that includes an Adverse Action Notice with more information on the decision.