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Your Student Loan To-Do List

Preparing to head off to school can be an exciting time that’s full of potential — and it can also be a stressful time with lots of steps to take as you get ready. If you’re like millions of people in the US, one of these steps may be applying for a student loan. At Climb, we want to provide resources to help make sure financing is the least of your worries. So, we’ve created a student loan to-do list to look at before you apply! Jump to each of the sections below to read more.

Check your credit report

If you’re applying for a private student loan, your credit is going to play a large role in your approval. Many lenders use credit history as a main factor in determining whether or not someone qualifies for a loan. Before beginning an application, you might want to take a look at your credit report (click the following link to view a guide for how to read a credit report) to see where you stand, while also reviewing it to make sure there are no inaccuracies. You may also consider finding a student loan co-borrower to apply with you, as most private lenders allow for this option!

Make Sure You’re Going to the Right School

No one wants to pay tuition, fees, and interest (not to mention time and effort) on a program which in the end doesn’t actually benefit them. Before you commit to a school and take out a loan to pay for it, research things like cost, faculty, and reviews to see if it’s really worth it. Make sure the school you’ve chosen isn’t just a good value, but also the right fit for you.

Figure out what you need

While you may not want to take out a loan for less than you need, you also definitely don’t want to over-borrow. Know what your budget is, what you’ll need to pay in tuition, and how much cost-of-living you’ll have beyond what you can afford on your own. If you’re thinking about borrowing above the cost of tuition but aren’t sure how much, if any, you should request, take a look at our blog post on living expense financing!

Talk to your school about options

There are plenty of different financial aid options out there, and your school is a great resource when it comes to finding them. Many schools offer scholarships, are eligible for federal student loans, partner with private lenders, or offer their own in-house loans. Beyond helping you learn about potential scholarships and the different types of student loans that are available to you, they are also often available to help students along the application process!

Research lenders and ask questions

But it’s not enough just to be told what your options are. Before agreeing to a loan, research these options and decide which would be the best for you. Just like with schools, you’ll want to read what others have written about them and reach out to ask any questions you may have. You’ll also want to read their FAQ page, note their loan term lengths and rates (both interest rate and APR), and get a feel for what their application processes are like. Finding a lending institution that fits is almost as important as finding a school that fits!

Gather the necessary personal information

Upon your initial application, you’ll be asked to provide some information about you and your school, so you’ll want to have everything you need handy. This can vary by lender, but most will ask for info like name, address, social security number, and more. For a Climb Credit application, you’ll want to have on-hand:

  • First and last name
  • Email address
  • Home address
  • Phone number
  • Date of birth
  • Social security number
  • Program information (school name, campus, course name, start date)
  • How much you want to take out in a loan

If you’re adding a co-borrower to your application, you’ll also be asked to enter their personal information as well. So make sure you have their contact info and social security number available when you apply!

Read loan documents carefully

OK, so you’ve done your research and applied for a student loan. The next step in your loan application checklist is to go through all the documents in order to fully understand the agreement you’re entering into. Just as with any transaction, it’s important to understand every aspect the terms you’re consenting to follow; this way, you’ll be better able to avoid any surprises or pitfalls later on down the road. It may seem tedious, but it’s worth the extra time reading (or rereading, if need be) in order to really know what you’re assenting to.

Figuring out financing for your school can be hard enough. But the right preparation will not only make the process easier, but will ensure you’re getting the most benefit out of your investment. Best of luck with your applications, and remember: your school and your lender are here to help, whether you’re looking for definitions of loan terms or student loan repayment tips!

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What to Expect: Realistic Outcomes

Climb’s Comprehensive Access Solution can offer a strategic balance of increased enrollments and upfront cashflows compared to traditional lenders. While no financing solution guarantees 100% collection, our data-driven approach maximizes both upfront cash and long-term repayment rates.

Typical Partner Results:

  • 15-30% of students qualify for Climb Loans with upfront tuition delivered to the school shortly after course start
  • 45-60% of students qualify for 0% APR* payment plans
  • Enrollment increases of 20%+ reported by partner schools**

**Results vary by school and student demographics. This represents performance reported by individual school partners and should not be considered a guarantee of your specific outcomes.

The bottom line: CAS is designed to maximize your net tuition recovery while eliminating the administrative headaches of student financing.

Maximizing Your Results

Pro Tip: Schools that require student deposits and set up automatic payments during enrollment see significantly better repayment performance across all financing options. These simple steps can meaningfully improve your outcomes.

FAQs

We use a comprehensive, AI-driven assessment that goes beyond traditional FICO scores to better serve career training students:

  • Climb Credit Score: Over 150 data points specifically designed for vocational students
  • Debt-to-Income Ratio: Reliable predictor of payment performance
  • FICO Score: Used primarily for interest rate assignment

Key advantages of our approach:

  • Soft credit pull until loan funding (no credit impact during application)
  • The majority of students receive instant decisions
  • Students can apply with co-borrowers directly in the application
  • More accurate placement into appropriate financing products

We use a comprehensive, AI-driven assessment that goes beyond traditional FICO scores to better serve career training students:

  • Climb Credit Score: Over 150 data points specifically designed for vocational students
  • Debt-to-Income Ratio: Reliable predictor of payment performance
  • FICO Score: Used primarily for interest rate assignment

Key advantages of our approach:

  • Soft credit pull until loan funding (no credit impact during application)
  • The majority of students receive instant decisions
  • Students can apply with co-borrowers directly in the application
  • More accurate placement into appropriate financing products

Students are placed into funding brackets (Elite, Standard, Enhanced) based on our AI assessment. Higher-credit students generate higher upfront payments to your school, while students with limited credit are seamlessly directed to our 0% Payment Plan.

These brackets are established using data from over $1 billion in career training loan originations and may be adjusted periodically based on updated repayment trends.

Important note: Regardless of which bracket a student falls into, they are considered fully paid by your school once funded. The student’s repayment obligation exists exclusively between Climb and the student.

Elite Access not available for Computer Science programs. Upfront percentages vary by industry and loan terms.

Once Climb disburses upfront funding for a student loan, that student is considered fully paid by your school. You will not receive any additional payments for that student—the single upfront payment is complete and final.

From that point forward, the student’s repayment obligation exists exclusively between Climb and the student. Your school has zero liability if the student defaults, and you keep the full upfront payment regardless of the student’s future payment performance.

They’re automatically offered our 0% Interest Payment Plan, ensuring no student is turned away while maintaining steady monthly cash flow for your school.

Higher-credit students generate larger upfront payments (75-100% of tuition), while students with limited credit use our 0% APR* Payment Plan for consistent monthly revenue. Both options are risk-free for your school

Absolutely. Climb complements existing payment options like scholarships, employer-sponsored programs, and internal financing.

Absolutely. Climb complements existing payment options like scholarships, employer-sponsored programs, and internal financing.

Typically, within 5-10 business days after your partnership agreement is signed.

Comprehensive onboarding webinar, continuous partner support via AI-assisted chat and live email—and real-time borrower assistance with our live-chat-available student success team.

No. Climb fully manages the administrative responsibilities—your team simply monitors your school’s performance via our intuitive School Portal.

Your school is fully protected either way. For Climb Loans, you keep the entire upfront payment with zero liability. For Payment Plans, you only receive what students actually pay, with no risk to your school.