who can get a student loan

Who Can Get a Student Loan?

If you’re enrolling in a higher education program, you might be in the process of figuring out how to pay for it and wondering if student loans are the right option for you. And you may be asking yourself: who can get a student loan? The short answer is that it depends on the program you’re attending. So, we’re going more in-depth about who can get a student loan and how to find out if you qualify.

Programs with Title IV funding

Some schools receive Title IV funding from the US Department of Education (ED), which provides grant, work-study, and loan funds. With these loans, the ED is the lender, and interest rates range from 3.73%–6.28%* depending on the type of loan. If your school offers federal student loans, all you need to qualify is to fulfill some basic requirements:

  • Demonstrate financial need (for most programs)
  • Be a US citizen or an eligible noncitizen
  • Have a valid Social Security number
    • There is an exception of those from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau.
  • Be registered with Selective Service (if you’re a male)
  • Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program
    • You must be enrolled at least half-time to be eligible for Direct Loan Program funds.
  • Maintain satisfactory academic progress
  • Complete a FAFSA® form stating that you:
    • Are not in default on a federal student loan
    • Do not owe money on a federal student grant
    • Will use federal student aid only for educational purposes
  • Show you’re qualified to obtain a college or career school education through one of the following:
    • Having a high school diploma or a recognized equivalent (such as a GED)
    • Completing a high school education in a homeschool setting approved under state law
      • Or, if state law doesn’t require a homeschooled student to obtain a completion credential, you can complete a high school education in a homeschool setting that qualifies as an exemption from compulsory attendance requirements under state law.
    • Enrolling in an eligible career pathway program and either passing an approved “ability-to-benefit” test, or completing six credit hours or equivalent course work toward a degree or certificate

Programs without Title IV funding

Not every program receives Title IV funding, including many vocational and career training schools. This means their students are unable to apply for federal student loans. In these cases, private student loans may be an option. These are provided by banks or other lending institutions (as opposed to the government) and vary from lender to lender. So, you’ll definitely want to make sure to research all your options carefully before you make a decision! Look at the term lengths, interest rates, and APRs of different lenders to compare what your monthly payments will be, as well as what you’ll end up paying overall.

Unlike federal student loans, private lenders all have unique qualification criteria. Each will have its own application process and requirements for eligibility, such as credit score, payment history, or debt-to-income ratio. Many lenders (including Climb) will also allow you to apply with a co-borrower — someone who may meet the criteria to qualify if the borrower does not and who agrees to take responsibility for the loan should the borrower become unable to make payments.

Additionally, while Direct PLUS Loans are the only federal loans which require a credit check, many private lenders include a credit check in their application process. However, Climb only performs a soft credit pull upon application. A hard pull is not performed until a loan is funded, so you can apply just to check your rate — or reapply multiple times with co-borrowers to try for a lower rate — with no impact to your credit score!**

Who can get a student loan with Climb?

At Climb, we identify, assess, and partner with schools that help people reach their goals in a financially responsible way. Partnering with programs that teach everything from cybersecurity to pilot training, heavy machine operation to data science, culinary arts to coding, and much more, we provide their learners with diverse payment options that are structured to meet their unique needs. Click the link below to find out if your school is a Climb partner and see available payment options!

*These numbers reflect the federal interest rates for loans disbursed on or after July 1, 2021, and before July 1, 2022.

**Climb performs a “soft” credit pull to evaluate eligibility, but this soft credit check will not affect your credit score. A hard credit pull is only performed once the loan is accepted and funded.

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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.