At Climb, we believe it’s important to provide education payment options that are designed to meet the needs of those looking to attend career training programs. And since these are people who come from a diverse range of backgrounds, with a wide variety of situations and goals, there’s no single financing solution that’s one-size-fits-all. So how does offering different payment options benefit your school and your students?
Open the door to those who can’t pay the full tuition upfront
For many enrollees, paying the entire tuition upfront isn’t an option — and even among this population, there’s a broad spectrum of what each individual may or may not have the ability to cover. While one person may prefer to make higher monthly payments if it means they won’t have to pay more overall in interest, another might prefer to pay more overall if it means they can have lower monthly payments. Or, someone may opt to make full loan payments immediately in order to pay off their loan faster, while their classmate would rather defer payments while interest accrues so that they won’t have to make payments until after the program ends. Because of this, Climb offers several different payment options, including:
- Interest-free recurring payment plans
- 0% APR Financing
- Climb Loan
- Climb Loan With Interest-Only Grace Period
- Climb Loan With Fully-Deferred Grace Period
- And more!
Help people find options that will be the easiest for them to repay
Choosing a financing product that fits their needs is key to an individual’s repayment success. Person A wouldn’t want to have a loan term length that’s so short, the monthly payments prove to be more than they can afford alongside their other expenses. On the other hand, Person B may not want a loan term with smaller monthly payments and more interest, when they could easily have been able to afford higher monthly payments that result in less interest. Having products tailored to multiple situations allows more people to find options that help set them up for financial health and a positive repayment record.
Show students that you’re invested in helping them reach their goals
When you provide multiple means of access — whether that be through available scholarships, employer reimbursement partnerships, payment plans, loans, or more — you show prospective students that you’re committed to helping them access career training education, and that it’s not just for those who can afford to pay the tuition upfront. A crucial aspect is also making sure that these doors can actually be opened by people coming from various circumstances. The more financial options that are available, the greater the likelihood that more people will be able to afford your program.