Frequently-Asked Questions
Meet Climb Credit
In short: 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.
In addition to paying for your tuition, we can offer you the following:
- Quick decisions, so you can start your education as soon as possible
- Fixed interest rates starting at 6.99%
- No pre-payment penalty
- Fast, friendly, and responsive student support
- A simple, secure, online account through which you can upload documents, view your status, and take action on your application
We do offer additional financing for many of our partner schools!
The maximum amount borrowable and what the financing can be used for (either general living expenses or laptop purchase) will depend on each specific school and program.
If your school allows additional financing, you will be prompted to request your desired amount on the Climb Credit application.
If you are borrowing additional financing, the funds will be sent directly to your bank account — to receive these funds you will need to complete an ACH form with your account information. The ACH account can be edited or removed through our loan servicer at any time after funding.
Please note that we estimate funds to be disbursed four weeks after your course begins; this date is subject to change if the details of your loan are updated after your loan has been finalized.
Check out our Living Expenses Frequently Asked Questions for more information!
Interest rates for Climb loans start at 6.99%. Your exact interest rate is calculated depending on a few factors, including your state of residence, credit history, the school you attend, and applicable lending laws and regulations. Just applying will not affect your credit score.
These are fixed interest rates, so you don’t have to worry about your monthly payments changing.
You may be able to qualify for a lower rate if you apply with a co-borrower (any person willing to pay if you can’t).
If you’re a US resident, you are eligible to apply for a Climb loan to attend one of our partner schools! Our loans can only be used to attend a Climb partner school.
If you’re under the legal age of majority in your state, you can work with us as long as you apply with a co-borrower who is of the legal age or older.
We strive to select partner schools that offer career-focused education. Learn out more about our mission here.
To speak to a Climb representative, there are several ways you can reach out:
- Start a live chat with one of our team members by clicking the icon on the bottom-right corner of this page
- Send an email to hello@climbcredit.com
- Use this link to schedule phone support
To view Climb’s Privacy Policy, follow this link HERE.
Applying for a Climb 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.
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.
We may ask you to provide proof of residency; if you are applying with a co-borrower, we may ask your co-borrower for proof of residency and proof of income.
Just applying to check your offer will not affect your credit score.
Once you’ve submitted your Climb application, we will conduct what is known as a “soft” credit check to evaluate your eligibility. This soft inquiry may be recorded on your credit report, depending on the credit bureau, but it will not affect your credit score.
If you are offered a Climb loan and accept that offer, we will perform what is known as a “hard” pull on your credit. This action will be recorded as an inquiry on your credit report and may impact your credit score.
You have the right under the Fair Credit Reporting Act to obtain one free credit report from each of the three U.S. national credit reporting agencies during any 12-month period. We encourage you to do so to make sure your reports are accurate.
Absolutely! You are more than just your credit score, and we look at several factors in order to offer a financing decision.
If you’d like to increase your chances of approval, you can also apply with a co-borrower (any person willing to pay if you can’t), as this can strengthen your application and may even lead to a lower interest rate!
Yes, we’re happy to work with you and your school to make it happen.
Unfortunately, we do not offer loans outside of the US at this time.
Most likely! Click here to view a list of our lending licenses. And if you see that your state isn’t listed, feel free to reach out to our team through live chat for more information!
Yes. A co-borrower is any qualifying person added to an application in order to increase the chance of approval or a lower interest rate, as long as they have a strong credit history. They also agree to take on responsibility of the loan if you are unable to make payments.
We are only able to take individual income into account when reviewing an application. When completing your application, you should enter your individual income, rather than your total household income.
A loan through Climb Credit may have an origination fee; the origination fee that Climb charges varies depending on your school and application, but our standard loans typically include a 5% origination fee. This would be factored in to calculate the APR. It is added to your loan amount and included in your loan repayments, rather than as an upfront cost!
To view the equation used to calculate your interest and monthly payments, check out this article HERE!
Connecting bank information is just an optional method of automatic address verification to make your application process even faster. If your bank isn’t listed or you don’t wish to connect it, you can go ahead and skip this step!
If your application is not approved, we suggest reapplying with a co-borrower — there’s no limit to how many times you apply, and applying multiple times does not hurt your credit score.
You can also take a look at this article on How to Strengthen Your Student Loan Application or the What If I’m Not Approved section of our Help Center!
No. We 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.
Receiving your loan
You might notice that if you apply for a $10,000 loan with us, your total loan amount could be up to $10,500.
Like all lenders, we borrow money to lend to you. Most lenders charge you a higher rate than the one they borrowed at and make money on the difference. We don’t do that, so that we can pass the lowest possible rate onto you.
With that said, to keep the lights on, we may charge up to a 5% fee to cover all of the costs associated with making your loan happen. You don’t have to pay this fee upfront; we add it to the balance of your loan.
After your loan is finalized and your school has verified your enrollment, we’ll send your tuition funds directly to your school.
If you qualify for and have financed living expenses, we will disburse funds to you when we send your tuition to your school. We estimate funds to be disbursed four weeks after your course begins; this date is subject to change if the details of your loan are updated after your loan has been finalized.
If you decide not to attend your program, we will cancel your loan. We don’t want students taking out loans for educations that they don’t receive! Just let us know as soon as possible.
If you drop out after the loan is funded, refer to your school’s specific refund policy. If you are owed a refund by your school, your school will return funds to Climb and we’ll apply the refund to your loan balance. You are responsible for making payments to Climb on your remaining balance.
To cancel your application before the funding deadline, scroll to the bottom of your Student Portal page and click “cancel application” or send a message to our team at hello@climbcredit.com.
Paying back your loan
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.
The maximum amount of time you have to pay back your loan depends on your school and program.
Our goal is to make sure that your monthly payments stay low and affordable.
Our 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.
Our 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.
Absolutely! You can pre-pay your loan, in whole or in part, at any time with no penalties.
Payments and billing are handled by our loan servicing partner — for loans funded BEFORE 10/16/23, the servicer is University Accounting Service (UAS), and for loans funded ON or AFTER 10/16/23, the servicer is Launch. Through your Launch account or UAS account, you can pay via ACH (auto-pay from your bank account), check, or money order. Most of our borrowers choose to pay by ACH, because they don’t have to worry about late payments. As an added bonus, we’re able to reduce your interest rate as long as you’re signed up for automatic ACH payments.
For repayment help, check out our post on Student Loan Repayment Tips or the How Do I Pay Back My Loan section of our Help Center!
For loans funded ON or AFTER 10/16/23, Climb partners with Launch, a loan servicer that handles billing and payments for your loans.
After your loan is funded, you’ll receive your first bill from Launch (by email and/or physical post). At that time, you will be able to create a student account at the Launch registration page using the information printed on your bill. This will enable you to make payments, set up recurring payments, and manage your account settings.
You will also receive regular loan-related communications from Launch, including payment reminders, end-of-year tax information (if applicable), and, if necessary, information on late or missing payments. Read our blog post on student loan servicers to learn more about who they are and what they do.
For loans funded BEFORE 10/16/23, Climb partners with University Accounting Service (UAS) to handle billing and payments for your loans.
After your loan is funded, you’ll receive your first bill from UAS (by email and/or physical post). At that time, you will be able to create a student account at the UAS registration page using your Social Security Number or your Climb reference number. This will enable you to make payments, set up recurring payments, and manage your account settings.
You will also receive regular loan-related communications from UAS, including payment reminders, end-of-year tax information, and, if necessary, information on late or missing payments. Read our blog post on student loan servicers to learn more about who they are and what they do.
For loans funded BEFORE 10/16/23, you can update your information by visiting climbloanservicingbyuas.com and going to your “My Account” section.
For loans funded ON or AFTER 10/16/23, you can update your information by visiting climbcredit.youronlineaccount.com and clicking “Manage Payment Sources” in the “Payments” section.
During your Climb application, you will be provided an ACH Auto-debit Authorization Form. This will connect your account to automatic payments and give you a .25% interest rate reduction. If you later want to add or remove automatic payments after your loan is funded, you can connect or disconnect your bank account through your loan servicer.
For loans funded BEFORE 10/16/23, the loan servicer is University Accounting Service (UAS). For loans funded ON or AFTER 10/16/13, the loan servicer is Launch.
I already have an application
Climb offers a simple, secure, online account to let you see and take action on your application. This account is automatically created for you as soon as you apply with us.
Your Climb account lets you easily see where you are in the application process, upload and e-sign documents, view your status, and take any actions related to your application(s). It’s super simple and quick — give it a try now if you already have an application!
Not at all! You can sign in easily with your Google account. If you’d prefer a separate login (or you don’t have a Google account), you can use our secure, passwordless sign-in process. All you need is the email account that you applied with, and you’re on your way! No password needed.
Why don’t we use passwords? This is more secure than a password-based system — on a password-based service, if someone guesses or gains access to your password, they gain access to your account.
Our password-free sign-in method is used by several industry-leading tech companies. With this email-only system:
- You’re automatically notified when someone tries to log in.
- The sign-in link expires after a short amount of time.
- The sign-in link can be used only once.
You can find your Climb application reference number both on your Student Portal and in the application emails you’ve received from us.
Co-borrowers
A co-borrower is any person willing to sign onto your student loan and take on responsibility if you are unable to make payments. For some more in-depth information, check out this article about co-borrowers!
Before approval, we may require proof of residency or income from a co-borrower. Once an application is submitted, we will send an email to the co-borrower to let them know what documentation is required. After approval, there will be a few documents for the co-borrower to review and sign: the Master Promissory Note and the Notice to Cosigner. These will be available through their Portal page and as attachments on the Approval Email.
A good candidate for a co-borrower is someone with a strong credit score, extensive credit history, no bankruptcies, delinquencies, or accounts in collections, and low debt compared to their income.
Things which may disqualify a co-borrower include a FICO score less than 620, less than four years of credit history, a bankruptcy within the last five years, a delinquency or account in collections, and high debt compared to their income.
If a co-borrower does not qualify, that’s not your last option! You can always reapply with an alternate co-borrower at any time — there’s no limit to how many times you can apply.
Co-borrowers will have their own personal Climb account, where they can upload their documents. (Already on an application? Click HERE to access the Portal and sign in using your email address!) Additionally, documents can also be emailed to hello@climbcredit.com. If you email documentation on your co-borrower’s behalf, we will just need to reach out to the co-borrower for authorization to use it.