Climb’s mission has always been focused on increasing access to career-advancing education. So when a partner needed help increasing the amount of students who could be approved to attend their programs, we were excited to step into problem-solving mode and support their goals.
It started with a reduction in approvals
In 2022 a long-established partner school noticed a reduction in loan approvals for their students. This was a problem in many ways—specifically because more than 50% of students who had expressed interest in their program were ultimately unable to enroll due to lack of financial access. This school also had been running marketing campaigns to increase awareness of their programs, and was disappointed to see that there was a financial barrier blocking these interested students from enrollment.
Once this issue was identified, Climb got in contact with the school’s Chief Revenue Officer—who was committed to finding a solution to improve conversion of the overall enrollment funnel and ultimately justify the lead acquisition costs.
An analysis identified key areas for improvement
Through some quick analysis, Climb identified some core places for improvement and—in a matter of days—presented several product solutions to improve the approval rate and confirm an advance rate that the school was comfortable with.
Because Climb has products that can span the credit spectrum, they were able to use the full product suite to put together options which both increased approvals, and provided up-front cash flows.
A solution was implemented in a matter of days
With the school’s approval for the solution, Climb was able to execute on this quickly by leveraging a mix of advance-rate products & payment plan products—which cover the full breadth of customer payment needs. Within weeks, the school saw approval rates increase significantly, and 83% of people were now getting approved for payment options.
1 Comparing April 2023 approval rates (before the changes were made) with May 2023 approval rates (after the changes were made).