NEW YORK, Dec. 6, 2017 /PRNewswire/ -- Climb Credit, a student lending company that increases access to quality education for the new economy, today announced the launch of a loan product that allows higher education schools to provide a financing option to all students – regardless of their FICO scores. The Climb Full Stack product has been offered in pilot by American College of Education (ACE) and 14 other schools over the last seven months. Today, the product is open to any school that meets Climb Credit's education ROI criteria, including graduation and job placement rates, among other specifications. It will expand access to affordable financing options for students attending these schools.
ACE, who focuses on delivering quality and affordability to educators seeking graduate degrees, was the first school to embrace the Climb Full Stack product. Branded as the Achieve Loan by ACE, the loan provides students another option to finance their education beginning with the January 2018 term. ACE is broadening the menu of loan options so that every ACE student can have the option to pay for their program over a period of 3 years. Earning an ACE master's degree with this new option will cost less than $300 per month.
The Climb Full Stack loan product allows schools to offer a financing option to every student based on a risk sharing model in which schools take the first risk on the loan by accepting a scaled tuition advance from Climb. Schools can tailor the Climb Full Stack to meet their needs on the accessibility and the affordability of financing to their students.
"The goal of the Climb Full Stack loan product is to not only expand access to education financing for students who may not otherwise qualify, but also to align the incentives for schools to the best interest of students," said Zander Rafael, CEO, Climb Credit. "By requiring schools to take the first risk, our school partners are incentivized to help students achieve positive outcomes, pay back their loans and, ultimately, justify the investment in the education."
Climb Credit's relationship with ACE has proven successful because accessibility, affordability and ROI are the top priorities at ACE.
"ACE offers Climb Credit loan options because we are equally committed to the success of our students," said Dan Holestine, COO, ACE. "By expanding the loan offerings, every ACE student has the option to pay just $300 per month for their master's degree. We're committed to helping students advance their education, and we believe this new option will further that success. With costs for traditional graduate programs on the rise, this affordable offering can relieve some of the stress that comes from paying for a degree."
For more information about the Climb Full Stack loan product, please visit https://blog.climbcredit.com/full-stack. To apply as an ACE student for the Achieve Loan, please visit https://application.ace.edu/.
About Climb Credit
Climb Credit (NMLS# 1240013) is a student lending company that expands access to quality education for the new economy. Based in New York, Climb Credit partners with programs and schools that consistently improve their graduates' earning potential and demonstrate a return on investment, with schools ranging from IT, coding and data science to healthcare, welding, and heavy machine operations. The company provides schools with the opportunity to offer affordable financial aid to all students––regardless of credit profile––because Climb Credit believes in the life-changing (and wage-growing) power of the education programs they finance. Climb Credit's mission is to change the higher education paradigm by providing accessible funding to students pursuing high ROI education. For more information, visit www.climbcredit.com or follow @ClimbCredit on Facebook, Twitter and Instagram.
About American College of Education
Founded in the digital age, American College of Education delivers affordable, online graduate degree programs and professional development programs for educators across the U.S. American College of Education is dedicated to the belief that educators should have the opportunity to receive advanced degrees affordably, without having to incur substantial debt. American College of Education offers opportunities for students to earn degrees from a regionally accredited college that expand their knowledge and aid in the acquisition of new skills and methods from a highly credentialed and experienced faculty. Learn more at www.ace.edu.
JCUTLER media group
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SOURCE Climb Credit