Why This Student Lender Is Betting On Strong Results From Truck Driving Programs

NEW YORK, May 2, 2018 /PRNewswire/ -- Climb Credit, a student lending company which evaluates the return-on-investment of education programs before funding them, announced a new focus on partnerships with Commercial Driver License (CDL) and Heavy Equipment training programs. Climb's focus on education value makes "job outlook" an important factor in their decision to pursue these partnerships, and once Climb became a member of the Commercial Vehicle Training Association (CVTA), they learned how strong the need is for new drivers in the workforce.

"Commercial drivers are in high demand as a result of a strong economy, increase in delivery services and US manufacturing, and a demographic shift resulting from commercial driver retirements," said Don Lefeve, President of CVTA. "This demand presents a great opportunity for our members to meet our nation's workforce needs and enable students to receive the quality training they need to become a commercial driver."

Data from the Bureau of Labor Statistics support his assertions: truck driving jobs in the U.S. are projected to increase by 6% over the next 10 years. In addition to the positive job outlooks for these career paths, the training programs also have reasonable tuition prices for students—often under $10,000—and can be completed in a relatively short time frame. This price tag compared to the median annual wage for truck drivers in 2017—$42,480¹—leads Climb Credit to believe that their partner programs will enable them to offer manageable payments and short loan terms for students.

"From the beginning, our mission has been to expand access to quality education programs that deliver results to students. Through our research we continue to find career-focused programs that deliver great results at a reasonable price and need our funding to offer their education to more students," said Zander Rafael, CEO of Climb. He continued, "If every education program provided a valuable return-on-investment like these, I doubt we'd be in such a deep student loan crisis."

Because truck driving and heavy equipment programs often do not qualify for federal financial aid, these partnerships are positioned to help everyone involved. Schools will be able to offer better payment options to their students, and students will get the training they need to set out on a growing career path, in turn being better able to pay back their loan.

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. For more information, visit www.climbcredit.com or follow @ClimbCredit on Facebook, Twitter and Instagram.

Media Contact
Laura Fitzpatrick
Climb Credit
[email protected]

¹ https://www.bls.gov/ooh/transportation-and-material-moving/heavy-and-tractor-trailer-truck-drivers.htm

SOURCE Climb Credit

Related Links

http://www.climbcredit.com