Nearly 70% of learners would not attend, or would wait to attend a program without financing options.(1) For the 10MM+ people unemployed in the U.S. looking to improve their employability, waiting is not an option.
Climb Credit announced the launch of two new 0%-interest payment options for people who are pursuing career training, reskilling, or continuing education programs. Climb’s new ‘Pay as you go’ plan—which spreads tuition payments over the duration of the program—along with a new 0% interest loan have been added to the Climb career training payment suite at a time when millions of Americans need access to training to upskill, reskill, or move to a new career path. This launch underscores the company’s evolution to a comprehensive lending and payments platform for higher education.
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“The career-training education market is underserved by financial services, and the options that exist often leave out the people who need financing the most—those unemployed and underemployed.” said Angela Ceresnie, CEO of Climb Credit. “Through serving this market with accessible, affordable loans for the last 5 years, we recognized that people attending career training programs have a wide variety of financial backgrounds and circumstances, and therefore need a variety of ways to pay—which is why launching these new solutions is so exciting for us.”
Most recently, Climb introduced a Pay-as-you-go option which allows learners to pay over the duration of the program, and doesn’t include the approval requirements of a standard loan. Providing students and schools with this payment option increases accessibility for those who might not otherwise choose—or be approved for—a traditional loan. This option also carries the benefit of allowing learners to avoid interest and loan fees, and to pay over time rather than paying everything up front—a crucial need for many American households that lost wages during the 2020 Covid-19 pandemic.
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“In this economy, our students are more thoughtful about spending their savings at this time, so including the Pay-as-you-go option has been extremely helpful to ensure people are confident when enrolling.” said Lisa Nuessle, General Manager at Ironhack. “Helping students navigate all of the payment options used to take a lot of time, but Climb also made the user experience very clear so students could easily navigate and choose the option that was best for them.”
Enrollment is projected to increase by a median of 25% year-over-year2 at the career training and professional education programs that Climb supports. This increase in demand is no surprise given that career stability is top of mind for millions of Americans—illustrated by the fact that 42% of employees have pursued training on their own after the coronavirus outbreak.
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