Climb Credit is a New York-based student lending company that is expanding access to quality education by partnering with programs and schools that improve their graduates’ earning potential and demonstrates a return on investment. This includes schools ranging from IT, coding, and data science to healthcare, heavy machine operations, and welding.
And Climb Credit provides these schools to offer affordable financial aid to all students regardless of credit profiles. This is because Climb Credit believes in the power of the educational programs that they finance.
“We are excited to use this lending capital to strengthen and extend our offerings so we can help new students, career-switchers and employees who need to up-skill. The funding will allow us to help more people across the country build hard skill sets and transform their careers,” said Climb Credit CEO Angela Ceresnie. “By aligning school motivations with student career and salary goals, we open the door for thousands of people who want to change their lives through education.”
Recently Climb Credit announced it has raised $50 million in funding from Goldman Sachs Urban Investment Group. With this funding round, Climb is planning to dramatically expand access to its transformative skill-based education.
“The Urban Investment Group is proud to partner with a company that is making career-focused post-secondary education accessible for students from all income levels and backgrounds,” added Goldman Sachs Urban Investment Group head and managing director Margaret Anadu. “We look forward to supporting Climb as they help create opportunities for students to deepen their skills and create opportunities for their futures.”
Ever since Climb Credit launched in 2014, the company originated nearly $100 million worth of loans and funded the education of nearly 10,000 students and partnered with over 100 schools in career paths that have strong earning potential.
This is especially important now that Americans are forced to make choices between the significant burden of college debt or low-paying work and job insecurity. Climb has developed a proprietary Return-on-Investment Calculation to evaluate schools on their platform. The factors include graduation rates, job placement rates, starting salaries, and salary growth over time.
Climb Credit was founded by Amit Sinha and Vishal Garg. Sinha worked more than 17 years in financial with leading investment banks and oversaw $50 billion in executed transactions. And Garg previously co-founded a company called MyRichUncle along with launching three data-driven underwriting and servicing platforms in student loans and mortgages.