Today, the U.S. workforce carries a $1.4 trillion burden in the form of student loan debt. It’s an issue many have attempted to tackle, be it through education reform or plans to cancel student loan debt outright.
In the meantime, NYC-based tech firm Climb Credit is working to continue helping students make the smartest possible choices about higher education — and the startup just closed a $9.8 million Series A to further this goal.
Founded in 2014, Climb Credit built a platform that matches potential students with select partner schools that have a favorable “return on investment calculation,” based on factors like program cost, time to completion, job placement and salary growth.
Once a user finds their perfect match, Climb Credit works with them through the application and loan financing process, acting as a partner throughout, and following, the next step in their educational journey.
People should be able to gain the skills they need to succeed without burying themselves in debt.”
“With the future of work constantly evolving, people should be able to gain the skills they need to succeed without burying themselves in debt,” CEO Angela Ceresnie told Built In.
“We place a high priority on ensuring our students receive a positive ROI on their education and that they’re set up for success,” she said, explaining the rigorous selection process Climb Credit uses when working to find partner schools.
Ultimately, she said, this process yields results.
“Students who graduate from a Climb partner school, on average see a 67 percent increase in salary,” said Ceresnie.
Students who graduate from a Climb partner school, on average see a 67 percent increase in salary.”
Now, Ceresnie explained, the company plans to use its Series A funding to build upon these successes.
“We plan to expand our product offering to help more people access skills-based education programs and increase their earning potential post-graduation,” she said. “In addition to expanding our existing platform, we will also be working on rolling out a new outcomes-based loan over the next year.
According to Ceresnie, the loan will combine the “student benefits of an [income share agreement]” with the “consumer protections of a loan.” However it works, if it’s making education more accessible — we’re here for it.