NEW YORK, Oct. 19, 2017 /PRNewswire/ — Climb Credit, a student lending company that expands access to quality education for the new economy, today announced that it has entered into agreements with investors to purchase $130 million of student loans originated by Climb Credit.
“This transaction is further testament to our innovative approach of building a student lending platform focused on quality skills-based programs that increase their students’ earning potential. Thousands of students have leveraged our platform to access schools and, with this transaction, we’ll be able to offer it to thousands more,” said Zander Rafael, Chief Executive Officer and Co-Founder, Climb Credit. “When Climb aligns the incentives between students, school and lenders, everyone succeeds.”
“We are pleased to add Climb Credit to the list of digital finance origination platforms that have been approved for our private investment funds. Climb Credit’s introduction of digital lending into the skills-based education market fits well with our vision of an ever expanding digital finance investing ecosystem,” said Hadi Habal, Co-Founder and CEO of HCG Funds, one of the investors in the loan purchase agreements.
Climb Credit is also continuing to work with Ferry Farm Capital who has been a financing partner of the company since its inception.
Higher education is broken in the United States, which has led to massive student loan debt and a major job skills gap. The average college student graduates with over $37,000 in debt from a four-year university.1 Depending on the program, some graduates struggle to find a job with earnings high enough to afford to pay down their debt. In contrast, Climb Credit focuses on the education most in-demand for the new economy and that provides a high return to students. Network schools are vetted based on a myriad of criteria, including: job placement rate, salary after graduation and program cost. The average student’s salary increases by 44% at graduation from a Climb Credit financed education, based on program type and industry. Climb Credit is committed to treating education as an investment, with capital deployed smartly and with the expectation that it will deliver a return.
For more information, visit www.climbcredit.com.