PostedByJessicaWeisman-Pitts
Over the past 20 years, getting a college education has become a lot more expensive. Cutstostatefunding for public colleges and universities, especially during the pandemic, an uncertain economic climate, high demand, and even financial aid packageshavefueledtherise Andstudentslikeyouare,quiteliterally,payingtheprice
Society tells us we should go to traditional college after high school higher education is typically associated with greater earnings potential, lower unemployment rates, and a better quality of life, after all and many students will apply for loans and grants to finance their tuition and room and board. But those loans can add up. Data suggests that the US student loan debt balance has increased 42% over the past 10 years to morethan$1.7trillion.
What if there was another, more focused way to pursue your education and fund your future? One that helps you gain accelerated access to a skills-based career? There is! It'scalledthecareertrainingloan.
Career training loans — a different kind of student loan
Career training programs and trade schools are typically shorter than traditional fouryear college programs This means that you can get the training you need for a new career and get started in that new career quickly. For that reason, these types of programscanbegreatforcareer-switchersandupskillers
Because career training programs are often shorter in duration and less expensive than traditional four-year degrees, the repayment periods on career training loans are often shorter in duration as well. For example, many career training loans can be paid off in threeorfiveyearsinsteadofthe10to30yearsthattraditionalstudentloansmaytaketo payoff
How career training loans work
Like traditional student loans, career training loans include interest and need to be paid back over time. One of the benefits of career training loans is that you may be able to make smaller monthly payments while you are still in school before jumping to larger payments after graduation. This can help you manage your finances while you are not yet earning a full-time income and can help you build your credit score with the in-class paymentsifyoupayontime.
When selecting a career training loan, don’t forget to compare interest rates, fees, and repayment terms from multiple lenders to understand what will best fit your budget You shouldalsoconsideryourfinancialsituationandyourpersonalcareergoals.
Climb Credit: A lender focused on careers
Climb Credit recognizes that traditional college tuition may continue to increase. This expense can deter students and professionals from pursuing higher education or seeking training to progress in their careers. That's why Climb Credit has built a unique platform offering a range of options for affordably accessing skills-based training And the good news is that students can often qualify for Climb financing solutions without havingtomeettraditionalloanrequirements
Don’tletyourcareertakeabackseatbecauseofalackoffunds. LearnmoreaboutClimb’sfinancingoptions.
Climb (NMLS 1240013) encourages students to do thorough research in selecting a training program that meets their unique needs. Details provided by Climb are for information purposes only and are not meant to qualify an institution or be relieduponindeterminingwhichinstitutionisrightforyou.
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