Angela Ceresnie

Her company's loans for professional and vocational training don’t leave students drowning in debt.

New YorkNY 
Money Movers
Alexander Rafael, Raza Munir, Vishal Garg, Amit Sinha
 Photo Credit: Courtesy subject

Americans are drowning in student debt--$1.5 trillion of it, or an average of around $34,000 per borrower. But student lender Climb Credit, which specializes in financing vocational and professional education programs, tries to keep its borrowers’ costs down and their payoff high. The typical Climb loan is just $10,000, and is paid back over an average of three years after graduation—and the startup claims that its borrowers, who might use the money for a computer coding or trucker training program, see a 67 percent increase in their salaries. “I’d never before worked at a company that was impact-oriented, where the problem we were solving was one that was really causing people to suffer ... and [where the product can] quickly take somebody from one earning bracket to another,” says CEO Angela Ceresnie, who earned her credit chops at American Express and Citigroup before co-founding fintech startup Orchard Platform. She joined Climb in 2016, two years after its launch, and became CEO in 2018. This year, she has raised $9.8 million in Series A venture capital, signed up more school partners, and started work on some new products. The most intriguing? An income-share agreement that would forgive the debt of any student who doesn’t get a job after graduation. Ceresnie says: “Every dollar that we lend out is a dollar going to someone who’s looking to better their life.” --Maria Aspan