Step one:
- In the School Portal, find the student who needs a refund, go to their action center and select "initiate refund."
Enter the new tuition amount that the student needs in the "reduce to" field — this will reduce the total amount the student owes.
Step two:
- Once the request is submitted, Climb will send an invoice for the advanced funds. You will receive an email from Bill.com with your invoice and a link to complete the refund.
- For a full refund request, Climb will invoice for the full advance amount that was sent.
- For a partial refund request, Climb will calculate the new total advance as it relates to the new total tuition for the student.
- Example: Initial tuition amount was $10,000 with a 50% advance. Total advance amount was $5,000.
- New tuition amount owed is $5,000. Total advance amount needs to be adjusted to $2,500.
- Climb will invoice for the difference in advance amounts. In this example, the invoice would be for $2,500.
Step three:
- Log in to Bill.com.
- Follow the instructions online and enter your account details to transfer the funds and complete the refund.
Step four:
- Once the invoice has been received by Climb, our team will update the borrower's loan amount. The standard turnaround time is 1-3 business days after the invoice is processed.
Example invoice:
Have questions about our refund process? Reach out to our team at partnersupport@climbcredit.com!