Industry Information
Everyone knows that college costs are soaring. So it's taking more and more money to send a student to college. That money has to come from somewhere.
The Vital Role of Private Student Loans
Although private student loans are currently one of the smaller segments of the student loan market, they have the potential to fill an enormous need. Family income is not keeping pace with tuition increases. In the 2009/2010 academic year, there was a $120.3 billion gap* even after private student loans were included. And with enrollment expected to reach 20 million students in 2016*, that gap is growing.
Recent increases in government loans, grants, and aid provided by educational institutions themselves are not going to be enough. Family finances are also limited due to decreases in home equity, 529 savings and even credit card lines.
Private student loans are the one solution specifically designed to fill this gap.
