Please Wait.....
Report
Student Loans - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029
Market Report I 2024-02-17 I 120 Pages I Mordor Intelligence
h3> Key Highlights
-The global education/student loans market is valued at USD 3,800 billion in the current year and is expected to register a CAGR of 9.2% during the forecast period.
-A student loan is the amount of money that is obtained to cover the expenses related to higher education or postsecondary education. They cover the cost of tuition and other educational costs. When students are in college, payments are frequently postponed, and depending on the lender, they mayy occasionally be postponed for an additional six months after receiving a degree.
-One of the advantages of the student loan is that it motivates educated but underprivileged people to continue their studies and find rewarding work, advancing their careers. These loans are designed so that the student does not have to repay the loan immediately but instead must do so once their education is complete by deducting payments from their income.
-Education remains a vital investment for future opportunities, so the student loan market responds to the imperative of bridging financial gaps to access education and enhance career prospects. The student loan market is driven by various factors, such as the pursuit of higher education, rising tuition costs, and the financial challenges faced by students.
-As living costs rise and colleges in various countries like Germany, Australia, and Canada raise their fees, students are forced to borrow more. The interest rate can be considerably lower than other loans, and the repayment plan can be postponed while the borrower is still enrolled in school, setting it apart from other loans.
Student Loans Market Trends
High Education Costs is Driving the Market
- Student loan debt is now the second-highest consumer debt category after mortgages. The growing demand for higher education results in a continued rise in tuition and fees and other related expenses to get a college degree. For many families, footing the bill by using their savings or investments will not suffice, which is why they need to rely on student loans. The average student loan debt grew as the total debt grew, and indebted borrower numbers stayed roughly the same.
- Since the spring of last year, the average student loan debt increased by 2.74%. During that same period, the average private student loan debt decreased by 14.58%, largely due to Wells Fargo's departure from the student loan market. All postsecondary students, including those earning certificates and associate's degrees, borrow at least USD 15,000 to pay for classes.
- Australia has been recognized as one of the most expensive countries in the world for international students. From tuition fees to living expenses, studying here is costly. In the previous year, 36 out of 45 universities in Australia ranked in the QS World University Rankings. The median monthly payment among student loan holders is USD 250. University graduates owe an average of USD 33,500 a year after they leave school. The average private nonprofit university student borrows USD 33,700 to complete a bachelor's degree.
Senior Student Loans Continue to Rise
- Crippling student debt is not exclusive to the young population. People aged 60-69 years old have as much debt as people in their 30s, averaging USD 35,637 in the previous year for the former and USD 36,406 for the latter. Senior student debt increased by a drastic 1.256% from USD 6.3 billion to USD 85.4 billion in only 13 years. According to The Consumer Financial Protection Bureau (CFPB), 73% of seniors co-signed loans for other people, usually their child or grandchild, while 27% obtained loans for their spouse or themselves.
- There are issues particular to older borrowers when it comes to repaying their student loan debt that younger borrowers might need to experience. For example, 9% of seniors delayed seeking healthcare services, while 31% had to either stop saving for retirement or use their nest eggs due to student loan debt.
- Moreover, since most student loan debt cannot be discharged in bankruptcy, some seniors suddenly found lenders garnishing part of their Social Security benefits or a portion of their tax refunds. In 2021, nearly 40% of senior borrowers were in default. With still so much debt to repay and not enough resources to utilize, more seniors might find it harder to achieve a comfortable retirement.
Student Loans Industry Overview
The global education/student loans market is fragmented. In many countries, student loans are offered by a variety of lenders, including government agencies, banks, and private financial institutions. There is a diverse range of loans with different terms and conditions that are available to students. Some of the major players in the market are Earnest, Juno, Credible, Citizens Bank, and Discover.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Government Initiatives are Driving the Market
4.2.2 Growing Aspirations for International Education is Driving the Market
4.3 Market Restraints
4.3.1 Creditworthiness Challenges are Restraining the Market
4.4 Market Opportunities
4.4.1 Online Education is Providing Opportunities for the Market
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Current Trends and Innovations in the Market
4.7 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Federal/Government Loan
5.1.2 Private Loan
5.2 By Repayment Plan
5.2.1 Standard Repayment Plan
5.2.2 Graduated Repayment Plan
5.2.3 Revised Pay As You Earn (REPAYE)
5.2.4 Income-based (IBR)
5.2.5 Other Repayment Plans
5.3 By Age Group
5.3.1 24 or Younger
5.3.2 25 to 34
5.3.3 Above 35
5.4 By End User
5.4.1 Graduate Students
5.4.2 High School Student
5.4.3 Other End-Users
5.5 By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Latin America
5.5.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Earnest
6.2.2 Juno
6.2.3 Credible
6.2.4 Citizens Bank
6.2.5 Discover
6.2.6 Mpower
6.2.7 Prodigy
6.2.8 Federal Student Aid
6.2.9 Sallie Mae
6.2.10 College Ave*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 DISCLAIMER AND ABOUT US
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security