What is Private Student Loans Market?
Private student loans are issued by banks, financial institutions, or online lenders to the students for paying their educational and living expenses. The increasing number of student population and the emerging trend of studying abroad for quality education will accelerate the growth of the private student loans market as international students are not eligible for federal loans. However, declination in the interest rate of private student loans will boost the market. From the interest rate segment, fixed-rate loans are highly selected by the borrowers as it has relatively low interest and rates don’t change over time.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Sallie Mae (United States), LendKey (United States), CommonBond (United States), Discover Financial Services (United States), SoFi Technologies, Inc. (United States), MPOWER Financing (United States), Earnest (United States), Citizens Financial Group (United States), Nelnet, Inc. (United States), Ascent Funding (United States), College Ave Student Loan Servicing, LLC (United States), Purefy (United States), Wells Fargo (United States), Climb Credit, Inc. (Canada), Credible Labs Inc. (United States), EDvestinU (United States), Navient (United States) and Eduvanz (India) |
The market study is being classified by Type (Bar Exam Loans, Bootcamp Loans, Credit Union Loans, International Student Loans, Medical School Loans, Institutional Loans and Others) and major geographies with country level break-up.
The global market consists of a large number of players. More companies are expected to expand their private student loan service offerings and increase the competition in the nearer future. Companies are also shifting towards innovative solutions to offer the best quality of services to their customers. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Private Student Loans market throughout the forecasted period.
Sallie Mae (United States), LendKey (United States), CommonBond (United States), Discover Financial Services (United States), SoFi Technologies, Inc. (United States), MPOWER Financing (United States), Earnest (United States), Citizens Financial Group (United States), Nelnet, Inc. (United States), Ascent Funding (United States), College Ave Student Loan Servicing, LLC (United States), Purefy (United States), Wells Fargo (United States), Climb Credit, Inc. (Canada), Credible Labs Inc. (United States), EDvestinU (United States), Navient (United States) and Eduvanz (India) are some of the key players profiled in the study. Segment Analysis
Analyst at AMA Research have segmented the market study of Global Private Student Loans market by Type, Application and Region.
On the basis of geography, the market of Private Student Loans has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Number of Student Population Globally and Requirement for Quality Education
- Borrowing of Private Student Loans for Higher Educations like Post Graduation Courses, Medical Schools, Etc.
- Dominance of Direct to Consumer Distribution Channel and Application of Private Student Loans for Tuition Fees and Living Expenses
Market Trend
- Increased Adoption of Innovative Technological Solutions like AI by Lenders to Directly Offer Loans to Students
Restraints
- Higher Preference Towards the Federal Loans Among the Students Due to Fixed and Lower Interest Rates as Compared to Private Loans
- Less Adoption of Private Student Loans by Low-Income Group People Due to Failing in Repayment of Loan
Opportunities
- Growing Popularity of Private Student Loans Among the International Students as Most of Them Cannot Qualify for Federal Loan
Challenges
- Requirement of Co-Signers and Lack of Income-Driven Repayment Plans May Can Create Hurdles for the Market
- Availability of a Large Number of Private Student Loan Providers in the Market
In April 2022, Nelnet Bank, a leading provider of education lending for students and families launched private student loan to broaden its offering and provide a new flexible option to fulfill students’ college funding needs. The company offers private student loan with fixed & variable interest rates and a range of packages for undergraduates, graduates, MBA students, law students, and medical students.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Private Student Loans Providers, Venture Capitalists and Private Equity Firms, Regulatory Bodies and Others
Frequently Asked Questions (FAQ):
Which factors would majorly drive the Private Student Loans Market?
"Growing Number of Student Population Globally and Requirement for Quality Education
" is seen as one of major growth factors of Private Student Loans Market in years to come.
Can we have customized study for Private Student Loans Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
Which region will lead the Global Private Student Loans Market?
United States will lead Private Student Loans Market in coming years.
Why are some of the known companies left out of the Private Student Loans Market report?
The Private Student Loans market study includes a random mix of players, including both market leaders and some top growing emerging players. Connect with our sales executive to get a complete of companies available in our research coverage.