Traditional Lenders Need To Compete In A Digital Banking Marketplace
Private Student Loan Statistics
- $123.14 billion: the total amount of private student loan debt (source)
- 7.71%: the percentage of total outstanding student debt that is from private student loans (source)
- $13,780: the average private student loan amount (source)
- 8.86%: the average interest rate on private student loans (source)
- 8.81%: average variable rate
- 9.97%: average fixed rate
- 21.04%: the average approval rate for all private student loan applications (source)
- 40.51%: average approval rate with a cosigner
- 8.66%: average approval rate without a cosigner
- 737: the average credit score of approved private student loan applicants (source)
- $72,947: the average income of approved private student loan applicants (source)
- 2.48%: percent of private student loans that are 30 to 89 days past due (source)
- 1.50%: percent of private student loans that are 90+ days past due (source)
- Over 100: the number of private student loan lenders
