5 key facts about private student loans
SOURCE: Consumer Financial Protection Bureau, “Private Student Loans: Report to the Senate Committee on Banking, Housing, and Urban Affairs, the Senate Committee on Health, Education, Labor, and Pensions, the House of Representatives Committee on Financial Services, and the House of Representatives Committee on Education and the Workforce.” Published July 20, 2012.
- 46% of students at 4-year for-profit colleges and universities take out private student loans to supplement their federal loans.
- 90% of private student loans are co-signed in 2011.
- 10% of recent bachelor degree graduates have debt service payments exceeding 25% of their income.
- Unemployment rate among private student loan borrowers was 16%.
- Default on private student loans totaled more than $8.1 billion.
- Consumer Financial Protection Bureau: Private Student Loans Report – July 2012
- WhatTheFolly.com: CFPB asks Congress to consider changing bankruptcy rules for private student loans
- WhatTheFolly.com: CFPB: Many students & parents are unaware of private student loan pitfalls
- WhatTheFolly.com: Transcript: Testimony of CFPB Student Loan Ombudsman Rohit Chopra before Senate Banking Committee
- WhatTheFolly.com: Transcript: Sen. Sherrod Brown on private student loans
- WhatTheFolly.com: Transcript: Sen. Bob Corker on private student loans
- WhatTheFolly.com: Federal judge reverses college ‘gainful employment’ rule
- WhatTheFolly.com: College loan rate hike averted
- WhatTheFolly.com: Student loan delinquency rate climbs above 20%