5 key facts about private student loans

WTF 5 key facts about private student loans 8.3.12
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.

 

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