Dublin, June 17, 2024 (GLOBE NEWSWIRE) — The “Student Loans – Market Share Analysis, Industry Trends and Statistics, Growth Forecasts 2020 – 2029” report has been added to ResearchAndMarkets.com’s The offer of
The global student loan sector is experiencing a significant growth phase, valued at $3.8 trillion and projected to expand at a compound annual growth rate (CAGR) of 9.2% through 2029
Market expansion is closely related to the rising costs of higher education and the subsequent need for financial aid to cover these costs. Student loans play a crucial role in bridging the gap for individuals seeking post-secondary education who may otherwise be limited by financial barriers. These loans cover a full range of costs, including tuition, living expenses and other related fees essential to academic pursuit.
Notably, this debt burden affects a diverse age range. Statistics show that individuals aged 60-69 have almost as much debt as those in their 30s. Alarmingly, senior student debt saw an unprecedented 1,256% increase over a 13-year period, rising from $6.3 billion to $85.4 billion. This phenomenon underscores the complexity of the student loan market and the pervasiveness of student debt across multiple generations. Rising education costs and the need for continuous learning and skills development contribute to the continued rise in debt levels within the market.
The student loan industry features a fragmented landscape with a multitude of lenders, ranging from government entities to private financial institutions and banks. The market presents a wide range of loan types, each different in terms and conditions, to accommodate the different needs of students at different educational levels. The spread of lenders provides a competitive environment, but also demonstrates the importance of informed decisions among borrowers to select loans that are most favorable to their financial capabilities and educational goals.
This comprehensive overview of the student loan market provides insight into the unique dynamics shaping the financial future of students around the globe, highlighting the necessity for strategic planning and financial literacy in pursuing higher education.
A selection of companies mentioned in this report includes, but is not limited to:
- Citizens Bank
- College Ave
- Believable
- discover
- sincere
- Federal Student Aid
- Juno
- FORCE
- Prodigy
- Sallie Mae
For more information about this report, visit https://www.researchandmarkets.com/r/6uhsaf
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Global Education Student Loans in the Market Average Student Loan Debts in
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Global Education Student Loans Market Senior Student Loans in 2022
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