Wilmington, Delaware, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Private Student Loans Market by Type (Private Only, Both Federal and Private Loans and Federal Only), and Education Level (Undergraduate Students, Graduate Students, Professional Students and Certificate and Non-Degree Programs): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the private student loans market was valued at $412.7 billion in 2023, and is estimated to reach $980.8 billion by 2032, growing at a CAGR of 10.1% from 2024 to 2032.
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Prime determinants of growth
The global private student loan market is growing due to several factors such as flexibility in loan amounts and terms, rise in cost of education and increase in initiatives in financial technologies. However, higher interest rates, data security and privacy concerns act as restraints for the private student loan market. In addition, an increase in enrollment in higher education will provide ample opportunities for the market's development during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $412.7 billion |
| Market Size in 2032 | $980.8 billion |
| CAGR | 10.1% |
| No. of Pages in Report | 210 |
| Segments covered | Type, Education Level, and Region. |
| Drivers |
|
| Opportunities |
|
| Restraints |
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The both federal and private loan segment is expected to grow faster throughout the forecast period.
Based on the type, both federal and private loan segment held the highest market share in 2023. These type of loans are widely available to most students, regardless of credit history or income levels, making them a fundamental component of student financial aid.
The graduate student segment is expected to grow faster throughout the forecast period.
Based on the education level, the graduate student segment held the highest market share in 2023. This is attributed to the fact that there is an increasing number of students wanting to attend universities and complete their higher education. For several such students, borrowing huge amounts money even before they start working can be a setback, but completing higher education is a personal and professional growth for an individual.
North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to boost in terms of revenue throughout the forecast timeframe. Well-developed financial infrastructure is accelerating the adoption of the most recent technologies, including private student loan in North America.
Players: -
- Mpower Financing
- Prodigy Finance
- Sallie Mae
- Citizens Bank
- Earnest
- College Ave
- Ascent
- Ascent Funding, LLC
- International student loan
- Education Loan Finance
The report provides a detailed analysis of these key players in the global private student loan market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry Development:
- In February 2024, Earnest partnered with FinWise Bank, a subsidiary of FinWise Bancorp, to enhance its portfolio of private student loan products, including for parents, undergraduate, and graduate students. This collaboration supports Earnest’s ongoing commitment to provide innovative and impactful products that help students and their families pay for college when federal aid is insufficient.
- In July 2023, Earnest partnered with Nova Credit. The new partnership expands access to higher education for international students in the U.S.
- In May 2022, The State Bank of India (SBI) launched a student term loan product to provide customized financing solutions. The product offers a concession of 0.5% in the interest rate for girl students.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the segments, current trends, estimations, and dynamics of the private student loans market analysis from 2023 to 2032 to identify the prevailing private student loans market opportunity.
- The private student loans market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the private student loans market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global private student loans market statistics.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the private student loans market players.
- The report includes the analysis of the regional as well as global private student loans market trends, key players, private student loans market segments, application areas, and market growth strategies.
Private Student Loans Market Report Highlights
By Type
- Private Only
- Both Federal and Private Loans
- Federal Only
By Education Level
- Undergraduate Students
- Graduate Students
- Professional Students and Certificate
- Non-Degree Programs
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- Latin America (Argentina, Brazil, Colombia, Rest of Latin America)
- MEA (Saudi Arabia, South Africa, UAE, Rest of MEA)
Purchase This Comprehensive Report (PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/4dC2crj
Key Market Players
Ascent Funding, Education Loan Finance, Citizens Bank, Earnest, Mpower Financing, Sallie Mae, Prodigy Finance, College Ave, International Student Loan
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington,
New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington,
New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
