Dublin, June 17, 2024 (GLOBE NEWSWIRE) -- The "Student Loans - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029" report has been added to ResearchAndMarkets.com's offering.
The global student loans sector is experiencing a significant growth phase, valued at USD 3,800 billion and forecasted to expand at a Compound Annual Growth Rate (CAGR) of 9.2% through 2029
The expansion of the market is closely tied to the escalating costs of higher education and the subsequent need for financial assistance to cover these expenses. Student loans play a crucial role in bridging the gap for individuals seeking postsecondary education, who might otherwise be constrained by financial barriers. These loans cover a comprehensive range of costs including tuition, living expenses, and other associated fees essential to academic pursuit.
Notably, this debt burden affects a diverse age range. Statistics reveal that individuals aged 60-69 have incurred nearly as much debt as those in their 30s. Alarmingly, senior student debt saw an unprecedented increase of 1,256% over a 13-year span, rising from USD 6.3 billion to USD 85.4 billion. This phenomenon underscores the complexity of the student loan market and the extensive reach of student debt across multiple generations. The rising costs of education and the necessity for continued learning and skill development contribute to the persistent elevation of debt levels within the market.
The student loans industry exhibits a fragmented landscape with a myriad of lenders, ranging from government entities to private financial institutions and banks. The market presents a wide array of loan types, each varying in terms and conditions, to accommodate the diverse needs of students at different educational levels. The proliferation of lenders ensures a competitive environment, yet also denotes the importance of informed decisions among borrowers to select loans that are most conducive to their financial capabilities and educational goals.
This comprehensive overview of the student loans market offers an insight into the unique dynamics shaping the financial futures of learners around the globe, highlighting the necessity for strategic planning and financial savvy in the pursuit of higher education.
A selection of companies mentioned in this report includes, but is not limited to:
- Citizens Bank
- College Ave
- Credible
- Discover
- Earnest
- Federal Student Aid
- Juno
- Mpower
- Prodigy
- Sallie Mae
For more information about this report visit https://www.researchandmarkets.com/r/6uhsaf
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Attachments
- Global Education Student Loans Market Average Student Loan Debts In
- Global Education Student Loans Market Senior Student Loans In 2022
