Few will disagree that America’s mounting student loan debt is a problem: a problem for borrowers facing a weak (but hopefully improving) job market, a problem for colleges struggling to rein in costs and demonstrate value, and a problem for the biggest student lender in the game — Uncle Sam.
But while issues certainly do exist, a torrent of articles has been quick to apply such ominous tags as “crisis” and “bubble” to student lending. Even with rising debt and delinquency, are these terms really accurate? According to one recent article by Christopher Matthews on Time.com, the answer is a resounding no.
For credit unions that offer private student lending programs, or are considering a program, taking a closer look at the numbers can help separate rhetoric from reality, while also revealing important data to guide risk management and optimize loan performance.
While the list of statistics and numbers could go on and on, these are but a few that may help cast a new light on a very complex issue. As has been proven many times before, nothing is black and white. As with any issue, it’s critically important for credit unions to carefully evaluate and understand all the facts — especially in a market that provides a great opportunity to meet the needs of young adults and families.
Jim Holt brings more than 20 years of student lending experience to Credit Union Student Choice. As the Vice President of Sales Operations, Jim serves as the main point of contact for credit unions interested in learning more about the Student Choice program and utilizes his extensive industry knowledge to help them successfully enter the private student lending market.
As the leading provider of higher education financing solutions to America's credit unions, Student Choice and our network of partner credit unions are redefining value in private student lending. Join us, and start giving students the credit they deserve.
Learn more about our innovative solution or contact us today to discuss the program.
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