As of March 31, 2018, credit unions held $4.0 billion in private student loans. That’s up 14.0% from the first quarter of 2017. Credit unions are increasingly adding student loans to their portfolios as the movement works to provide affordable credit to young borrowers.
According to the Federal Reserve, outstanding student loan debt in America reached $1.5 trillion in the first quarter of 2018. Student loan debt currently exceeds both credit card lending — at $977.0 billion — and auto loans — at $1.1 trillion.
Answer the questions below to test your credit union student lending knowledge.