Leaders In Outstanding Private Student Loans

Outstanding student loans at credit unions have increased 16.0% since second quarter 2015. Which credit unions lead the nation in student loan balances?

 
 

Credit unions nationwide, on average, held $607,047 in outstanding private student loans on their books as of June 30, 2016, up 16.0% from $523,253 reported in June 2015.

The average student loan balance increased from $7,019 to $7,274 over the past 12 months. Student loan concentration at credit unions remained flat at 0.44% as of midyear. The increase in student loan activities at credit unions signifies credit unions’ growing ability to reach younger generations and establish relationships with them.

LEADERS IN OUTSTANDING PRIVATE STUDENT LOANS
FOR U.S. CREDIT UNIONS | DATA AS OF 06.30.16
© Callahan & Associates | www.creditunions.com

  Credit Union State Outstanding Private Student Loans Average Balance of Student Loans Student Loans/ Total Loans Total Assets
1 Digital MA $131,063,877 $37,825 2.22% $7,213,280,539
2 University Of Wisconsin WI $126,850,284 $6,976 8.99% $2,213,280,539
3 Massachusetts Institute Of Technology MA $101,151,824 $60,679 24.84% $493,183,568
4 Navy VA $86,246,769 $18,142 0.16% $77,830,150,313
5 Harvard University Employees MA $85,953,229 $28,843 20.00% $545,577,064
6 Quorum NY $80,337,757 $58,598 9.59% $940,387,718
7 Wright-Patt OH $76,854,130 $24,712 3.22% $3,313,520,384
8 Elements Financial IN $71,816,446 $11,394 6.75% $1,306,489,453
9 Affinity NJ $67,196,005 $14,309 3.23% $2,458,049,018
10 Members 1st PA $66,936,117 $21,796 2.71% $3,198,095,639

Source: Peer-to-Peer Analytics by Callahan & Associates.

Digital ($7.2B, Marlborough, MA) reported the highest amount of private student loans outstanding among all credit unions, with the total student loan balance amounting to $131.0 million as of June 30, 2016. University of Wisconsin ($2.2B, Madison, WI) came in second with $126.9 million in outstanding private student loans, which accounted for 9.0% of its total loan portfolio as of second quarter.

Credit unions whose membership is primarily from students, alumni, and employees at colleges or universities tend to have higher concentration in student loans within their loan portfolios. For example, Massachusetts Institute of Technology ($493.2M, Cambridge, MA) and Harvard University Employees ($545.6M, Cambridge, MA) reported 24.8% and 20.0% in student loan concentration, respectively, as of June 30, 2016.

 
 

Sept. 19, 2016


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