Private student loan data from 2016 to 2020

The data points that you will find below contained sufficient data from 2020 to include that year in the analysis.

Approval rates

  • In 2020, the overall private student loan approval rate was 21.61%.
    • In 2020, the private student loan approval rate for applicants who applied with a co-signer was 36.09%.
    • In 2020, the private student loan approval rate for applicants who did NOT apply with a co-signer was 8.84%.

Co-signer vs. no-co-signer applications

  • In 2020, 32.15% of private student loan applicants applied with a co-signer, while 67.85% of applicants applied without a co-signer.

Average applied vs. approved credit score

  • In 2020, the average private student loan applicant had a FICO credit score of 638.
    • In 2020, the average APPROVED private student loan applicant had a FICO credit score of 748.

Average funded private student loan amount

  • In 2020, the average funded private student loan amount was $11,729.

Private student loan data from 2016 to 2019

The data points that you will find below contained insufficient data from 2020 so only data from 2016 to 2019 was included in the analysis.

No-co-signer interest rates

  • In 2019, the average interest rate on a private student loan was 10.63%.
    • In 2019, the average VARIABLE interest rate on a private student loan was 11.20%.
    • In 2019, the average FIXED interest rate on a private student loan was 10.20%.

Co-signed interest rates

  • In 2019, the average co-signed interest rate on a private student loan was 9.81%.
    • In 2019, the average co-signed VARIABLE interest rate on a private student loan was 9.30%.
    • In 2019, the average co-signed FIXED interest rate on a private student loan was 10.20%.

Average applied vs. approved income

  • In 2019, the average private student loan applicant had an income of $48,441.
    • In 2019, the average APPROVED private student loan applicant had an income of $76,964.

Methodology

All data used in this report was compiled from hundreds of thousands of users who went through LendEDU’s private student loan portal when applying for a private student loan between 2016 and 2020. Data has been provided from a variety of private student loan lenders.

The application data was pooled from the five aforementioned companies and averaged together.

Each lender provides slightly different reporting and data. Therefore, some lenders did not provide certain data fields. Due to privacy concerns, we are unable to provide or confirm lender-specific data. Some data points did not include data from 2020 due to an insufficient amount of data from all private student loan lenders.

See more of LendEDU’s Research

The post The State of Private Student Loans in 2020 appeared first on LendEDU.

About the Author

LendEDU

LendEDU

Syndicated Content

LendEDU was launched in August 2014 by Nate Matherson and Matt Lenhard. LendEDU is a website that helps consumers learn about and compare financial products, including student loans, personal loans, credit cards, insurance products, banking products, and more. Our goal is to help you make confident decisions. Our team of 14 full-time employees is based in Hoboken, NJ

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