August 22, 2024 – Enterval Analytics, LLC, a leading student loan analytics company, today released the 22nd edition of its semi-annual Private Student Loan Report. The latest Report offers detailed data and analytics on the US private student in-school lending market, highlighting current private student loan performance, and comparing it to pre-pandemic 3-year averages. The Report underscores that a majority of borrowers continue to responsibly manage their private student loans.
At the end of Q1 2024, early-stage delinquency remained steady at 3.02%, while late-stage delinquencies were 1.61%. Annualized gross charge-offs were 2.56%. The 3-year average for the pre-pandemic timeframe of 2017 to 2019 were 2.57%, 1.57%, and 2.04%, respectively. At the end of Q1 2024, 75.91% of private student loan borrowers were in repayment, which is slightly more than the three-year pre-pandemic average of 75.46%.
“Private student loan borrowers continue to demonstrate responsible repayment management,” explains John Falb, CEO of Enterval Analytics. “The pandemic introduced unique private student loan origination and repayment trends, but the data confirms market performance is normalizing.”
The Report represents data contributed by thirteen private lenders, who collectively account for over 70% of the active in-school private student loan lender market. Report contributors originated $8.92B in private student loans during the first three quarters of academic year 2023/24. In addition to being fully underwritten to assess creditworthiness and ability to repay, private student loans are school certified with 90.40% of loans being cosigned.
Based on the latest available federal student loan data, approximately 92.37% or $1.6 trillion of the loans today are made by the federal government; the remaining 7.61% or $133.43 billion of the student loan market as of Q3 2024 are private student loans. Undergraduate loans account for 90.70% of the outstanding private student loan portfolio.
The full Private Student Loan Report is available for download at https://www.enterval.com/#reports.The bi-annual Report includes continuous contributions from the five largest student loan lenders and holders: Citizens Bank, N.A., College Ave, Navient, PNC Bank, N.A., and Sallie Mae Bank. In addition, the report includes data from eight other student lender contributors.
About Enterval Analytics
Enterval Analytics was formed to provide industry leading research, tools, and insights for the private student loan market. In 2021, Enterval acquired certain reporting assets of MeasureOne and has assumed the lead in creating this report.
Enterval has a dedicated team of seasoned professionals, with specialized experience in data analysis, finance, student loan portfolio management, higher education policy, public and government relations—Enterval is uniquely positioned to deliver reporting and software tool solutions focused on the higher education space. For more information about Enterval, visit www.enterval.com.