According to the report published by Allied Market Research, the global student loan market generated $3,933.18 billion in 2021, and is projected to reach $8,750.75 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031.
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A student loan is provided by the banks for helping the student enroll in a higher education institution or vocational school in the country or abroad. Moreover, a surge in the costs of higher education and high hostel and tuition fees have created a huge demand for student loans. Apart from this, the rise in demand for professional courses in education drives the growth of the student loan market across the globe. Nevertheless, loan repayment for a longer period incurs more interest on student loans and has hindered the growth of the student loan market. Nevertheless, favorable schemes introduced by the government such as zero percent EMI on loans taken by poor students and students with a weak financial conditions in emerging economies will open new vistas of growth for the student loan industry.
The global student loan market is segmented into type, repayment plan, age group, and end user. Based on the end user, the graduate students segment acquired a major share of the global student loan market in 2021 and is likely to dominate the global market growth even in the near future. The segmental growth over the forecast timeline can be credited to the rise in the number of students pursuing higher education in the country and abroad.
On the basis of the region, North America contributed majorly toward the global market share in 2021. The growth of the regional market can be attributed to the massive popularity of federal student loans in the students opting for various courses in the countries such as the U.S. However, these loans are not available to students that come from outside to study in the U.S. Moreover, these students are eligible for an international student loan in the U.S.
Furthermore, demand for an educational loans for students taking professional as well as online courses increased during the COVID-19 pandemic. The reason is layoffs and salary reduction of the parents during the COVID-19 pandemic along with rising costs of education and costs of coaching the students in reputed private institutes for preparation for competitive exams.
KEY FINDINGS OF THE STUDY
- Based on the type, the federal/government loan segment contributed the largest share to the global market in 2021, in terms of revenue.
- In terms of the repayment plan, the graduated repayment plan segment is set to record the fastest growth rate over the forecast timeline.
- Based on the region, North America accounted for the highest market revenue in 2021.
Major market player of student loan market analysis include
- Ascent Funding LLC
- Wells Fargo
- Avanse Financial Services Ltd.
- Prodigy Finance Limited
- Citizens Financial Group Inc.
- Laurelroad
- Carvana
- Chegg Inc.
- Earnest LLC
- Edfinancial Services LLC
- Quotanda
- Eduvanz Financing Private Limited
- LendKey Technologies Inc.
- MPOWER Financing
- Social Finance Inc.
- and ZeeFi Pty Ltd.
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