Education About Student Loans Is Insufficient
By Christian Widhalm, SVP of Lender Partnerships, LendKey
One in four Americans take on student loan debt, and the federal options usually only cover a small portion of the full cost of college. Prime, young members are heading toward a bright future of earnings and are looking for guidance on how to pay for higher education without overburdening themselves. A quality education should begin with sound advice, not only about the best course of study, but also the best means of how to finance it.
The good news is that borrowers are receiving more advice than they have in the past. According to a survey conducted by LendKey and YouGov, nearly 70% of borrowers aged 18-34 received some type of loan advice when financing their higher education, compared to less than 60% of borrowers over the age of 55. While this looks promising, over 36% of total borrowers either did not receive any information on their student loan options or did not remember if they received any advice on repayment options.
The largest portion of respondents, 42.6%, were only provided one financing option by their college or university leaving a gap in education on student loan options. You can be the trusted advisor these student loan borrowers need at the beginning of their credit journey and you are well positioned to serve their financial needs in the future.
Register for LendKey's webinar to learn more on how you can partner to enable digital student lending.