Loan Servicing Statistics

Steve Goldstein
Steve Goldstein
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Loan Servicing Statistics 2023: Facts about Loan Servicing outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Loan Servicing, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Loan Servicing Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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On this page, you’ll learn about the following:

Top Loan Servicing Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 44 Loan Servicing Statistics on this page 🙂

Loan Servicing “Latest” Statistics

  • 13% of students take out loans for school from private institutions like banks or credit unions.[1]
  • 13,900 student loan complaints were made about federal student loans, with the majority of them involving interactions with lenders or servicers.[1]
  • 15% of American people say they still owe money from their college studies and 7% report unpaid debts for graduate school.[1]
  • Subsidized Stafford loans make up about 18.6% of the total federal debt and unsubsidized Stafford loans account for 34.2%.[1]
  • 19% of borrowers with unpaid student loans for their own schooling carry credit card balances on behalf of other students and 12% have credit card debt.[1]
  • In addition to their student loan debt, 24% of indebted student borrowers also owe money for their education.[1]
  • Home equity loans were utilized by 4% of borrowers with debt to fund their own schooling.[1]
  • 11% of borrowers utilized a different kind of loan to fund their own schooling.[1]
  • Grad plus loans, which go to graduate or professional students, account for 5% of student loan debt.[1]
  • 55% of Americans favor canceling federal student debts up to $10,000 per borrower and up to a $50,000 cancellation per borrower supported by 47%.[1]
  • Among those who firmly favor student debt forgiveness, 56% earn less than $50,000 yearly and 14% earn more than $100,000.[1]
  • 60.5% of all graduates with graduate degrees have federal student loan debt and 54.2% of undergraduate students are in debt.[1]
  • Parent plus loans taken out by parents on behalf of their kids account for 64% of student loan debt.[1]
  • 67,00 complaints were made about private loans, the majority of which were over dealings with the lender or servicer.[1]
  • According to statistics, loan payments were from 24% of borrowers who attended private for-profit colleges and 7% of borrowers who attended private nonprofit institutions.[1]
  • Students who are still enrolled in school are responsible for 8% of the total student loan debt.[1]
  • Home equity loans were utilized by 9% of debtors who took out loans to pay for the education of their kids or grandchildren, while another loan type was used by 11% of them.[1]
  • 88% of borrowers owe money for the education of their children or grandchildren, while 96% of borrowers have student loan debt that is still unpaid.[1]
  • The typical student borrowed 21.5% less in federal loan funds in the 2019–20 academic year than they did in 2009 after accounting for inflation.[1]
  • 92.7% of all student loan debt in 2022 was federal and private borrowers account for 73%.[1]
  • 24% of student loan complaints were filed with American education services and the Pennsylvania higher education assistance agency.[1]
  • American Indian and Alaska Native students are the least likely to borrow privately among all postsecondary students (26%).[1]
  • Female students are 49.9% more likely than male students with associate’s degrees to take out federal student loans.[1]
  • Black or African American students are the most likely to take out federal loans among bachelor’s degree holders, at 76.1%.[1]
  • Graduate students who incur debt for graduate school make up 22% of white students and 40% of black students.[1]
  • For those with a master’s degree, 60% have federal student loan debt from graduate school, whereas 52.8% have debt from undergraduate study.[1]
  • Among individuals with doctorates in professional fields, 74.5% had outstanding federal student loan debt from graduate school and 73.5% from undergraduate study.[1]
  • The sum of all federal student loans climbed by 76.63% between 1995 and 2022, or 45.1% annually or 11.3% quarterly.[1]
  • Student loan debt in repayment fell by 82% during the second and third fiscal quarters of 2020, but debt in forbearance rose by 375%.[1]
  • By the end of July, 11.2% of persons with student loan debt said they had missed at least one payment so far this year.[1]
  • By the age of 30, 21% of those with a bachelor’s degree and 37% of those with an associate’s degree had defaulted on at least one student loan payment.[1]
  • Doctors of Medicine are the ones most likely to have student loan debt, with graduate school debt at 81% and undergraduate school debt at 80.3%.[1]
  • The amount owed on federal student loans decreased by 02.7% in the first quarter of the current fiscal year, which is the largest quarterly decrease in at least ten years.[1]
  • 48% of black student borrowers and 17% of white student borrowers still owe more than they borrowed four years after graduation.[1]
  • Compared to over 30% of borrowers having loans directly from the department of education, fewer than 6% of eligible FFELP borrowers in 2015 were engaged in income.[1]
  • In 2017, 68% of the class of 2016’s bachelor’s degree holders had debt from federal student loans totaling 30.8.[1]
  • 9% of borrowers who attended public colleges were in arrears with their student loan payments as of May 2020.[1]
  • 75.3% of private student loans were being repaid as of the beginning of 2020, while 20% were being deferred.[1]
  • The total amount owed on student loans has climbed over the last ten years at an average quarterly pace of 14.8%.[1]
  • The CARES Act, which was introduced during the second and third fiscal quarters of 2020, provided relief from student loan debt for an estimated 35 million students.[1]
  • Black or African American student borrowers typically owe 6% more than they borrowed, compared to 10% less for white or caucasian students.[1]
  • There are 28.2% more female supporters of up to $10,000 in student debt forgiveness than male supporters.[1]
  • Even though 30% of college students borrow money from the federal government, their combined borrowing makes up 92.6% of all student loan debt.[1]
  • Private loans between 25% and 39% have greater delinquency rates than federally supported loans between 11% and 17%.[2]

Also Read

How Useful is Loan Servicing

One of the key benefits of loan servicing is that it helps to streamline the repayment process for borrowers. Rather than having to interact separately with the lender, borrowers can go through a designated service provider who manages their loan accounts. This not only simplifies the process for borrowers but also reduces the likelihood of missed or late payments, which can have negative consequences on one’s credit score.

Loan servicing also provides a level of transparency and accountability that benefits both borrowers and lenders. Service providers are responsible for issuing statements, processing payments, and ensuring that all relevant information is accurately recorded. This helps to alleviate any potential disputes or misunderstandings that may arise during the loan term, as everything is documented and clearly communicated to all parties involved.

Additionally, loan servicing can provide relief to borrowers who may be experiencing financial hardship. In cases where a borrower is unable to make payments due to unforeseen circumstances, such as job loss or medical emergencies, loan servicers can work with them to find viable solutions, such as restructuring the loan or adjusting the payment schedule. This level of assistance can be invaluable for borrowers who are struggling to meet their financial obligations.

Furthermore, loan servicing also benefits lenders by allowing them to focus on their core business activities, rather than getting bogged down in the day-to-day operations of managing loan accounts. By outsourcing the servicing of their loans, lenders can reduce costs, improve efficiency, and mitigate risks associated with loan management. This ultimately allows lenders to concentrate on growing their loan portfolios and expanding their businesses.

Despite the numerous advantages of loan servicing, there are also some potential drawbacks to consider. For example, borrowers may feel disconnected from their lender when interacting solely with a service provider. This lack of direct communication can lead to feelings of frustration or confusion, especially if borrowers have questions or concerns about their loans. Additionally, some service providers may not always act in the best interest of borrowers, prioritizing profits over customer service.

In conclusion, loan servicing plays an essential role in the financial industry by facilitating the repayment process for borrowers, providing transparency and accountability, and assisting those in financial distress. While there are some potential pitfalls associated with loan servicing, the overall benefits far outweigh the disadvantages. As the demand for loans continues to grow, the importance of effective loan servicing will only increase in order to ensure a smooth and efficient lending process for all parties involved.


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  2. consumerfinance –

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