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Global Student Loan Market Size, Share, Growth, Forecast: By Loan Type: Federal/Government Loan, Private Loan; By Repayment Plan: Standard Repayment Plan, Graduated Repayment Plan, Revised Pay As You Earn (REPAYE), Income-based (IBR), Others; By Age Group; By End-User; Regional Analysis; Competitive Landscape; 2024-2032
Global Student Loan Market Outlook
The global student loan market size was approximately USD 4.20 trillion in 2023. The market is assessed to grow at a CAGR of 7.2% between 2024 and 2032, reaching a value of USD 7.90 trillion by 2032.
Key Trends in the Market
Student loan refers to a lump sum of money that students receive from private companies, state government, or federal government, which is used towards school expenses, including accommodation and tuition fees, among others. These loans offer financial support to students who might otherwise not be able to afford expenses associated with a college education.
- The increased preference for studying abroad due to availability of better economic and social opportunities supports the student loan market growth. Higher tuition fees and visa expenses make the cost of pursuing a master’s degree in the US and Canada much higher. Student loans cover the high cost of tuition fees, stationery supplies, and living expenses of students. However, these loans carry a high interest rate since they are provided free of collateral and have a long repayment period.
- Banks are enhancing their loan sanctioning process by digitalising various inter-channel approvals, along with customers’ credit score. This is helping millions of students in getting their tuition fees financed quickly. It also enables them to track their instalment through mobile apps and make payments quickly. Such facilities and services are enhancing the consumer convenience, further supporting the student loan market development.
- The literacy rate across many developing countries is increasing because of intensive efforts and measures taken by national and international agencies. Such efforts are encouraging students to pursue further education for economic and social upliftment, bolstering the market demand.
- Students from India, China, and Brazil especially have a high demand for these loans, because of lack of provision of adequate financial aid in these countries. They also form a big portion of the international student community abroad and settle for employment opportunities in the host country after studying technical and managerial subjects.
Market Segmentation
Based on loan type, the market is bifurcated into federal/government loan and private loan. On the basis of repayment plan, the market is divided into standard repayment plan, graduated repayment plan, revised pay as you earn (REPAYE), and income-based (IBR), among others. By age group, the market is categorised into 24 or younger, 25 to 34, and above 35.
Based on end-user, the student loan market segmentation includes graduate students and high school students, among others. The major regional markets for student loan include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the student loan market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- SLM Corporation
- Navient Solutions, LLC
- Citizens Financial Group, Inc.
- Nelnet, Inc.
- Discover Financial Services
- LendKey Technologies, Inc.
- Avanse Financial Services Ltd.
- ICICI Bank Limited
- Prodigy Finance Limited
- Ascent Funding, LLC
- Granite Edvance Corporation
- Social Finance, Inc.
- Others
Market Share by Age Group
As per the student loan market analysis, 24 year old or younger students are anticipated to account for a significant share of the market owing to the increasing preference for studying abroad among this age group. Graduating overseas can help students develop essential skills like communication, self-awareness, and self-confidence, earlier in life. Many organisations look for these skills in potential candidates. By graduating abroad, students can benefit from skill development programs, which enhances their personality and prepares them for leadership roles in the future. Studying overseas is an opportunity young people don’t want to miss, as it can open doors to new possibilities in life. This overshadows the high tuition fees and boarding cost, which is financed via student loans.
Market Share by Region
North America accounts for a significant student loan market share. This growth can be attributed to the presence of multiple high raking universities in the region and a strong student loan infrastructure. The availability of federal/government loans, which carry low interest rates, is further supporting the market expansion in North America. The long repayment schedule of these loans aids students in pursuing a stress-free education. The availability of counsellors and increasing government initiatives to boost awareness about the various advantages associated with availing student loans are providing lucrative growth opportunities to the market. The increasing cost of tuition fees across many universities in the region is further boosting the student loan market demand.
Competitive Landscape
SLM Corporation was incorporated in 1997 and is headquartered in Virginia, United States. The company finances private education loans in the United States. It offers competitively-priced loan products and services to help students fulfil their educational endeavours and meet the gap created despite student aid and scholarships, federal loans, or grants. Apart from this, it also operates in three business segments, which includes lending and asset performance.
Navient Solutions, LLC was found in 2013 and is headquartered in North Carolina, United States. It engages in the provision of asset management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels. It operates through many segments, which includes private education loans, and business services, among others.
Citizens Financial Group, Inc. was found in 1828 and is headquartered in Rhode Island, United States. It is one of America’s oldest and largest financial institutions. It offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large scale corporations, and institutions. Its product and solution range includes loan syndication, commodity risk management solutions, and corporate finance, among others.
Other key players in the student loan market include Nelnet, Inc., Discover Financial Services, LendKey Technologies, Inc., Avanse Financial Services Ltd., ICICI Bank Limited, Prodigy Finance Limited, Ascent Funding, LLC, Granite Edvance Corporation, and Social Finance, Inc., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Loan Type |
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| Breakup by Repayment Plan |
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| Breakup by Age Group |
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| Breakup by End-User |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Student Loan Market Analysis
8.1 Key Industry Highlights
8.2 Global Student Loan Historical Market (2018-2023)
8.3 Global Student Loan Market Forecast (2024-2032)
8.4 Global Student Loan Market by Loan Type
8.4.1 Federal/Government Loan
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Private Loan
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Student Loan Market by Repayment Plan
8.5.1 Standard Repayment Plan
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Graduated Repayment Plan
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Revised Pay As You Earn (REPAYE)
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Income-based (IBR)
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Student Loan Market by Age Group
8.6.1 24 or Younger
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 25 to 34
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Above 35
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Student Loan Market by End-User
8.7.1 Graduate Students
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 High School Students
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Others
8.8 Global Student Loan Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Student Loan Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Student Loan Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Student Loan Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Student Loan Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Student Loan Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 SLM Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Navient Solutions, LLC
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Citizens Financial Group, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Nelnet, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Discover Financial Services
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 LendKey Technologies, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Avanse Financial Services Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 ICICI Bank Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Prodigy Finance Limited
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Ascent Funding, LLC
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Granite Edvance Corporation
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Social Finance, Inc.
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Student Loan Market: Key Industry Highlights, 2018 and 2032
2. Global Student Loan Historical Market: Breakup by Loan Type (USD Trillion), 2018-2023
3. Global Student Loan Market Forecast: Breakup by Loan Type (USD Trillion), 2024-2032
4. Global Student Loan Historical Market: Breakup by Repayment Plan (USD Trillion), 2018-2023
5. Global Student Loan Market Forecast: Breakup by Repayment Plan (USD Trillion), 2024-2032
6. Global Student Loan Historical Market: Breakup by Age Group (USD Trillion), 2018-2023
7. Global Student Loan Market Forecast: Breakup by Age Group (USD Trillion), 2024-2032
8. Global Student Loan Historical Market: Breakup by End-User (USD Trillion), 2018-2023
9. Global Student Loan Market Forecast: Breakup by End-User (USD Trillion), 2024-2032
10. Global Student Loan Historical Market: Breakup by Region (USD Trillion), 2018-2023
11. Global Student Loan Market Forecast: Breakup by Region (USD Trillion), 2024-2032
12. North America Student Loan Historical Market: Breakup by Country (USD Trillion), 2018-2023
13. North America Student Loan Market Forecast: Breakup by Country (USD Trillion), 2024-2032
14. Europe Student Loan Historical Market: Breakup by Country (USD Trillion), 2018-2023
15. Europe Student Loan Market Forecast: Breakup by Country (USD Trillion), 2024-2032
16. Asia Pacific Student Loan Historical Market: Breakup by Country (USD Trillion), 2018-2023
17. Asia Pacific Student Loan Market Forecast: Breakup by Country (USD Trillion), 2024-2032
18. Latin America Student Loan Historical Market: Breakup by Country (USD Trillion), 2018-2023
19. Latin America Student Loan Market Forecast: Breakup by Country (USD Trillion), 2024-2032
20. Middle East and Africa Student Loan Historical Market: Breakup by Country (USD Trillion), 2018-2023
21. Middle East and Africa Student Loan Market Forecast: Breakup by Country (USD Trillion), 2024-2032
22. Global Student Loan Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 4.20 trillion.
The market for student loan is estimated to grow at a CAGR of 7.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 7.90 trillion by 2032.
The market is being driven by the growing literacy rate, increasing requirement for financial aids for pursuing higher education, and the desire for international exposure among students in developing countries.
The key trends aiding the market expansion include digitalisation of banking services, rising tuition fees, and a lack of government scholarships for students wanting to study abroad.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
There are two main types of student loans which include federal/government loans and private loans.
The major players in the market are SLM Corporation, Navient Solutions, LLC, Citizens Financial Group, Inc., Nelnet, Inc., Discover Financial Services, LendKey Technologies, Inc., Avanse Financial Services Ltd., ICICI Bank Limited, Prodigy Finance Limited, Ascent Funding, LLC, Granite Edvance Corporation, and Social Finance, Inc., among others.
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