Student Loan Refinance Report
Published on February 28, 2017
A free report from CUNA Strategic Services and LendKey.
In this report, you'll learn about student loan refinancing and how to use it to combat the struggle to attract and retain the next generation of customers.
- Loan originations: $770+ million in total originations; outstanding loan balance close to $620 million. Over 15,000 borrowers served to date.
- Borrower savings: Borrowers typically saved 2.2% in annualized interest.
- Borrower age: Average age of a borrower has increased slightly over the years, in 2016 the average age at the time of refinance was 28.7 years for a borrower with an undergraduate degree and 34.3 years for a borrower with a graduate degree.
- Borrower academic achievement: The portion of graduate students utilizing student loan refinance has increased over the years, in 2016 borrowers with a graduate degree represented close to 30% of originations.
- Loan performance: Portfolio performance is in-line with expectations. LendKey works with its lender clients to continue to optimize underwriting. 30-89 and 90+ day delinquencies are currently 2.2% and 0.5%, respectively.
For more information, contact Brenda Halverson, CUNA Strategic Services alliance manager, at 800-356-9655, ext. 4110 or email@example.com or firstname.lastname@example.org.
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