ISFFA Annual Conference
Trends in Financial Aid And Private Student Loans
December 7, 2009
This presentation does not constitute formal policy or legal
advice and should not be relied upon as such.
© Student Lending Analytics, LLC
Slide 1
Trends in Financial Aid And Private Student Loans
Agenda
How are schools thinking about their federal student
loan program for 2010-11?
What are trends in federal student loan program?
What is current state of private student loan market?
– How are schools addressing this shortfall in private student
loans?
How can financial aid staff inform and educate students
and help them improve their financial literacy skills?
© Student Lending Analytics, LLC
Slide 2
SLA Flash Survey: FFELP and DL Trends
Current Plans For 2010-11 (Overall)
We are and will remain a Direct Lending school
24%
Currently FFELP; Committed To DL for 2010-11
Currently FFELP; Committed Mid-year To DL
18%
5%
Currently FFELP; Preparing for DL; Undecided
13%
Currently FFELP; Preparing for DL; Would
Remain FFEL if Possible
26%
Currently FFELP; Will Prepare For When
Required By Legislation
Other
0.0%
8%
5%
10.0%
20.0%
30.0%
Percentage of Total Respondents
Survey question #1: Please select the choice which best describes your institution's current plans for the 2010-2011 academic year?
© Student Lending Analytics, LLC
Slide 3
SLA Flash Survey: FFELP and DL Trends
Activities To Prepare for DL – Overall
DL Webinars
75%
DL Website
59%
FSA Conference
58%
Update PPA
56%
COD School Relations Center
53%
Software Vendor
29%
Team
29%
Electronic Account
28%
Mentor Relationship
25%
Comm. Strategy
18%
Consultants
3%
None
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Percentage of Total Respondents
Survey question #2: CHECK ALL THAT APPLY. My institution (either myself or other staff members) has taken the following steps to
prepare for Direct Lending should that become the platform for loan origination as well as servicing in 2010-11:
© Student Lending Analytics, LLC
Slide 4
SLA Flash Survey: FFELP and DL Trends
School Administration’s Interest In Direct Lending
Percentage of Total Respondents with Literacy Program
50.0%
40.0%
37%
31%
30.0%
20.0%
15%
11%
10.0%
6%
0.0%
Strongly agree
Agree
Moderately
disagree
Strongly disagree
Not sure
Survey question: COMMENT ON THIS STATEMENT. The administration at my institution is interested in
having a contingency plan prepared to implement Direct Lending by the proposed July 1, 2010 start date.
© Student Lending Analytics, LLC
Slide 5
Trends in Financial Aid And Private Student Loans
Agenda
How are schools thinking about their federal student loan
program for 2010-11?
What are trends in federal student loan program?
What is current state of private student loan market?
– How are schools addressing this shortfall in private student
loans?
How can financial aid staff inform and educate students
and help them improve their financial literacy skills?
© Student Lending Analytics, LLC
Slide 6
Trends in Financial Aid And Private Student Loans
Trends in Federal Student Loans
Loan Type
2007-08
(In Billions)
2008-09
(In Billions)
Percent Change
Stafford Subsidized
$29.5
$30.6
4%
Stafford Unsubsidized
$28.5
$36.9
29%
PLUS
$7.7
$7.4
-4%
GradPLUS
$3.2
$3.9
24%
TOTAL
$69.0
$78.8
14%
Source: SLA Analysis of Dept. of Education data on Data Center
© Student Lending Analytics, LLC
Slide 7
Trends in Financial Aid And Private Student Loans
Private Student Loans Growth…And Decline
Total Student Loans (In Millions of Constant 2008 Dollars)
$30,000
$20,000
$10,000
$0
9596
9697
9798
9899
9900
0001
0102
0203
0304
0405
0506
0607
0708
0809
Source: College Board: Trends in Student Aid
© Student Lending Analytics, LLC
Slide 8
Trends in Financial Aid And Private Student Loans
The Difference That Two Years Makes
Loan Volume
Avg. Loan Margins
Min. FICO score
Cosigners
Quarterly Gross Defaults
Number of Lenders
2007
2009 (estimates)
$19 billion
$10-$12 billion
LIBOR + 5%
LIBOR + 9% to 9.5%
620 to 630
680 to 700
50-60%
80-90%
0.7%
1.2%
Multiple choices
Limited choices
Sources: College Board data used for 2007 Loan Volumes and SLA estimates for 2009 Loan Volume estimates,
reviewed securitization prospectus for Loan Margins, DBRS research for Quarterly Gross Defaults
© Student Lending Analytics, LLC
Slide 9
Trends in Financial Aid And Private Student Loans
Private Loan Originations – Sallie Mae
3,000
Percentage of Total
2,500
2,000
2006
2007
2008
2009
1,500
1,000
500
0
1Q
2Q
3Q
4Q
Source: SLA analysis of Sallie Mae loan originations disclosed in public SEC filings
© Student Lending Analytics, LLC
Slide 10
Trends in Financial Aid And Private Student Loans
Lender List Penetration Rates
77%
72%
69%
65%
Chase
Wells Fargo
Sallie Mae
Citibank
36%
Discover
28%
24%
21%
US Bank
SunTrust Bank
PNC Bank
Fifth Third Bank
Citizens Bank
Regions Bank
Charter One
0.0%
9%
8%
7%
4%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Percentage of Total
Source: SLA Analysis of 425 private loan lender lists, August 2009. State alternative loan programs appeared 107 times on these lists.
© Student Lending Analytics, LLC
Slide 11
Trends in Financial Aid And Private Student Loans
Interest Rate Ranges For Major Lenders
Current Starting Interest Rate Ranges
(Index + Margin)
15.0%
11.50%
11.03%
11.00% 11.24%
12.55% 12.20%
11.88%
13.24%
12.75%
10.0%
5.0%
4.25%
4.25%
4.50%
4.28%
4.70%
5.20%
5.13%
4.25%
3.24%
0.0%
Discover
Fees
None
Wells
Fargo
None
SunTrust
None
PNC
Bank
0% to 6%
Chase
None
U.S. Bank Citibank
None
0% to 6%
Sallie
Mae
0% to 3%
Citizens
None
Source: SLA analysis of repayment examples on lender websites, November 2009
© Student Lending Analytics, LLC
Slide 12
Trends in Financial Aid And Private Student Loans
How Are State Alternative Loan Programs Different?
According to College Board, states originated almost $1 billion of
private loan volume in 2008-09 or about 8% of non-federal loans
Usually apply to both residents of a given state, as well as students
who attend college in a specific state
Apply early!
– Complete bond offerings based on expected demand…but funds have
run out on occasion when credit markets were difficult
– Bond offering documents may limit percentage of loans in portfolio that
can be deferred
Often have broad-banded pricing in which all approved applications
get the same rate
Many provide differential interest rates based on repayment option
selected
© Student Lending Analytics, LLC
Slide 13
Trends in Financial Aid And Private Student Loans
Interest Rate Ranges For Variable-Rate State Programs
Current Starting Interest Rate Ranges
(Index + Margin)
15.0%
10.0%
8.43%
7.71%
5.0%
7.00%
4.71%
3.90%
3.91%
2.79%
1.79%
0.0%
Fees
North
Dakota
Minnesota
Texas
0 to 2%
None
None
Vermont
0% to 5%
North
Carolina
None
Maine
0 to 4%
Source: SLA analysis of state alternative loan program websites, November 2009
© Student Lending Analytics, LLC
Slide 14
Trends in Financial Aid And Private Student Loans
Interest Rate Ranges For Fixed-Rate State Programs
Current Starting Interest Rate Ranges
(Index + Margin)
15.0%
10.0%
8.89%
8.75%
7.60%
6.80%
5.99%
7.55%
7.30%
7.92%
7.62%
7.75%
8.49%
7.90%
7.75% 7.76%
6.00%
5.0%
0.0%
Fees
ND
TX
0-2%
3-5%
CT
AK
3%
5%
NY
4-8%
NJ
2%
MA
4%
IA
0-4%
RI
4%
Source: SLA analysis of state alternative loan program websites, November 2009
© Student Lending Analytics, LLC
Slide 15
Trends in Financial Aid And Private Student Loans
Repayment Options
Lender
Deferred
In-School
Interest
In-School
Principal & Int.
Citibank
X
X
X
Chase
X
X
X
Citizens
X
X
X
Discover
X
X
X
PNC
X
X
X
X
X
Sallie Mae
SunTrust
X
X
X
U.S. Bank
X
X
X
Wells Fargo
X
X
X
© Student Lending Analytics, LLC
Slide 16
Trends in Financial Aid And Private Student Loans
Borrower Benefits
Lender
EFT Discount
Graduation
Benefit
Cosigner Release
(In Months)
Citibank
0.25%
No
24
Chase
0.25%
No
36
Citizens
0.50%
No
36
Discover
0.25%
2% reward
None
PNC
0.25%
No
48
Sallie Mae
0.25%
No
Discretion of SLM
SunTrust
0.25%
$300
48
U.S. Bank
0.50%
No
36-48
Wells Fargo
0.25%
0.5% Rate
Reduction
24
© Student Lending Analytics, LLC
Slide 17
Trends in Financial Aid And Private Student Loans
Standard Loan Term
PNC Bank
SunTrust Bank
Chase
Citibank
Citizens Bank
Discover
Sallie Mae
US Bank
Wells Fargo
0
5
10
15
20
25
Loan Term
Note: Sallie Mae repayment terms vary from 5 to 15 years depending on loan balance and year in school. PNC loan term is 20 years for loans
under $40,000
Source: SLA review of lender websites, December 2009
© Student Lending Analytics, LLC
Slide 18
Trends in Financial Aid And Private Student Loans
What About Credit Unions?
Credit Union Student Choice
–
–
–
–
–
–
–
Network of over 80 credit unions nationwide
Variable-rate loans usually based on one-month LIBOR
Average funded rate of 6.0% with no origination fees
Structured as credit line
Loan limits up to $75,000
Requires membership in credit union to apply
Cosigner recommended
Individual credit unions in college towns often provide competitive student
loans and transparent disclosures too
– University of Southern California Credit Union (3.3% to 6.8%)
– University of Wisconsin Credit Union (4.0% to 9.5%)
– University Credit Union serving University of Maine system (3.25% to 7.75%)
Do not assume credit unions ALWAYS offer better rates and terms
© Student Lending Analytics, LLC
Slide 19
Trends in Financial Aid And Private Student Loans
Nascent Developments To Keep An Eye On
Student Loan Marketplace
Peer-to-Peer
– Structural issues
– Capital sources
– Microloans from alumni
Borrower default aversion products
– SafeStart for private loans
Using interest rates to nudge consumer behavior
– State private loan programs
Source: SLA Analysis of 425 private loan lender lists, August 2009. State alternative loan programs appeared 107 times on these lists.
© Student Lending Analytics, LLC
Slide 20
Trends in Financial Aid And Private Student Loans
Agenda
How are schools thinking about their federal student loan
program for 2010-11?
What are trends in federal student loan program?
What is current state of private student loan market?
– How are schools addressing this shortfall in private
student loans?
How can financial aid staff inform and educate students
and help them improve their financial literacy skills?
© Student Lending Analytics, LLC
Slide 21
Trends in Financial Aid And Private Student Loans
Strategies for Dealing with Private Loan Issues
78%
73%
73%
77%
Parent PLUS
Co-signer
54%
60%
Tuition Repayment Plans
51%
50%
Counseling
25%
State programs
19%
16%
Institutional Loans
15%
16%
Multiple Lenders
Credit Unions
Jun-09
Aug-08
3%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Survey question: What are your current strategies to help students find private, nonfederal loans for the 2009-10 school year?
Source: SLA Flash Survey: Private Student Loans, June 2009 (187 respondents)
© Student Lending Analytics, LLC
Slide 22
Trends in Financial Aid And Private Student Loans
Will Multiple Applications Harm Your Credit Score?
Research shows that students spend more time researching federal loan
options than private student loan options
New policy from Fair Isaac (FICO score) on student loan shopping
– “In general, student loan shopping inquiries made during a focused time period (for
example 30 days) will have little to no impact on your score.”
Advice from Fair Isaac on myfico.com site:
– Doing a little homework first is always a good idea no matter what type of credit you're
seeking.
– You can generally avoid having those inquiries affect your score if you finish your rate
shopping in a reasonable amount of time.
– Then try to finish your rate shopping and finalize your loan within 30 days.
– Not only will loan rates be easier to compare when the quotes come only a few days
apart, but you also will protect your FICO score.
SLA research found loan interest rates varied from 7% to 12% based
on recent shopping of 6 major lenders
© Student Lending Analytics, LLC
Slide 23
Trends in Financial Aid And Private Student Loans
The Purchasing Decision
Decision makers: Parents of undergraduates
Federal funding options: Aware but confused
Rationale for choosing private loans:
– Time constraints
– Incomplete funding to cover all costs of education
– Ineligibility for Federal aid
Sources for information about private loans: Rely heavily on
schools
Importance of name recognition: Many chose based on this factor
Frequency of comparison shopping: Many went with the first
loan offered to them
Source: Federal Reserve Consumer Research and Testing, 2009
© Student Lending Analytics, LLC
Slide 24
Trends in Financial Aid And Private Student Loans
Prevalence of Private Loan Lender List
56%
34%
Overall
10%
69%
21%
4-year private
10%
Yes
No
Not Sure
42%
54%
4-year public
4%
12%
65%
2-year public
23%
0%
10%
20%
30%
40%
50%
60%
70%
Survey question: Is your institution planning to provide students with a lender list for private loans for the 2009-10 school year?
Source: SLA Flash Survey: Private Student Loans, June 2009 (187 respondents)
© Student Lending Analytics, LLC
Slide 25
Trends in Financial Aid And Private Student Loans
Lender Selection Process for 2009-10
Percentage of Respondents With Lender List for 2009-10
40%
35%
32%
30%
20%
14%
12%
8%
10%
0%
Formal RFI
Keep List from
08-09
All Lenders Last Informal Process
3-5 Yrs
Other
Survey question: Please describe your institution's process for developing a lender list for private student loans.
Source: SLA Flash Survey: Private Student Loans, June 2009 (187 respondents)
© Student Lending Analytics, LLC
Slide 26
Trends in Financial Aid And Private Student Loans
What Is a “Preferred Lender Arrangement”?
Definition of preferred lender arrangement (from HEOA)
– Preferred lender arrangement.--The term `preferred lender
arrangement'-- (A) means an arrangement or agreement between a
lender and a covered institution or an institution- affiliated organization
of such covered institution
• (i) under which a lender provides or otherwise issues education
loans to the students attending such covered institution or the
families of such students; and
• (ii) that relates to such covered institution or such institutionaffiliated organization recommending, promoting, or endorsing
the education loan products of the lender;
NPRM: Lender list that does not have all lenders who lend to
students at schools IS A “preferred lender arrangement”
© Student Lending Analytics, LLC
Slide 27
Trends in Financial Aid And Private Student Loans
Paradox of Choice
"The first effect is with all these options to choose from,
people end up choosing none. They simply pass."
"Second effect is that if people overcome this indecision
and paralysis and choose, they may choose badly."
"The third thing, which is in some ways the most
surprising, is if you overcome paralysis and manage to
choose, and you manage to choose well, you’ll be less
satisfied with what you’ve chosen if you’ve chosen from
a large set than if you’ve chosen from a small one."
Source: Interview with Barry Schwartz, author of Paradox of Choice
© Student Lending Analytics, LLC
Slide 28
Trends in Financial Aid And Private Student Loans
Requirements If You Have A PLA
Disclosures on preferred lender list
– Boilerplate language
– Model disclosure forms with details on loans, provided by lenders
– Description of process
Process
– Describe method and criteria for lender selection process
– Identify reasons for selecting each lender
Delivery of information to students/families
– Timing
– Placement of information
Administrative
– File Annual Report
– Develop a Code of Conduct
– Update Program Participation Agreement
© Student Lending Analytics, LLC
Slide 29
Trends in Financial Aid And Private Student Loans
Agenda
How are schools thinking about their federal student loan
program for 2010-11?
What are trends in federal student loan program?
What is current state of private student loan market?
– How are schools addressing this shortfall in private student
loans?
How can financial aid staff inform and educate students
and help them improve their financial literacy skills?
© Student Lending Analytics, LLC
Slide 30
Trends in Financial Aid And Private Student Loans
Exhibit A: Need For Financial Literacy Programs
Source: Sallie Mae/Gallup survey on How America Pays For College, 2009.
Note: 27% of survey respondents could not answer the question.
© Student Lending Analytics, LLC
Slide 31
Trends in Financial Aid And Private Student Loans
Exhibit B: Private Loan Borrowers And Federal Aid
Percentage of Students Taking Out Private Loans
100.0%
90.0%
80.0%
64%
70.0%
60.0%
50.0%
14%
48%
40.0%
11%
30.0%
11%
12%
20.0%
10.0%
Did Not Apply For Federal Aid
Completed FAFSA, No Stafford
Borrowed Less Than Maximum
38%
25%
0.0%
2003-04
2007-08
Source: Project on Student Debt analysis of NPSAS data, August 2009
© Student Lending Analytics, LLC
Slide 32
Trends in Financial Aid And Private Student Loans
Definitions
“The process by which people improve their
understanding of financial products, services
and concepts, so they are empowered to make
informed choices, avoid pitfalls, know where to
go for help and take other actions to improve
their present and long-term financial well-being.”
OECD, “Improving Financial Literacy: Analysis of Issues and Policies”
© Student Lending Analytics, LLC
Slide 33
Average Percentage of Questions
Answered Correctly
Trends in Financial Aid And Private Student Loans
Financial Literacy Scores Have Fallen Over 10 Year Period
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
57%
52%
52%
52%
50%
1997
2000
2002
48%
2004
2006
2008
Source: JumpStart Coalition Biennial Test of Personal Financial Literacy given to high-school seniors.
Notes: From 2007 Press Release: “The 1997 survey results provide a baseline measurement by which to gauge progress toward the coalition's
goal of financial competency among all 12th graders by the year 2007. “
© Student Lending Analytics, LLC
Slide 34
Trends in Financial Aid And Private Student Loans
Student Debt Growing By 8.4% Annually
Total Student Loans (In Millions of Constant 2008 Dollars)
$100,000
$90,000
Private Loans
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
Federal Loans
$10,000
$0
90- 91- 92- 93- 94- 95- 96- 97- 98- 99- 00- 01- 02- 03- 04- 05- 06- 07- 0891 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Source: College Board: Trends in Student Aid
© Student Lending Analytics, LLC
Slide 35
Trends in Financial Aid And Private Student Loans
Defaulted Student Loan Portfolio Balance
Defaulted Federal Student Loan Portfolio
(in billions of dollars)
50.0
$45.6
$39.1
40.0
$31.0
$32.9
$33.6
2006
2007
2008
2009
6.2%
1.9%
16.5%
16.7%
30.0
20.0
10.0
0.0
2005
Annual Growth:
Source: SLA Analysis of FSA Collections Report, August 2009
© Student Lending Analytics, LLC
Slide 36
Trends in Financial Aid And Private Student Loans
Prevalence of Programs
Percentage of Total Respondents
60%
50%
48%
43%
42%
40%
28%
30%
20%
10%
0%
Overall
4-year public 4-year private 2-year public
Survey question #1: Does your institution currently offer a financial literacy program beyond standard entrance
and exit loan counseling to your students?
© Student Lending Analytics, LLC
Slide 37
Percentage of Total Respondents with Literacy Program
Trends in Financial Aid And Private Student Loans
Financial Literacy Topics
100%
94%
86%
90%
80%
86%
73%
72%
70%
60%
52%
50%
40%
30%
20%
10%
0%
Budgeting
Loan
Repayment
Credit Cards Credit Report
Privacy
Scholarships
Survey question #9: What are the topic(s) covered by your financial literacy training? Please select ALL that
apply.
© Student Lending Analytics, LLC
Slide 38
Percentage of Total Respondents with Literacy Program
Trends in Financial Aid And Private Student Loans
Program Delivery
90%
80%
79%
70%
60%
53%
46%
50%
39%
40%
30%
16%
20%
10%
0%
In-person group Reference page
workshops
on financial aid
website
Handouts
available upon
request
On-line tutorials
Other
Survey question #6: How does your institution administer the financial literacy program?
© Student Lending Analytics, LLC
Slide 39
Trends in Financial Aid And Private Student Loans
Self-Evaluation
Percentage of Total Respondents with Literacy Program
50%
40%
40%
30%
27%
22%
20%
10%
9%
2%
0%
Excellent
Very Good
Good
Fair
Poor
Survey question #12: How would you rate the current financial literacy program at your institution?
© Student Lending Analytics, LLC
Slide 40
Trends in Financial Aid And Private Student Loans
Popular Financial Literacy Programs
CashCourse
15
Guarantors - Gen.
9
Lenders - Gen.
8
EdFund
6
NSLP
6
USA Funds
6
Dept. of Ed.
4
Great Lakes
4
TG
4
Texas Tech
4
Access Group
3
0
5
10
15
20
Survey question: What source(s) would you recommend for a financial aid administrator interested in
developing a financial literacy program for his/her institution?
© Student Lending Analytics, LLC
Slide 41
Trends in Financial Aid And Private Student Loans
Entrance Counseling for Private Loans
Take out federal loans before ever considering these “last resort”
loans
– Generally higher interest rates and less repayment flexibility than federal loans
– Based on SLA research, the average private loan interest rate is 10%-11%
Cosigners almost always required
Know your interest rate before signing anything
– Index (Prime or LIBOR) + Margin
Know that your interest rate will go up
– Since 1990, 1 month LIBOR has ranged from 0.3% (current) to 9.125% (11/90)
– “Tyranny of calculators”
Shop around!
– SLA research in April 2009 found that for the same student and cosigner pairing
interest rates varied from 7% to 12%
© Student Lending Analytics, LLC
Slide 42
Trends in Financial Aid And Private Student Loans
Entrance Counseling for Private Loans
Study the details in the promissory note
–
–
–
–
Can the lender increase your interest rate if you are late with one payment?
How many days after the due date is a payment considered late?
What fees does the lender charge beyond the origination/repayment fee?
How frequently will your interest rate change? Monthly payment change?
Borrowers have option to cancel the loan
If you can pay interest only during while you are in school, DO IT!
– It can save you thousands of dollars in loan repayment
Expand your alternatives by considering credit unions or state-run
alternative loan programs
DO NOT take out a private loan if you can avoid it!
© Student Lending Analytics, LLC
Slide 43
Trends in Financial Aid And Private Student Loans
Exit Counseling for Private Student Loans
Congratulations on your upcoming graduation…now it is time to
repay your student loans!
These loans will not go away if you don’t pay them
– May not be dischargeable in bankruptcy
– Stay with you even in death
Once you have settled down to your new address, notify your lender
so coupon books/statements will reach you
Find your original paperwork, including your promissory note and
Disclosure Statement
– Contact lender if you can’t find it
Be pro-active with the borrower benefits that you were promised
Confirm the date that your first payment will be due
– Typically have 6 month grace period after graduation
© Student Lending Analytics, LLC
Slide 44
Trends in Financial Aid And Private Student Loans
Exit Counseling for Private Student Loans
Do not be surprised that your current loan balance is higher than the
amount of your original loan
If you are concerned about your ability to make payments on your
loans, contact the lender immediately to discuss your options
– Forbearance allows you to postpone payments
Your monthly payment will typically be adjusted quarterly or annually
by the lender
– Expect that interest rates and therefore your monthly payment will increase
as the economy improves
Set up your monthly student loan payment on auto-pay
– Earn a reduction in interest rates from 0.25% to 0.50%
– Eliminate potential for late fees, which can run as high as $30
If you are ready to pay down some extra principal, contact the lender
in case you need to make any special notation on the payment
© Student Lending Analytics, LLC
Slide 45
Trends in Financial Aid And Private Student Loans
Questions
?????
© Student Lending Analytics, LLC
Slide 46
Student Lending Analytics
Contact Information
Tim Ranzetta
Student Lending Analytics LLC
650-218-8408
tranzetta@studentlendinganalytics.com
www.studentlendinganalytics.com
© Student Lending Analytics, LLC
Slide 47
Trends in Financial Aid And Private Student Loans
Student Lending Analytics: Resources Available
SLA Private Student Loan Ratings
2009 SLA Private Loan Series
– Ten part series on topics ranging from finding a cosigner to reading the
promissory note
Student Lending Analytics Blog
– Timely, insightful information about the student loan market
Private Loan Insight Survey
Student Satisfaction Surveys
© Student Lending Analytics, LLC
Slide 48