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Private Student Loans

The risk that one will outlive one’s money is best referred to as “longevity risk.” The traditional way that savers have managed this risk is by purchasing life annuities or by having annuitylike cash flow streams purchased for them through defined- benefit (DB) pension plans. (Social Security can also be understood, at least from the viewpoint of the recipient, as an inflation-indexed life annuity.) DB pension plans are declining in importance, however, and a great many workers do not have such a plan. Thus, individual saving and individual investing, including saving and investing through defined-contribution plans, are increasing in importance. For most workers, these efforts provide the only. | august 29 2012 Private Student Loans Report to the Senate Committee on Banking Housing and Urban Affairs the Senate Committee on Health Education Labor and Pensions the House of Representatives Committee on Financial Services and the House of Representatives Committee on Education and the Workforce. cipb Consumer Financial Protection Bureau Table of Contents EXECUTIVE SUMMARY.3 INTRODUCTORY MATTERS.6 PART ONE LENDERS LOAN MARKETS AND PRODUCTS.9 PART TWO BORROWER CHARACTERISTICS AND BEHAVIORS.35 PART THREE CONSUMER PROTECTION.67 PART FOUR FAIR LENDING ISSUES.78 PART FIVE RECOMMENDATIONS.86 data appendix I FURTHER INFORMATION ABOUT DATA SOURCES 93 data appendix II ADDITIONAL FIGURES AND TABLES.96 STUDENT LOAN GLOSSARY.104 REFERENCES AND NOTES.109 2 PRIVATE STUDENT LOANS Executive Summary American consumers owe more than 150 billion in outstanding private student loan debt. While this amount is significantly less than the amount outstanding on student loans guaranteed by the federal government the private student loan PSL product is an important component of higher education finance and does not appear to be well understood by the public. In this Report the Consumer Financial Protection Bureau and the US Department of Education seek to highlight key attributes of the private student loan marketplace as well as consumer protection issues which policymakers may wish to address. Below are some of our key findings IN THE LAST DECADE PRIVATE STUDENT LOAN ORIGINATION RAPIDLY GREW AND THEN PRECIPITOUSLY DECLINED. Fueled by investor appetite for asset-backed securities the financial institution private student loan market grew from less than 5 billion in 2001 to over 20 billion in 2008 before contracting to less than 6 billion in 2011. DURING THE GROWTH PERIOD PRIVATE STUDENT LENDER UNDERWRITING STANDARDS LOOSENED. From 2005 2007 lenders increasingly marketed and disbursed loans directly to students reducing the involvement of schools in the process indeed during this period