Private Student Loan Debt Growing for College Students

In the pecking order of meeting college costs, consumers usually don’t turn to private student loan markets until they have exhausted all other means. And for good reason -- private loans are generally more expensive and more difficult to obtain.

While the private student loan debt market is just a sliver of the $1.6 trillion in outstanding student loans, it has grown to more than $100 billion with 1.4 million borrowers, according to a report by LendEdu.