Table of Contents
Executive Summary
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- The market
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- Figure 1: Total amount of US student loan debt, Q1 2009-Q4 2013
- Figure 2: Percentage of federal vs. private loans disbursed, 2006/07-2012/13
- Market drivers
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- Figure 3: Published tuition and fees for various types of institutions in current dollars, 2003/04-2013/14
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- Figure 4: Total federal grants and loans, 2007/08-2012/13
- Leading companies
- The consumer
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- Figure 5: Amount of outstanding educational loans, by gender, January 2014
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- Figure 6: Minimum monthly loan payments, by gender, January 2014
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- Figure 7: Belief in value of college education, by age, January 2014
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- Figure 8: Attitudes toward educational/student loans, by gender, January 2014
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- Figure 9: Knowledge of, and attitudes toward, repayment, by gender, January 2014
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- Figure 10: Most important features of a student loan, by gender, January 2014
- What we think
Issues and Insights
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- How serious is the student debt crisis, anyway?
- Issues
- Implications
- What can be done to lower the default rate?
- Issues
- Implications
- What is the long-term impact of so much student debt?
- Issues
- Implications
Trend Application
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- Inspire trend: No Degree, No Problem
- Inspire trend: The Nouveau Poor
- Mintel futures: Brand Intervention
Market Size
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- Key points
- Rising student debt
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- Figure 11: Consumer debt, by type, total amount and percentage of all consumer debt, Q1 2009, Q4 2013
- Figure 12: Amount of student debt, Q1 2009-Q4 2013
- How people are paying for college
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- Figure 13: Sources of college funds, average percent of total cost paid, 2010-13
Market Drivers
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- Key points
- The cost of college is still increasing, but more slowly
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- Figure 14: Tuition and fees for educational institutions, by type, in current dollars, 2003/04-2013/14
- Figure 15: Percent change in published tuition and fees, by type of institution, 2003/04-2013/14
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- Figure 16: Change in published graduate tuition and fees, by type of institution, 2102-13, 2013-14
- Figure 17: Published and net undergraduate tuition, fees, room and board, 2010/11-2013/14
- The cost of not going to college is escalating
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- Figure 18: Discrepancy in earnings between high school and college graduates, by generation, 2013
- Help from the government is slowing
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- Figure 19: Total federal grants and loans, 2007/08-2012/13
- The trend in college enrollment may be changing
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- Figure 20: Undergraduate and graduate school enrollment, October 2000-October 2012
- Figure 21: Percent of high school graduates enrolled in college, 2000-12
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- Figure 22: Believe taking out a student loan is a good investment, December 2011, January 2014
- Decline of college-age students
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- Figure 23: Projected population by age group, 2015, 2020, and 2030
- Legislative changes
- Lower interest rates for federal loans
- Protect Student Borrowers Act of 2013
- CFPB extends its oversight
- Fairness for Struggling Students Act 2013
Competitive Context
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- Key points
- Federal vs private lending market
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- Figure 24: Percentage of federal vs. private loans disbursed, 2006/07-2012/13
- Credit unions stepping in
Innovations and Innovators
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- Key points
- SoFi
- Sallie Mae uses Facebook to run contest
- Wells Fargo film initiative encourages college attendance
- Discover offers new scholarships
Marketing Strategies
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- Key points
- Brand analysis: Sallie Mae
- Direct mail
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- Figure 25: Sallie Mae automatic debit direct mail, 2014
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- Figure 26: Sallie Mae loan disbursement email, 2014
- Figure 27: Sallie Mae Smart Option student loan email, 2014
- YouTube
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- Figure 28: Sallie Mae Banking on the Future Sweepstakes video promotion, 2014
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- Figure 29: Sallie Mae “I Make a Difference” video, 2014
- Brand analysis: Wells Fargo
- Direct mail
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- Figure 30: Wells Fargo loan consolidation direct mail ad, 2014
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- Figure 31: Wells Fargo student loan acquisition email, 2013
- Online ads
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- Figure 32: Wells Fargo double interest rate discount online ad, 2013
- YouTube
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- Figure 33: Wells Fargo financial aid video, 2013
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- Figure 34: Wells Fargo managing money video, 2012
- Brand analysis: Discover
- Direct mail
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- Figure 35: Discover loan acquisition direct mail, 2014
- Figure 36: Discover student loan acquisition direct mail, 2013
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- Figure 37: Discover loan acquisition email to AAA members, 2014
Social Media – Educational Lending
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- Key points
- Market overview
- Key social media metrics
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- Figure 38: Key performance indicators, February 24, 2013-February 23, 2014
- Brand usage and awareness
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- Figure 39: Brand usage and awareness of educational lending brands, January 2014
- Interaction with brands
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- Figure 40: Interaction with educational lending brands, January 2014
- Online conversations
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- Figure 41: Online mentions, selected educational lending brands, February 24, 2013-February 23, 2014
- Where are people talking about educational lending brands?
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- Figure 42: Mentions, by page type, selected educational lending brands, February 24, 2013-February 23, 2014
- What are people talking about online?
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- Figure 43: Mentions, by topic of conversation, selected educational lending brands, February 24, 2013-February 23, 2014
- Brand analysis
- Driving fan engagement through reward incentives
- Empowering borrowers through online education tools
- What we think
Consumers – Amount Owed on Educational Loans
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- Key points
- Most don’t have student loans
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- Figure 44: Total amount owed on educational/student loans, by gender, January 2014
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- Figure 45: Total amount owed on educational/student loans, by age, January 2014
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- Figure 46: Total amount owed on educational/student loans, by gender and age, January 2014
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- Figure 47: Total amount owed on educational/student loans, by household income, January 2014
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- Figure 48: Total amount owed on educational/student loans, by race/Hispanic origin, January 2014
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- Figure 49: Total amount owed on educational/student loans, by loan originator but no longer services loan, January 2014
Minimum Monthly Loan Payments Owed
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- Key points
- Minimum monthly payments can be hefty
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- Figure 50: Minimum monthly loan payments, by age, January 2014
- Figure 51: Minimum monthly loan payments, by gender and age, January 2014
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- Figure 52: Minimum monthly loan payments, by household income, January 2014
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- Figure 53: Minimum monthly loan payments, by race/ethnicity, January 2014
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- Figure 54: Minimum monthly loan payments, by employment status, January 2014
Loan Originators and Servicers
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- Key points
- Loan originators
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- Figure 55: Loan originator, by gender, January 2014
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- Figure 56: Loan originator, by age, January 2014
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- Figure 57: Loan originator, by gender and age, January 2014
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- Figure 58: Loan originator, by household income, January 2014
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- Figure 59: Loan originator, by race/Hispanic origin, January 2014
- Loan servicers
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- Figure 60: Loan servicer, by gender, January 2014
Important Features of Loan Originator
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- Key point
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- Figure 61: Loan originator, by important features of an educational loan, January 2014
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- Figure 62: Loan originator, by important features of an educational loan, January 2014 (continued)
Attitudes Toward Educational/Student Loans
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- Key points
- Attitudes toward educational/student loans
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- Figure 63: Attitudes toward educational/student loans, by gender, January 2014
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- Figure 64: Attitudes toward educational/student loans, by age, January 2014
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- Figure 65: Attitudes toward educational/student loans, by household income, January 2014
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- Figure 66: Attitudes toward educational/student loans, by student loan amount owed, January 2014
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- Figure 67: Attitudes toward educational/student loans, by amount paid monthly, January 2014
Attitudes Toward Employment and Loan Repayment
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- Key points
- Attitudes toward employment and loan repayment
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- Figure 68: Attitude toward level of employment and loan repayment, by gender, January 2014
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- Figure 69: Attitude toward level of employment and loan repayment, by age, January 2014
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- Figure 70: Attitude toward level of employment and loan repayment, by household income, January 2014
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- Figure 71: Attitude toward level of employment and loan repayment, by student loan amount owed, January 2014
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- Figure 72: Attitude toward level of employment and loan repayment, by race/Hispanic origin, January 2014
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- Figure 73: Attitude toward level of employment and loan repayment, by amount paid monthly, January 2014
Important Features of an Educational/Student Loan
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- Key points
- Important features of an educational/student loan
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- Figure 74: Important features of an educational/student loan, by gender, January 2014
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- Figure 75: Important features of an educational/student loan, by age, January 2014
- Figure 76: Important features of an educational/student loan, by household income, January 2014
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- Figure 77: Important features of an educational/student loan, by Hispanic origin, January 2014
Appendix – Other Useful Consumer Tables
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- Amount owed on student loans
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- Figure 78: Total amount owed on educational/student loans, by generations, January 2014
- Loan originators
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- Figure 79: Loan originator, by generations, January 2014
- Loan servicers
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- Figure 80: Loan servicer, by age, January 2014
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- Figure 81: Loan servicer, by gender and age, January 2014
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- Figure 82: Loan servicer, by household income, January 2014
- Attitudes toward educational loans
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- Figure 83: Attitudes toward educational/student loans, by employment, January 2014
- Attitudes toward employment and loan repayment
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- Figure 84: Attitude toward level of employment and loan repayment, by gender and age, January 2014
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- Figure 85: Attitude toward level of employment and loan repayment, by generations, January 2014
Appendix – Social Media
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- Brand usage or awareness
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- Figure 86: Brand usage or awareness, January 2014
- Figure 87: Sallie Mae usage or awareness, by demographics, January 2014
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- Figure 88: National Education Loan Network (NELN) usage or awareness, by demographics, January 2014
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- Figure 89: Citibank usage or awareness, by demographics, January 2014
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- Figure 90: Wells Fargo usage or awareness, by demographics, January 2014
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- Figure 91: Discover usage or awareness, by demographics, January 2014
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- Figure 92: US Department of Education usage or awareness, by demographics, January 2014
- Activities done
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- Figure 93: Activities done, January 2014
- Figure 94: Sallie Mae – Activities done – I have contacted/interacted with the brand online on social media to, by demographics, January 2014
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- Figure 95: Sallie Mae – Activities done – I follow/like the brand on social media because, by demographics, January 2014
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- Figure 96: Sallie Mae – Activities done – I have researched the brand on social media to, by demographics, January 2014
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- Figure 97: US Department of Education – Activities done – I have researched the brand on social media to, by demographics, January 2014
- Online mentions
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- Figure 98: Online mentions, selected educational lending brands, Feb. 24, 2013-Feb. 23, 2014
- Figure 99: Sallie Mae key social media indicators, February 2014
- Figure 100: US Department of Education key social media indicators, February 2014
- Figure 101: Wells Fargo key social media indicators, February 2014
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- Figure 102: Citibank key social media indicators, February 2014
- Figure 103: Discover key social media indicators, February 2014
- Figure 104: Nelnet key social media indicators, February 2014
Appendix – Trade Associations
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