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Consumer applies for a student loan

Dear Editor,

A Bloomberg article, “America’s Student Loan Debt Crisis Is About to Get Much Worse,” published in CU Times Oct. 18 sounded the alarm regarding the challenges faced by many college graduates in dealing with mounting student loan debt. While no one would dispute that this is a serious matter, it is important to differentiate between the concerns associated with federal student loan programs and the private student loan market. A lack of understanding about private student loans is a major factor in the unfortunate reality that less than 13% of credit unions currently provide student loan financing, and private education loans represent only 0.31% of total credit union assets, SNL Financial reported.

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