Sofi Technologies (NASDAQ: SOFI – Get a rating) and acquisition of aurora borealis (NASDAQ: NLIT – Get a rating) are both business services companies, but which company is superior? We’ll compare the two companies based on the strength of their profitability, valuation, earnings, institutional ownership, analyst recommendations, risk, and dividends.

Insider and Institutional Ownership

56.5% of SoFi Technologies shares are held by institutional investors. By comparison, 79.5% of the shares of Northern Lights Acquisition are held by institutional investors. 13.0% of SoFi Technologies shares are held by insiders of the company. Strong institutional ownership indicates that hedge funds, endowments, and large fund managers believe a company will outperform the market over the long term.

Valuation and benefits

This chart compares the gross revenue, earnings per share (EPS), and valuation of SoFi Technologies and Northern Lights Acquisition.

Northern Lights Acquisition has lower revenues, but higher profits than SoFi Technologies.

Profitability

This table compares the net margins, return on equity and return on assets of SoFi Technologies and Northern Lights Acquisition.

Analyst Recommendations

This is a breakdown of the current ratings and target prices for SoFi Technologies and Northern Lights Acquisition, as reported by MarketBeat.

SoFi Technologies currently has a consensus target price of $14.04, indicating a potential upside of 146.29%. Given SoFi Technologies’ likely higher upside, equity research analysts clearly believe SoFi Technologies is more favorable than Northern Lights Acquisition.

Summary

SoFi Technologies beats Northern Lights Acquisition on 5 out of 9 factors compared between the two stocks.

SoFi Technologies Company Profile (Get a rating)

SoFi Technologies, Inc. provides digital financial services. It operates through three segments: lending, technology platform and financial services. The society’s lending and financial services and products allow its members to borrow, save, spend, invest and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans. The company also provides cash management, investment and technology services. Additionally, it operates Galileo, a technology platform that offers services to financial and non-financial institutions; and Apex, a technology platform that provides investment custody and clearing brokerage services, as well as Technisys, a cloud-based digital multi-product core banking platform. The company was founded in 2011 and is based in San Francisco, California.

Northern Lights Acquisition Company Profile (Get a rating)

Northern Lights Acquisition Corp. has no significant activities. It intends to enter into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more companies in the cannabis industry. The company was incorporated in 2021 and is based in New York, New York.

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New Jersey, United States,-The research report on the Global Consumer and Business Debt Consolidation Market provides a comprehensive industry growth perspective, an overview of market size and value, and a survey of existing business trends. . Consumer and business debt consolidation studies also provide insight into various market demand factors. The consumer and business debt consolidation research report details many of the variables that have led to the rise of the global consumer and business debt consolidation markets. The consumer and corporate debt consolidation market analysis includes an in-depth assessment of global technological developments and trends. Industry research on consumer and business debt consolidation based on volume, performance and valuation calculates an accurate market share. Global Emotion Detection and Recognition Market size prediction and calculation is done using bottom-up and top-down technologies.

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Key Players Covered in Consumer and Commercial Debt Consolidation Markets:

• Discover personal loans (USA)
• Lending Club (USA)
• Payment (US)
• SoFi (US)
• FreedomPlus (US)

Consumer and Business Debt Consolidation Market Split By Type:

• Credit card debt
• Overdrafts or borrowings

Consumer and Business Debt Consolidation Market Split By Application:

The Consumer and Corporate Debt Consolidation Market report has been segregated into distinct categories such as product type, application, end-user, and region. Each segment is valued based on CAGR, share, and growth potential. In the regional analysis, the report highlights the prospective region, which is expected to generate opportunities in the Global Consumer and Corporate Debt Consolidation Market in the coming years. This segmental analysis will surely prove to be a helpful tool for readers, stakeholders, and market players to get a complete picture of the global Consumer and Corporate Debt Consolidation market and its growth potential in the years to come.

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Scope of Consumer and Corporate Debt Consolidation Market Report

Regional Consumer and Business Debt Consolidation Market Analysis can be represented as follows:

Each regional Consumer and Business Debt Consolidation industry is carefully researched to understand its current and future growth scenarios. This helps players strengthen their position. Use market research to get a better perspective and understanding of the market and target audience and ensure you stay ahead of the competition.

Based on geography, the global consumer and corporate debt consolidation market has been segmented as follows:

• • North America includes the United States, Canada and Mexico
• • Europe includes Germany, France, UK, Italy, Spain
• • South America includes Colombia, Argentina, Nigeria and Chile
• • Asia Pacific includes Japan, China, Korea, India, Saudi Arabia and Southeast Asia

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Market Research Intellect provides syndicated and customized research reports to clients from various industries and organizations, in addition to the goal of providing customized and in-depth research studies. range of industries including energy, technology, manufacturing and construction, chemicals and materials, food and beverage. Etc. Our research studies help our clients to make decisions based on higher data, to admit deep forecasts, to grossly capitalize with opportunities and to optimize efficiency by activating as their belt in crime to adopt a mention precise and essential without compromise. clients, we have provided expert behavior assertion research facilities to more than 100 Global Fortune 500 companies such as Amazon, Dell, IBM, Shell, Exxon Mobil, General Electric, Siemens, Microsoft, Sony and Hitachi.

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The volatile COVID-19 pandemic has reduced revenues in a variety of industries around the world. It wreaked havoc on the economy and caused unprecedented losses. Policymakers, business players and participants in consumer and corporate debt consolidation are trying to combat the deadly pandemic of economic failure as the planet continues to grapple with the COVID-19 pandemic. Consumer and business debt consolidation stakeholders have taken commendable steps by implementing effective plans, making quick decisions and revamping the entire market framework. They are now able to sustain their businesses as a result of this.

Market Reports has been used to paint the development colors on the canvas of businesses impacted by COVID-19. With near-perfect visualization and in-depth knowledge retrieval, Market Reports provides comprehensive and informative consumer and business debt consolidation analysis. When the study is coupled with realistic implementation by stakeholders of consumer and corporate debt consolidation, they will undoubtedly light the lamp of progress.

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The research also examines the effect of many government policies around the world on consumer and business debt consolidation. The study also includes regulatory approvals and regulations specific to consumer and business debt consolidation, allowing key stakeholders to tailor their business practices accordingly. Revolutionary developments in the consumer and corporate debt consolidation industry that have the ability to alter the competitive environment are also highlighted in the study. The article becomes a knight in shining armor for major consumer and business debt consolidation stakeholders by emphasizing these aspects.

Top Key Players Included in Consolidation of consumer and business debt Market Are: Goldman Sachs, OneMain Financial, Discover Personal Loans, Lending Club, Payoff, Freedom Debt Relief, National Debt Relief, Rescue One Financial, ClearOne Advantage, New Era Debt Solutions, Pacific Debt, Accredited Debt Relief, CuraDebt Systems, Guardian Debt Relief, Dette Trading Services, Premier Debt Help, Oak View Law Group

Consumer and Business Debt Consolidation Breakdown Data by TypeCredit Card DebtStudent Loan DebtMedical BillApartment LeasesOtherConsumer and Business Debt Consolidation Breakdown Data by ApplicationCompanyConsumer

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– North America (USA and Canada)

– Europe (Germany, UK, France, Italy, Spain, Russia and rest of Europe)

– Asia-Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and rest of Asia-Pacific)

– Latin America (Brazil, Mexico and rest of Latin America)

– Middle East and Africa (GCC (Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa)

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IMF Staff Concludes 2022 Article IV Mission to Thailand

June 13, 2022

End-of-mission press releases include statements from IMF staff conveying preliminary findings after a country visit. The views expressed in this statement are those of IMF staff and do not necessarily represent the views of the IMF Executive Board. Based on the preliminary findings of this mission, staff will prepare a report which, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

• Thailand’s economy continues to recover from the COVID-19 pandemic, supported by a comprehensive policy package and an accelerated vaccination program. Real GDP grew by 1.5% in 2021 and is expected to grow by around 3% in 2022. The recovery, however, is uneven across sectors, with the economy still operating below potential, while inflation increases due to energy prices. The outlook is very uncertain and full of risks.
• The gradual reduction in political support for the pandemic planned by the authorities is broadly appropriate, while the remaining programs should be targeted to protect hard-hit and vulnerable segments of the population. Timely and data-driven normalization of the monetary policy stance is necessary to control inflation.
• Comprehensive structural reforms remain a priority to address long-standing structural challenges, minimize the scars of the pandemic, improve social outcomes, and build economic resilience. To support the structural reform agenda, staff recommends gradual fiscal consolidation underpinned by increased revenue mobilization to rebuild fiscal buffers.

Washington D.C.:
The International Monetary Fund (IMF) team, led by Ms. Corinne Deléchat, held the 2022 Article IV consultation with Thailand between May 17 and June 10, 2022. Following the discussions, Ms. Deléchat made the following statement:

Thailand’s economy is gradually recovering from the COVID-19-induced slowdown, with real GDP growth reaching 1.5% in 2021 and 2.2% (year-on-year) in the first quarter of 2022. The multiple waves of the pandemic in 2021 brought additional containment measures, hampering reopening efforts, and weighing on tourism and growth. The authorities’ judicious use of vast economic reserves, combined with an accelerated deployment of the vaccine, helped maintain economic stability and protect households, businesses and the financial system during the pandemic. With over 75% of the population fully immunized, the government has gradually eased travel restrictions. »

“The recovery is expected to continue, but the outlook is clouded by the lingering effects of the pandemic and rising global commodity prices. Growth is expected to reach around 3% in 2022, driven by the recovery in domestic and external demand, and to strengthen further to reach 4.3% in 2023. The recovery is likely to be uneven, with some hard hit sectors such as tourism and transport being expected. to recover at a slower pace.

Headline inflation is expected to average 6.1% in 2022, driven by high energy prices, well above the Bank of Thailand’s upper 3% target range.

“In the short term, policy support should be nimble and increasingly targeted, with a focus on strengthening the recovery, protecting vulnerable segments of the population, and minimizing the economic scars of the pandemic.

“The current accommodative monetary policy stance remains broadly appropriate given the supply-side nature of inflation, well-anchored inflation expectations and a significant economic slowdown. Nonetheless, price risks energy costs and the pass-through of rising production costs to consumers have increased significantly and may require an earlier start to standardization.

“A close and continued monitoring of inflation developments is warranted, and clear communication from the Bank of Thailand on a data-dependent normalization path is welcome. Exchange rate flexibility should be the first line of defense against capital flow volatility The envisaged fiscal consolidation in FY2022 is broadly appropriate given the extraordinary pandemic-induced fiscal expansion in FY2020-21.

“While staff welcomes the authorities’ plans to phase out broad-based energy subsidies, targeted support to vulnerable groups would help mitigate the impact of the rising cost of living. For the medium term, the mission recommends a more gradual but growth-oriented consolidation strategy by prioritizing spending on productivity-enhancing investments in education, ICT, resilient green infrastructure and the extension of social protection coverage. Improved revenue mobilization would help fund priority spending while supporting efforts to rebuild buffers.

“Given that support measures for the financial sector have become more targeted and are expected to be phased out as the economy recovers, risks to financial stability need to be closely monitored. In particular, the high stock of private debt remains an important source of financial sector vulnerability. The authorities should accelerate ongoing efforts to facilitate private debt restructurings, particularly for household debt, and conduct timely asset quality reviews to identify non-viable borrowers. Complementary measures, such as lower debt thresholds, stricter lending standards based on comprehensive credit information systems and a generalized debt service-to-income ratio, could help prevent excessive accumulation of the debt. Staff welcomes the Bank of Thailand’s work on strengthening risk analysis, including stress testing, and expanding surveillance to all relevant segments of the financial sector.

“Mutually reinforcing structural reforms are needed to limit the economic scars of the pandemic, strengthen the resilience of the economy, improve competitiveness and promote inclusion. The pandemic has had a profound impact on the labor market, particularly in contact-intensive sectors, and coordinated skills-building efforts will be essential to meet the needs of the post-pandemic economy and reverse the downward trend. decline in labor productivity. At the same time, modernizing physical and ICT infrastructure will be key to harnessing the benefits of a growing digital and green economy, boosting productivity and economic resilience, and improving social outcomes.

“The IMF team exchanged views on recent economic developments and prospects with government officials, the Bank of Thailand, other public institutions, and private sector representatives. The team would like to thank the authorities and other interlocutors in Bangkok for the fruitful discussions. The IMF Executive Board is tentatively expected to discuss the staff report in August 2022.”

Finance Minister Miftah Ismail said on Saturday that the aim of next year’s budget was fiscal consolidation and relief for the masses, a day after the government presented an inflationary budget of 9 .5 trillion rupees to achieve ambitious goals.

The new budget for fiscal year 2022-23 brings comfort to the working class whose tax burden has been significantly eased in addition to a 15% increase in wages for inflation-hit government employees.

The finance minister said the country was going through “very difficult” and unprecedented times. The minister, speaking to the media alongside State Minister Ayesha Ghous Pasha and Information Minister Marriyum Aurangzeb, said the government understands that these are difficult times and “we have tried to reduce the burden of the poor and take more from the rich”.

Referring to the budget presented a day earlier, Miftah argued that the government has tried to tighten fiscal policy and reduce the overall deficit. He said taxes have been increased for Pakistani citizens who own overseas assets as well as new property taxes.

Elaborating further, he said the budget for the Benazir Income Support Program (BISP) had been increased by 35-40%. He added that flour, sugar and ghee will be supplied at discounted rates from utility stores throughout the year. The finance minister also said that the government has taken tough decisions with the interest of the country in mind.

The finance minister added that the International Monetary Fund (IMF) wanted higher tax rates, but the government tried to reduce the tax.

Referring to the tax collection target, he said that more than Rs 700 billion had been set for the next fiscal year, while the non-tax revenue target was set at Rs 2 trillion and that debt service was estimated at 3,950 billion rupees.

Referring to the surge in palm oil prices in the international market, Miftah said that a Rs 20 billion package had been granted to promote the cultivation of oilseeds and added that special emphasis was on boosting exports, expressing confidence that exports will hit $35. billion dollars in the next fiscal year.

In response to a question regarding the feasibility of inflation and growth targets, Miftah said “we have growth and inflation targets, but our first priority is fiscal consolidation and reducing the burden on the masses.”

Responding to another question regarding a revised price by the National Finance Commission (NFC), Miftah said the commission needs to sit and discuss a new price. “KP’s population has grown since FATA’s incorporation and their allocation should reflect that.”

State Minister Ayesha Ghous Pasha told the press conference that the incumbent government had inherited a “difficult situation”, but the country needed to focus on growth.

She added that the government has regulated and subsidized the prices of wheat, sugar and ghee and the government has also relieved the farmers.

Budget for FY23

The government has proposed Rs740 billion in new taxes, including Rs440 billion in tax measures proposed by the Federal Board of Revenue. Some of the major relief measures will be offset by increased oil price rates due to a levy of Rs 50 per liter as well as a 17% sales tax.

While unveiling the coalition government’s first budget in an unusually calm atmosphere, Miftah attempted to tax the sacred cows – the real estate sector, the wealthiest people while making it easier for commercial banks to cough up the money earned.

The tax burden on the registration of luxury cars over 1,600 cc has been doubled while the rates on sales, purchases and gains made on properties have been significantly increased.

No measures have been announced to reduce the current account deficit or imports while the Minister of Finance sets the current account deficit target at only 2.2% of gross domestic product (GDP).

The coalition government gave in to the IMF’s demand to post a primary fiscal surplus, setting it at 152 billion rupees by planning fiscal consolidation of almost 1.8 trillion rupees or 2.2% of GDP over the course of the year. next exercise. This is the steepest consolidation proposed in an election year amid growing political uncertainty and difficult negotiations with the IMF.

Talks with the IMF have so far remained inconclusive and it could take some time after the finance minister announced some moves against the global lender’s wishes.

While setting the inflation target at 11.5%, Miftah said the total size of the 2022-2023 budget will be 9.5 trillion rupees, an increase of only 4.6%, making the forecast unrealistic expenses from day one. It will be very difficult for the government to virtually freeze spending in the next fiscal year when there will be a significant increase in the cost of living.

Rising prices for electricity, gas and petroleum products would also increase the cost of the military and civilian government, which was not really reflected in the budget figures offered by the Minister of Finance.

The gross revenue target has been set at 9 trillion rupees, 23% more than the government wants to achieve through a combination of tax and non-tax measures, including the oil tax on petrol and diesel at great speed.

A major challenge the finance minister has set himself is to deliver a primary budget surplus of Rs152 billion, especially as provincial governments have announced big development budgets that leave little room for cash surpluses of Rs800 billion. of four federated units, as he budgeted. .

The finance minister said the government will focus on agriculture, improving productivity and promoting exports in the next budget.

Much of the new budget – the 5.45 trillion rupees, or almost 58% of the budget – will be spent on just two heads – debt servicing and defence. There is an alarming increase of more than 806 billion rupees, a 26% increase in the cost of servicing debt in just one year. During the outgoing budget year, the share of these two components represented half of the total budget. The share of defense services remained constant but debt service got out of hand.

Domestic debt service will consume nearly 3.5 trillion rupees while another 511 billion rupees will be spent on external debt service. The average interest rate over the next fiscal year is estimated at 14%, which would take away what the government will earn in additional revenue.

Although the government is aiming for a primary budget surplus target of 152 trillion rupees, the Ministry of Finance will still borrow 4.6 trillion rupees to run its operations, thanks to the debt service cost of almost 3.95 trillion rupees in the financial year 2022-23. This will be the highest debt service cost ever recorded in Pakistan’s history.

The steeper adjustment of 1.75 trillion rupees or equal to 2.2% of GDP will be difficult in an election year and the risks of slippages will remain high.

The size of the Rs 9.5 trillion budget is nearly Rs 418 billion or 4.6% larger than this year’s revised budget of over Rs 9 trillion. There was an 11% increase in expenditure from the initial budget of Rs 8.5 trillion, which has now become redundant.

Current spending is expected to increase by just 3% to Rs 8.7 trillion from revised estimates.

The government has drastically cut subsidies estimated at Rs 699 billion in the next fiscal year.

These are down 815 billion rupees or 54% from this year’s revised estimates. The cost of pensions is Rs530 billion and the functioning of the civil government will consume only Rs550 billion. The cost of Rs 550 billion seems low due to the increased cost of utilities under the IMF program.

The government has proposed 727 billion rupees for the public sector development program for the next fiscal year, although Planning Minister Ahsan Iqbal unveiled the 800 billion rupees draft PSDP. The government has set the budget deficit target at 4.9% of the total size of the economy, or 3.8 trillion rupees.

But the main challenge for the finance minister will be arranging a record $41 billion in foreign loans over the next fiscal year to stay afloat. “Pakistan will have to repay $21 billion in foreign loans, it will need another $12 billion for financing the current account deficit and another $8 billion to increase foreign exchange reserves to $18 billion,” said the Minister of Finance.

Gross receipts are estimated at 9 trillion rupees for the next financial year, an increase of almost a quarter or 1.7 trillion rupees. The provinces will receive 4.1 trillion rupees as their share, leaving the federal government net revenue of 4.9 trillion rupees. Federal government net income is expected to be 600 billion rupees less than defense spending and debt servicing.

Alicia Garcia Herrero & Junyu Tan (Natixis) | After the preemptive announcement to suspend all foreign debt repayments until talks for an IMF bailout were completed on May 18, Sri Lanka embarked on the dangerous path of sovereign default as it missed the 30-day grace period on its $78 million worth. coupon payments originally due April 18. Against this backdrop, the main question for investors is how deep debt restructuring and economic adjustment will need to be for Sri Lanka to return to debt sustainability. In this note, we draw lessons from the experiences of Argentina and Ecuador in 2020 to shed light on the situation in Sri Lanka.

Based on the recent debt restructuring agreements with the participation of the IMF, private investors, who account for 47% of Sri Lanka’s sovereign external debt, should prepare for a full debt restructuring with not only a haircut of the coupon, but also a principal discount and a maturity extension.

First, a significant reduction in coupon payments is very likely given the need to save foreign exchange reserves for food and fuel imports. In fact, recent major sovereign restructurings have applied a large coupon discount of over 40% (45% for Argentina and 42% for Ecuador).

Second, a principal discount cannot be ruled out either since Sri Lanka has to repay at least $1 billion a year until 2030 on foreign currency sovereign bonds. As if that weren’t enough, it is left with only $1.8 billion in foreign exchange reserves, including a $1.5 billion swap with China. Meanwhile, the scale of a notional haircut could be small because the deal on a large haircut would take time to resolve. As a result, Argentina applied only a small notional haircut at 1.9% in 2020 and Ecuador slightly higher at 9%.

Third, a maturity extension is also likely as it allows more time to return to debt sustainability. Although Argentina did not request a maturity extension and only requested a three-month moratorium on payments in 2020, Ecuador managed to extend its principal payment by 6.6 years. .

Fourth, some unique bond structures may apply to give the economy more time to recover. For example, the debt restructurings of Argentina and Ecuador offered investors a graduated coupon structure with lower coupons in the early years. The inclusion of value-recovery instruments linking debt repayment to GDP growth is also likely to align the interests of sovereigns and creditors, as in Argentina’s debt restructuring proposal.

As for bilateral and multilateral lenders, they generally offer debt service extensions with relatively low losses. In fact, China, the largest bilateral lender accounting for 10% of Sri Lanka’s outstanding external debt, has reportedly offered bridge financing, including $1 billion to repay existing Chinese loans due in July and another line of credit of 1.5 billion USD to buy goods, and refusal to accept a haircut. As a result, financing talks stalled after the Sri Lankan government embarked on debt restructuring.

Regarding the IMF bailout, the case of Ecuador shows that securing an IMF program could lead to faster resolution of debt restructuring and fewer NPV losses. But the IMF’s latest Article IV report suggests that revenue-based fiscal consolidation and short-term monetary tightening are the necessary conditions for a deal on the bailout Sri Lanka is seeking. For the former, the government announced on May 31 a rise in VAT to 12% from 8% with immediate effect, but this only partially reverses the populist cuts at the end of 2019 from 15% to 8% since the consolidation margin budget is constrained by the fall in economic growth and the difficult social and political situation. For the latter, although the Central Bank of Sri Lanka (CBSL) left its key rates unchanged during the last review of monetary policy, the situation should not be interpreted as if it were stable. In fact, the reason is really to allow time for the April 700 bps rise to filter through, but the currency remains stubbornly weak, so further hikes may be needed, especially as the Fed tightens. any further.

In short, private investors are likely to bear the bulk of the losses from Sri Lanka’s debt restructuring, including a significant coupon reduction of over 40%, while public creditors may be forced to offer debt repayment extensions. Securing a bailout from the IMF will ease negotiations, but agreeing such a package could involve more fiscal and monetary tightening in the near term, even with headwinds to growth. Finally, a big difference between the restructuring of Sri Lanka and that of Argentina at least is that China accounts for a much larger share of the debt, which makes a notional value discount much more difficult to agree. This is due to China’s role as the main creditor of emerging and developing countries (accounting for almost a quarter of their external debt according to World Bank estimates) and, therefore, the reluctance to set a precedent for other debtors in difficulty.

We all know debt happens, but getting it under control is a whole different ball game. New information from Commonwealth Bank and Melbourne Institute: Applied Economic & Social Research shows that financial wellbeing scores are significantly higher than they were before the COVID-19 pandemic.

If you want to join the crowd and start taking charge of your finances, a consolidation loan could be the way to get a head start on the new fiscal year.

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Taking out a larger personal loan as a way to consolidate existing debt can be an effective way to redirect your financial focus.

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You can also lock in a single interest rate instead of being at the mercy of multiple rates, thus avoiding, for example, a store’s credit card with a particularly high interest rate. Look for a debt consolidation loan with a lower interest rate to pay less over time – we’ve got a handy comparison tool to help you find the right one for you.

Is there anything to look out for when consolidating my debt?

Nothing is ever as simple as it seems! Although a debt consolidation loan can help you consolidate all your debts in one place, it can also have drawbacks.

If any of your existing debts are fixed at a low interest rate, it’s entirely possible to find yourself stuck paying a higher interest rate than you originally borrowed. Likewise, if you’re about to pay off an existing loan, using a debt consolidation loan to pay it off can give you a much longer (and expensive!) repayment period.

It’s also important not to use a debt consolidation loan for the wrong things – for example, a home loan. The extended life of a mortgage is much longer than the term of most personal loans and will create extended debt and higher interest in the long term.

decided to release a debt consolidation loan? Take a look at our guide to the do’s and don’ts to ensure smooth browsing.

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Small businesses in Nigeria and all over the world are grappling with the problem of refinancing their already existing loans. Not only that, in tough business environments like Nigeria, many small businesses have had to take out loans in order to keep the business afloat.

It sounds like a good idea in the short term, but macro-economic factors like inflation, which generally increase the cost of sales for these small businesses and ultimately make it difficult for these businesses to repay their loans. This is because they are small, which means they have very little leeway to pass their costs on to their customers without risking losing them to other alternative services or products or to a larger competitor who owns a very well established market share. This then affects their potential profits which would have been used to refinance their loans.

That is why in a country like Nigeria, in addition to getting loans from loan sharks, who give loans with high repayments to their customers and not to mention the recent trend of how these platforms share the personal information of those who have defaulted on their payment obligations. general public with the aim of embarrassing them to repay their loans, it is quite difficult to obtain loans at reasonable prices from banks and microfinance banks.

As a small business owner who has now taken out various loans from different sources, it becomes very difficult to keep track of it all. Here’s why debt consolidation is very important for small business owners to know.

What is debt consolidation?

Debt consolidation is a smart financial strategy for small business owners who have incurred multiple debts from different sources. Consolidation merges multiple bills into one debt that is paid off monthly through a debt management plan or consolidation loan.

Debt consolidation lowers the interest rate on your debt and lowers monthly payments. This debt relief option unravels the mess that business owners face every month trying to cope with multiple bills and multiple deadlines from multiple card companies. In its place is a simple remedy; a payment to a source, once a month.

How it works

Debt consolidation is the use of different forms of financing to pay off other debts and liabilities. If you are struggling with different types of debts, you can apply for a loan to consolidate these debts into one liability and pay them off. Payments are then made on the new debt until it is fully paid off.

Most people apply for a debt consolidation loan through their bank, credit union, or credit card company. It’s a good place to start, especially if you have a great relationship and payment history with your institution. If you are denied, try exploring private mortgage companies or lenders. Creditors are also willing to do so for several reasons.

For the borrower, debt consolidation maximizes the probability of collection from a debtor. These loans are usually offered by financial institutions such as banks and credit unions, but there are other companies that specialize in debt consolidation services that offer these services to the general public.

An important point to note is that debt consolidation loans do not erase the original debt. Instead, they simply transfer a consumer’s loans to another lender or type of loan. For true debt relief or for those who do not qualify for loans, it may be best to consider debt settlement rather than or in conjunction with a debt consolidation loan.

Going deeper, there are two major types of debt consolidation loans; secured and unsecured loans. While secured loans are backed by one of the borrower’s assets, such as a house or car, unsecured loans, on the other hand, are not asset backed and can be more difficult to obtain. Unsecured loans also tend to have higher interest rates and lower qualifying amounts. Regardless of the type of loan, interest rates are always generally lower than the rates charged on credit cards. And in most cases, the rates are fixed, so they do not vary over the repayment period.

Why it matters to you and your business

Debt consolidation is a great tool for people who have multiple debts with high interest rates or monthly payments, especially for those who owe N10 million or more. By negotiating one of these loans, you can enjoy one monthly payment instead of multiple payments, not to mention a lower interest rate.

As long as you don’t incur any additional debt, you can also expect to be debt free sooner. Going through the debt consolidation process can reduce calls or letters from collection agencies, as long as the new loan is kept up to date.

However, it’s important to remember that while the interest rate and monthly payment may be lower on a debt consolidation loan, its payment schedule may be another Pandora’s box you don’t want to open. Indeed, longer payment schedules mean paying more in the long run.

Related

A home equity line of credit (HELOC) allows you to leverage your home equity, which is the percentage of your home’s value that you already own, using the home as collateral. HELOCs are attractive because they provide easy access to money for home improvements, debt consolidation, medical bills, and other expenses. However, there’s a catch: Because HELOCs are tied to home equity, your lender can freeze or reduce your line of credit if your home’s value drops.

What is a Home Equity Line of Credit (HELOC)?

A HELOC is a revolving line of credit much like a credit card, except your home secures it. Because a house acts as collateral, HELOC interest rates, which are variable rather than fixed, tend to be more favorable than credit cards and personal loans.

Your lender approves you for a certain amount of credit based on your home equity, credit score, debt-to-income ratio (DTI), and other factors. As long as you stay under your credit limit, you can borrow whenever you need money, drawing funds via online transfer, cash pickup at your local bank branch, or check, card ATM or credit card linked to the account.

How do you reimburse a HELOC?

HELOCs generally have two stages: a draw period and a redemption period.

The drawdown period is typically 10 years, during which time you can borrow up to your credit limit, pay it off, and borrow again as often as you like. During this stage, you pay interest on the amount borrowed or make a minimum monthly payment (according to your loan agreement). You may also be able to make payments on the principal of the loan, if the lender allows it.

When the draw period ends, the HELOC closes, meaning you can’t withdraw any more money, and moves into the redemption period. You’ll make monthly installments to repay principal and interest, usually over 20 years. The amount of your payment will depend on your outstanding balance at the end of the drawing period and the prevailing interest rate. Some HELOCs have a lump sum payment, which means that the full amount of the loan plus interest is immediately due at the end of the drawdown period.

HELOC and falling home values

As mentioned above, your HELOC credit limit is tied to the value of your home, among other numbers. Although your lender considers the value of your home when you apply for a HELOC, they assess your line of credit and your ability to make payments over the life of the loan. If something has changed drastically since you got the loan, your lender may reduce or freeze your HELOC.

If this happens, you won’t be able to draw the full amount of your line of credit (or part of it, in the case of a freeze). However, you will still be responsible for performing your loan agreement, including monthly interest payments. Some of the most common reasons a lender might reduce or freeze your line of credit are:

• Credit rating dropped
• Employment or income status has changed
• Overall indebtedness has increased
• Marital status has changed
• The value of the house has dropped significantly

Your lender must send you written notice within three business days of your HELOC being reduced or frozen. If the lender’s reasoning doesn’t make sense to you, ask for a detailed explanation and if there’s anything you can do to re-establish your line of credit.

You can appeal the decision if you think the lender made a mistake. For example, your house is worth more than your lender thinks because you recently made substantial improvements. Of course, your lender will expect an updated home appraisal if you want to appeal based on the value of your property. However, keep in mind that the appraisal fees will be your responsibility and, more importantly, an updated appraisal will not guarantee that your lender will approve your appeal.

If your lender does not restore your HELOC, you can check with other lenders to see their offers. You may be able to open a new HELOC and use some of the funds to pay off your original line of credit.

The essential

Property values ​​tend to increase over time. Yet rising mortgage rates, increased supply, falling demand, recessions, and other events can drive prices down. If your home’s value drops a bit, your lender probably won’t reduce or block your HELOC, as slight fluctuations in the market are normal. It’s when the value of your home changes significantly that your lender can take steps to limit their risk.

United States, New Jersey– The Global Personal and corporate debt consolidation market The 2022-2029 research report is a valuable source of insightful data for business strategists. It provides an overview of the industry with growth analysis and historical & future cost, revenue, demand and supply data (as applicable). Research analysts provide an elaborate description of the value chain and its analysis of distributors. This market study provides comprehensive data which enhances the understanding, scope and application of this report.

The research focuses on global players operating in the Consumer and Corporate Debt Consolidation market and includes information such as company profiles, product pictures and descriptions, capacity, production, value, income and contact details. This research provides essential statistics on the state of the industry and is a valuable source of information and knowledge for companies and individuals working in the market. Along with the CAGR projection, additional metrics such as year-over-year market growth, qualitative and quantitative data are provided. Market size, value, volume, product portfolio, market description, and categorization are all highlighted. Further, current trends and technical advancements in the Consumer and Business Debt Consolidation market are highlighted.

Click the link for a sample copy of the report: https://www.marketresearchintellect.com/download-sample/?rid=333933

Market segmentation :

Key players:

Segment by types:

Segment by applications:

Scope of Consumer and Corporate Debt Consolidation Market Report

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Regions are covered in Consumer and Corporate Debt Consolidation Market Report 2022 to 2029

For a comprehensive understanding of market dynamics, the global Consumer and Business Debt Consolidation Market is analyzed across key geographies, namely; North America (United States, Canada, and Mexico), Europe (Germany, France, United Kingdom, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina and Colombia), Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria and South Africa). Each of these regions is analyzed based on market findings across major countries in these regions for macro-level market understanding.

Report Highlights

– Quantitative market information and forecast for the global consumer and corporate debt consolidation industry, segmented by type, end-use and geographical region.

– Expert analysis of the key technological, demographic, economic and regulatory factors driving Consumer and Business Debt Consolidation growth through 2029.

– Market opportunities and recommendations for new investments.

– Growth prospects for emerging countries until 2029.

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There are 13 Sections to show the global Consumer and Corporate Debt Consolidation market:

Chapter 1: Market Overview, Drivers, Restraints and Opportunities, Segmentation Overview

Chapter 2: Market Competition by Manufacturers

Chapter 3: Production by regions

Chapter 4: Consumption by Regions

Chapter 5: Production, by Types, Revenue and Market Share by Types

Chapter 6: Consumption, by Applications, Market Share (%) and Growth Rate by Applications

Chapter 7: Comprehensive Profiling and Analysis of Manufacturers

Chapter 8: Manufacturing Cost Analysis, Raw Material Analysis, Manufacturing Expense by Region

Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10: Marketing Strategy Analysis, Distributors/Traders

Chapter 11: Market Effect Factor Analysis

Chapter 12: Market Forecast

Chapter 13: Consumer and Business Debt Consolidation Market Research Findings and Conclusion, Appendix, methodology and data source

Lastly, the researchers shed light on the accurate analysis of the global consumer and business debt consolidation market dynamics. It also measures enduring trends and platforms that are driving market growth. The degree of competition is also measured in the research report. With the help of SWOT and Porter’s five analyses, the market has been thoroughly analyzed. It also helps in dealing with the risks and challenges faced by businesses. Also, it offers in-depth research on sales approaches.

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The Global”debt consolidation market“The report provides insight into the global industry, including valuable facts and figures. This research study explores the global market in detail such as industry chain structures, raw material suppliers, and manufacturing. The debt consolidation sales market examines the major segments of the market scale. This smart study provides historical data as well as a forecast from 2022 to 2028.

The entire value chain and the critical downstream and upstream elements are examined in this report. This market report covers technical data, manufacturing facility analysis, and raw material supply analysis for Debt Consolidation industry and also explains which product has the highest penetration, its margins beneficiaries and its market shares.

Main Drivers and Obstacles:

High-impacting factors and driving forces have been studied in the Debt Consolidation market report to help readers understand the overall development. Additionally, the report contains restrictions and challenges that may hinder players. This will help users pay attention and make informed trading decisions. The specialists also looked at the next business prospects.

In its latest report, ReportsGlobe offers a comprehensive overview of Debt Consolidation Market with emphasis on keyword dynamics including driving forces, restraints, opportunities, trends and in-depth information on the structure of the debt consolidation market. Debt Consolidation Market sales in the global market will increase as business and advanced technology increase. With the covid-19 epidemic, companies have become very dependent on digital platforms to survive.

Debt Consolidation Market Segmentation:

Debt Consolidation Market, By Application (2016-2027)

Debt Consolidation Market, By Product (2016-2027)

• Credit card debt
• Overdrafts or borrowings
• Others

Key Players Operating in the Debt Consolidation Market:

• Marcus of Goldman Sachs (USA)
• OneMain Financial (USA)
• Discover personal loans (USA)
• Lending Club (USA)
• Payment (US)

Debt Consolidation Market Segment Analysis

Market research explores new data in the Debt Consolidation Market report. It examines the market size in terms of the value of each segment, as well as how market dynamics are likely to change over time. The report then divides this information into types and proposed applications, with a geographical breakdown (North America, Asia, Europe, and Rest of the World). In addition, the report examines the structure of the industry, offers estimates of growth, forecast period, revenue value, and volume in industrial applications, and sheds light on industry competition.

Scope of Debt Consolidation Market Report

Debt Consolidation Market Regional Analysis:

The Debt Consolidation market research report details current market trends, development outline, and several research methodologies. It illustrates the key factors that directly manipulate the market, for example, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes in product profiles could lead to huge disruptions in the factors mentioned above.

• North America includes the United States, Canada and Mexico
• Europe includes Germany, France, UK, Italy, Spain
• South America includes Colombia, Argentina, Nigeria and Chile
• Asia Pacific includes Japan, China, Korea, India, Saudi Arabia and Southeast Asia

Goals and Objectives of Debt Consolidation Market Research

• Understanding the opportunities and advancements in Debt Consolidation determines the market strengths, along with the key regions and countries involved in the market growth.
• Study the various segments of the Debt Consolidation market and the dynamics of Debt Consolidation in the market.
• Categorize debt consolidation segments with increasing growth potential and assess the market for the futuristic segment.
• Analyze the most important trends related to the different segments that help to decipher and convince the debt consolidation market.
• Check region-specific growth and development in the Debt Consolidation Market.
• Understand the major players in the debt consolidation market and the value of the competitive image of the leaders in the debt consolidation market.
• To study the key plans, initiatives, and strategies for the development of the Debt Consolidation Market.

The study thoroughly examines the profiles of major market players and their key financial aspects. This comprehensive business analysis report is useful for all new and existing participants when designing their business strategies. This report covers KEYWORD production, revenue, market share and growth rate for each key company and covers the breakdown data (production, consumption, revenue and market share) by regions, type and applications. Historical breakdown data of debt consolidation from 2016 to 2021 and forecasts for 2022-2028.

Global Debt Consolidation Market Research Report 2022-2028

Chapter 1 Debt Consolidation Market Overview

Chapter 2 Global Economic Impact on Industry

Chapter 3 Global Market Competition by Manufacturers

Chapter 4 Global Production, Revenue (Value) by Region

Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions

Chapter 6 Global Production, Revenue (Value), Price Trend by Type

Chapter 7 Global Market Analysis by Application

Chapter 8 Manufacturing Cost Analysis

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

Chapter 11 Market Effect Factors Analysis

Chapter 12 Global Debt Consolidation Market Forecast

How Reports Globe is different from other market research providers:

The creation of Reports Globe has been underpinned by providing clients with a holistic view of market conditions and future possibilities/opportunities to derive maximum benefit from their business and assist in decision making. Our team of in-house analysts and consultants work tirelessly to understand your needs and provide the best possible solutions to meet your research needs.

Our team at Reports Globe follows a rigorous data validation process, which allows us to publish publisher reports with minimal or no deviation. Reports Globe collects, separates and publishes over 500 reports each year covering products and services in many areas.

Contact us:

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Account Manager

WE: +1-970-672-0390

E-mail: [email protected]

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Global market research examines the performance of Debt Consolidation 2022. It contains an in-depth analysis of the state of debt consolidation and the competitive landscape globally. The Global Debt Consolidation can be obtained through market details such as growth drivers, latest developments, Debt Consolidation business strategies, regional study and future status of the market. The report also covers information including the latest opportunities and challenges in the plastic additives industry, as well as future historical and debt consolidation trends. It focuses on the dynamics of debt consolidation that are constantly changing due to technological advancements and socio-economic status.

Pivotal players studied in the Debt Consolidation report:

Marcus by Goldman Sachs (US), OneMain Financial (US), Discover Personal Loans (US), Lending Club (US), Payoff (US)

Get a free copy of the 2022 Debt Consolidation report: https://www.maccuracyreports.com/report-sample/401065

A recent Debt Consolidation market research analyzes the crucial factors of Debt Consolidation based on the current industry situation, market demands, business strategies adopted by Debt Consolidation players and their growth scenario. This report isolates Debt Consolidation based on key players, type, application, and regions. First of all, Debt Consolidation report will offer in-depth knowledge of company profile, their core products and specifications, revenue generated, cost of production, contact person. The report covers forecasts and analysis of debt consolidation at global and regional levels.

COVID-19 impact analysis:

In this report, pre and post COVID impact on market growth and development is well described for better understanding of debt consolidation based on financial and industry analysis. The COVID outbreak has affected a number of Debt consolidation is not a challenge. However, the dominant players in the Global Debt Consolidation are determined to adopt new strategies and seek new funding resources to overcome the growing barriers for market growth.

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The types of products uploaded in debt consolidation are:

Credit card debt, Overdrafts or borrowings, Other

The main applications of this report are:

Company, Private

The geographic region of debt consolidation includes:

Debt consolidation in North America (United States, North American countries and Mexico),
European market (Germany, French plastic additives market, United Kingdom, Russia and Italy),
Asia-Pacific market (China, Japan and Korea plastic additives market, Asian country and Southeast Asia),
South America plastic additive regions include (Brazil, Argentina, Republic of Colombia, etc.),
Plastic Additive Africa (Saudi Peninsula, United Arab Emirates, Egypt, Nigeria and South Africa)

The Plastic Additive report provides past, present and future Plastic Additive industry size, trends, and forecast information related to expected revenue, growth, Plastic Additive, and Plastic Additive supply scenario. Also, the opportunities and threats for the development of the debt consolidation forecast period from 2022 to 2029.

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In addition, the Plastic Additives report gives information about the company profile, market share and contact details, along with an analysis of the Plastic Additives industry value chain, rules and methodologies. of the plastic additives industry, the circumstances causing the growth of debt consolidation and the constraint blocking the growth. The scope of debt consolidation development and various business strategies are also mentioned in this report.

This major report presents a clear view of the current performance of the global consumer and corporate debt consolidation market and its likely development in the coming years. The key findings of the Global Consumer and Corporate Debt Consolidation Market report focus on changing Global Consumer and Corporate Debt Consolidation Market dynamics, substantial new opportunities, critical forces likely to contribute to the growth of the global consumer and corporate debt consolidation market. in both advanced and developing economies.

This report focuses on the major players in the global consumer and corporate debt consolidation market:
Discover Personal Loans (US), Lending Club (US), Payoff (US), SoFi (US), FreedomPlus (US) …

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The report undertakes research and analysis that helps market players understand the global Consumer and Business Debt Consolidation in Advanced and Developing Economies market status, future market scenarios, opportunities and to identify solutions on how to organize and operate in the Global Consumer and Business Debt Consolidation. market. The report begins by examining how the global consumer and corporate debt consolidation market has evolved through the pandemic to this post-pandemic point, the key forces at work, the implications of the covid pandemic -19 on business and policy makers. Most importantly, the report carried out an in-depth analysis of the selected segments and countries.

A detailed analysis of the capital-intensive market companies, their strategic trends and their impacts on industry production and growth are studied in the report. The objective of the report is to showcase forces that would impact different parts of the current global Consumer and Business Debt Consolidation industry. The report aims to map the risks faced by different regions, countries, and segments operating in the market, along with offering a range of options and responses. It recommends best practices to improve efficiency, protect against future risks as well as supply chains against possible threats. Finally, the report helps market players to anticipate trends and seize market opportunities with the data and forecast provided in the report.

Sector Consumer and Business Debt Consolidation: Main form of product:
Credit card debt, Overdrafts or borrowings, Other

Apps containing:
Company, Private

Global Consumer and Business Debt Consolidation Market Research Report Offers–

— The report discusses the main mergers and acquisitions, organic investments including R&D.
— The report presents a study on the response of major manufacturers to understand the elasticity of target markets.
– The report provides a detailed assessment of the long-term outlook of the global Consumer and Business Debt Consolidation Market.
– The report assesses business segments, products, services, and supply channels of the global Consumer and Business Debt Consolidation Market.
– The report highlights the challenges faced by global Consumer and Business Debt Consolidation Market players in expanding into new sectors, trading in certain goods or products during the pandemic, and expanding into new ones. consumer segments.
– The report highlights both opportunities and threats shaping the global consumer and corporate debt consolidation market, particularly the consumer segments.
– The report examines the Global Consumer and Commercial Debt Consolidation Market’s financial structure, business and operating models.
— The report identifies the innovation strategies adopted by well-established companies in the global Consumer and Corporate Debt Consolidation market.

Key questions answered by the report include:

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Student loan debt in 2022 is now over $1.7 trillion.

The latest student loan debt statistics for 2022 show that there are 45 million borrowers who collectively owe approximately $1.7 trillion in student loan debt. Student loan debt is now the second highest category of consumer debt – just after mortgage debt and higher than debt for credit cards and car loans.

The Covid-19 pandemic has had a significant impact on student loans. In March 2020, Congress responded with historic student loan relief, including suspending federal student loan payments. President Donald Trump and President Joe Biden have both extended the student loan payment break several times. Biden suspended federal student loan payments until August 31, 2022. Student loan forgiveness has become the hot topic in student loans. For years, progressives in Congress have pressured Biden to forgive up to $50,000 in student loans. The president called on Congress to forgive up to $10,000 in student loans.

If you are a student borrower, the following student debt statistics can help you make more informed decisions about student loan refinance, repay student loans faster and the cancellation of student loans.

Student loan statistics: overview

Total student loan debt: $1.75 trillion

Total number of US borrowers with student loan debt: 45 million

Direct Loans — Student Loans in Default: $110.5 billion (5.0 million borrowers)

Direct loans with forbearance: $1,007.5 billion borrowers (24.8 million borrowers)

(Source: Federal Student Aid, Educationdata.org)

Civil Service Loan Cancellation Statistics

In October 2021, the U.S. Department of Education announced a new limited waiver to help student borrowers who work in government gain better access to student loan forgiveness. The introduction of this limited waiver has changed student loan statistics for civil service loan forgiveness, making comparisons with previous years more difficult. As of March 31, 2022, here are the latest statistics on public service student debt:

Cumulative Public Service Loan Waiver Forms submitted: 1,175,672

Borrowers who submitted applications: 863 757

Of which Public Service Loan Abandonment (PSL)

LSP
F), the Extended Temporary Remission of the Public Service Loan (TEPSLF) and the limited exemption:

Borrowers whose student loans have been forgiven: 117,426

Total balance of the student loan paid under the PSLF: $7.9 billion

Average balance of paid student loans under the PSLF: $67,592

(Source: US Department of Education)

States with the most student loan debt

Not surprisingly, states with larger populations have higher overall student debt. California, Texas, Florida and New York are among the top four states for total outstanding federal student loan debt among borrowers.

California, Florida, Texas and New York account for nearly 30% of all US student borrowers. Collectively, borrowers in these states owe more than $450 billion in student loan debt.

1. California: $141.8 billion

2. Texas: $120.8 billion

3. Florida: $100.9 billion

4. New York: $92.7 billion

5. Georgia: $68.6 billion

6. Pennsylvania: $64.5 billion

7. Ohio: $62.3 billion

8. Illinois: $61.6 billion

9. Michigan: $51.0 billion

ten. North Carolina: $49.2 billion

Student Loan Debt by State

New Hampshire has the highest average student loan debt per student ($39,928) of the Class of 2019.

Utah has the lowest average student loan debt per student ($18,344) of the Class of 2020.

Breakdown of student borrowers by balance

Over 44 million student borrowers have student loan debt of $100,000 or less. Over 38 million student borrowers have student loan debt of $60,000 or less.

Over 3.0 million student borrowers have student loan debt over $100,000, of which approximately 900,000 have student loan debt over $200,000.

The largest concentration of student loans is $20,000 to $40,000, representing 9.7 million student borrowers.

Less than $50,000: 7.8 million borrowers

$5,000 to $10,000: 7.4 million borrowers

$10,000 – $20,000: 9.2 million borrowers

$20,000 – $40,000: 9.7 million borrowers

$40,000 – $60,000: 4.3 million borrowers

$60,000 – $80,000: 2.6 million borrowers

$80,000 – $100,000: 1.4 million borrowers

$100,000 – $200,000: 2.4 million borrowers

$200,000+: 0.9 million borrowers

Number of student borrowers by age group

According to the Federal Student Loan Portfolio, the largest concentration of student borrowers is between the ages of 35 and 49, followed by the 25 to 34 age group. There are 22.3 million student borrowers under the age of 34, with this group accounting for about half of all student borrowers. Strikingly, there are 2.5 million borrowers aged 62 or older who collectively owe $100.3 billion.

Here is the breakdown of student borrowers by age:

$103.4 billion (7.4 million borrowers)

25 – 34: $493.6 billion (14.9 million borrowers)

35 – 49: $622.9 billion (14.4 million borrowers)

50 – 61: $284.2 billion (6.4 million borrowers)

> 62: $100.3 billion (2.5 million borrowers)

Outstanding student loan debt by student loan program

There are 37 million student borrowers who hold approximately $1.4 billion in direct loans. About 9.9 million student borrowers hold $226 billion in Federal Family Education Loans (FFEL).

Direct loans: $1,376.5 billion (37.2 million borrowers)

Federal Family Education Loans (FFEL): $225.7 billion (9.9 million borrowers)

Perkins Loans: $4.2 billion (1.5 million borrowers)

TOTAL: $1,606.4 billion

Outstanding Student Loan Debt by Student Loan Type

Subsidized Stafford: $290.9 billion (30.1 million borrowers)

Unsubsidized Stafford: $562.5 billion (30.1 million borrowers)

Combined Stafford: $853.4 billion (34.3 million unique borrowers)

Graduate PLUS: $90.6 billion (1.6 million borrowers)

Parent MORE: $104.8 billion (3.7 million borrowers)

Perkins: $4.2 billion (1.5 million borrowers)

Consolidation: $553.3 billion (11.2 million borrowers)

Student Loan Debt Statistics by Loan Status for Direct Loans

About $1 trillion in direct loans out of 24.8 million student borrowers are in student loan forbearance as a result of the Covid-19 pandemic. About 7.9 million student borrowers are in student loan deferral or default.

Student loans at school: $110.7 billion (6.1 million borrowers)

Student loans in repayment: $16.0 billion (0.5 million borrowers)

Deferred student loans: $100.5 billion (2.9 million borrowers)

Forbearance student loans: $1,007.5 billion borrowers (24.8 million borrowers)

Student loans in default: $110.5 billion (5.0 million borrowers)

Student loans in grace period: $23.6 billion borrowers (1.2 million borrowers)

Student Loan Debt Statistics by Repayment Plan for Direct Loans

There are 10.7 million borrowers with $208.9 billion in student loan debt in the leveled student loan repayment plan (repaying student loans in 10 years or less), representing the largest concentration borrowers in repaying student loans.

The second most concentrated group of borrowers is enrolled in Revised Pay As You Earn (REPAYE) with $201.4 billion and 3.4 million borrowers.

Level repayment plan ( $208.9 billion (10.7 million borrowers)

Level repayment plan (> 10 years): $77.6 billion (1.8 million borrowers)

Graduated repayment plan ( $89.6 billion (3.1 million borrowers)

Decreasing Repayment (> 10 years): $16.7 billion (0.3 million borrowers)

Income Contingent Repayment (ICR) Plan: $37.8 billion (0.8 million borrowers)

Income Based Reimbursement Plan (IBR): $172.0 billion (2.8 million borrowers)

Pay As You Earn (PAYE) Plan: $112.5 billion (1.5 million borrowers)

Revised Pay As You Earn (REPAY) plan: $201.4 billion (3.4 million borrowers)

(Source: NSDLS)

Student loan officer by loan status

For direct loans and FFEL loans held by the U.S. Department of Education, here is the breakdown by these select student loan servicers:

Student Loan Debt Statistics: Other Data

Additionally, there are several other statistics regarding the state of student debt:

• Nearly seven in 10 (65%) seniors who graduated from public and private nonprofit colleges in 2018 had student loan debt.
• The average student loan debt at public colleges and universities is $30,030 (based on the average amount borrowed to get a bachelor’s degree).
• The average student loan debt at private, nonprofit colleges and universities is $33,900 (based on the average amount borrowed to get a bachelor’s degree).
• The average student loan debt at for-profit colleges and universities is $43,900 (based on the average amount borrowed to get a bachelor’s degree).
• About 16% of student borrowers are under 25 years old.
• About 65% of student borrowers are between 25 and 50 years old.

(Data source includes: Institute for College Access and Success, National Student Loan Data System, US Department of Education, Educationdata.org, Enterprise Data Warehouse, Mark Kantrowitz, Federal Student Aid and FedLoan Servicing).

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The two councils met individually to discuss the results and next steps.

“At Bluffs, I think a majority of the board is always reserved,” Blankenship said. “Bluffs council are concerned about losing the school as an integral part of the community.”

In the Bluffs community, 301, out of a total of 315, people responded to the question asking if they support consolidation efforts. Of these, 218 – 72.4% – supported the board discussing/examining the consolidation of the two districts in more detail.

Of those who responded, 76 were students, 36 were school staff, 83 were a parent/guardian and 120 were community members.

In Bluffs, 108 respondents supported renovating the existing building, 122 supported constructing a new building and 83 selected ‘none of the above’.

Only residents of the Bluffs neighborhood have answered this question, as there have been discussions about what to do with the current high school.

Blankenship said many of those who selected “none of the above” suggested waiting to see if consolidation occurs.

About a dozen people spoke to the board at the meeting, Blankenship said. Of these, two feared losing the school, while the majority of the others wanted to explore the options and decide which was best for the students, whether combining districts or another option.

In Winchester, 485 people responded to the survey. Of these, 120 were students, 68 were school staff, 171 were parents/guardians and 126 were community members.

Of the 429 people who answered the question about the reorganization efforts, 354 — 82.5% — supported the efforts.

“The Winchester board seems very supportive, I think, and would like to continue to have conversations with Bluffs about the opportunities available and what can be done to help Winchester and Bluffs,” Blankenship said.

While no decision has been made on whether or not to continue the process, Blankenship said discussions are continuing.

Each council chose two people from each to meet to discuss each council’s positions and available options.

Members will return to their Board of Directors and the discussion will continue at their individual meetings in June.

The consolidation would fully bring together the two districts, which already share a superintendent and athletic programs.

A feasibility study presented in April 2021 by Midwest School Consultants favored consolidation.

According to the findings of the study, the two districts are quite well matched, with neither district having significant debt, both expected to see a declining population in the future, and both with buildings in need of renovations. The combined program would also provide more opportunities for students.