Student Loan Refinance Market Size

More than $20 billion in student loans have been refinanced since 2012. SoFi is the clear market leader as the first mover and largest orginator. The space has become more competitive over time with traditional banks like Citizens Bank and DRB competing with online lenders such as Earnest and CommonBond.

More than $4.5 billion in consumer savings are already on their way because of refinancing. An estimated¬†$150 billion in student loans are eligible for refinancing, so¬†there’s still a lot of growth ahead in this market.

Check back for regular updates and statistics on the student loan refinance market.

LenderAmount Originated# of BorrowersAvg Loan SizeAvg Savings
SoFi*$11,700,000,000 144,000$81,250$22,359
Citizens Bank$3,300,000,000 57,772$57,121$16,440
DRB*$2,200,000,000 18,300$120,219$20,200
Earnest*$1,300,000,000 17,000$76,471$21,810
CommonBond*$1,000,000,000 12,000$83,333$24,046
Lendkey$620,000,000 12,400$50,000$15,270
College Ave$180,000,000 3,000$60,000$12,000
others$500,000,000 10,000$50,000
Total$20,800,000,000 274,472$75,782$17,500
Total Refinance Market OpportunityTotal Refinance Savings$4,733,260,000
Market Size*$150,000,000,000 2,000,000$75,000$35,000,000,000

Sources:

– * indicates DBRS data as of 7/15/17

– Citizens Bank, Lendkey, College Ave, others estimated from public data

– Savings numbers taken directly from lender sites (e.g. SoFi, Earnest, CommonBond)

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