Credit unions continued to increase their role as secondary lenders for college students last year, with their private student loan portfolios growing faster than those of other private lenders and the federal government.
Borrowers requested forbearance on their private student loan payments at a higher rate last fall because of hurricanes and other natural disasters, according to executives of MeasureOne Inc. during an online discussion Wednesday of their semi-annual report on private student loans.
Total student loans increased 6.3% to $1.5 trillion as of Sept. 30, 2017, according to the Fed's latest Consumer Credit report.
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