Mike Brown, LendU
Analyzing our own data from 2020, LendEDU highlighted private student loan marketplace trends like the average applied credit score vs. the average approved credit score. The data points that you will find below contained sufficient data from 2020 to include that year in the analysis.
Approval Rates
In 2020, the overall private student loan approval rate was 21.61%.
In 2020, the private student loan approval rate for applicants who applied with a cosigner was 36.09%.
In 2020, the private student loan approval rate for applicants who did NOT apply with a cosigner was 8.84%.
https://lendedu.com/blog/state-of-private-student-loans-2020/
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