How Lenders Can Help Borrowers Navigate $1.7 Trillion in Student Loan Debt

Total U.S. pupil indebtedness indebtedness exceeds $1.7 trillion. This fig represents a important load for millions of Americans — a load that lenders tin assistance easiness done acquisition and support. Lenders that genuinely perceive to the needs of students and families person an accidental to physique authentic relationships on the borrowing travel truthful they’re apical of caput erstwhile decisions are made.

How tin fiscal institutions link with families arsenic they navigate paying for college?

Data suggest maturation successful borrowers and indebtedness repayment

College enrollments increased successful 2023 aft declining for 11 years straight. Statista estimates enrollments volition proceed to turn year-over-year into the adjacent decade, and higher enrollment rates mean much request for fiscal assistance.

Source: Statista

Another bully motion for brands — information from Google Trends reveals that less borrowers are searching for “student indebtedness forbearance” present than during the pandemic.

Source: Google Trends

Another telling information constituent from Google Trends is the maturation successful searches for “student indebtedness repayment” implicit the past 2 years.

Source: Google Trends

These trends are bully quality for lenders and servicers due to the fact that they bespeak a increasing lawsuit basal that is researching pupil indebtedness repayment.

It’s besides an fantabulous accidental for pupil indebtedness companies to supply clarity astir repayment aft years of confusing quality cycles and to assistance borrowers negociate their finances arsenic they statesman repaying loans.

Lenders person an accidental to turn marque recognition

The fiscal services manufacture is built connected trust, truthful marque consciousness and estimation are crucial. However, erstwhile radical hunt for accusation astir pupil loans, they seldom deliberation astir brands. More than 91% of each pupil indebtedness searches are non-branded.

Source: Keyword measurement information via Semrush

Among branded searches, Discover has the strongest consciousness among consumers. It appeared successful our dataset much than 2.3 cardinal times.

Source: Keyword measurement information via Semrush

However, contempt starring successful branded searches, Discover exited the pupil indebtedness business this year, opening the doorway for different backstage brands similar Sallie Mae, SoFi, oregon Earnest to found themselves arsenic not conscionable the lender of prime for higher acquisition but besides the premier accusation root for assemblage concern topics.

The mean outgo of 4 years of backstage assemblage is nearly $200,000, and the mean postgraduate takes 20 years to repay pupil indebtedness debt. So the choices families marque to wage for assemblage person a long-lasting impact. The brands that usher borrowers passim their travel and amusement up astatine each waypoint volition beryllium the astir remembered.

What tin brands larn astir their assemblage by analyzing hunt data? How tin brands gain spot truthful borrowers take them?

140 cardinal opportunities to usher fiscal decisions

Each twelvemonth determination are 140 cardinal yearly searches astir paying for college, including saving, scholarships, loans, and indebtedness forgiveness.

Source: Keyword measurement information via Semrush

Source: Keyword measurement information via Semrush

Paying for assemblage is simply a long, analyzable travel that spans decades. Some parents commencement redeeming arsenic soon arsenic their kid is born. Others hold until the last twelvemonth of precocious schoolhouse to probe scholarships and use for national and backstage loans. And immoderate borrowers whitethorn refinance their loans respective years aft graduation.

We’ll absorption connected those searching for pupil loans to wage for assemblage here. But lending companies should besides people invaluable contented astir savings and scholarships arsenic those are captious to paying for college.

Who is gathering borrowers’ needs?

Terakeet divided 69 cardinal non-branded pupil indebtedness searches into 3 categories:

• Researching
• Applying
• Paying

Source: Terakeet

By grouping hunt information into categories, we tin amended recognize the circumstantial needs of idiosyncratic audiences:

• Researchers are conscionable opening their assemblage journey.
• Applicants are preparing to borrow.
• Payers person graduated and are readying their budgets.

Knowing the mindset of each assemblage and however they hunt helps you align your selling with their goals to conscionable them erstwhile they’re actively seeking answers.

Search information tin besides uncover the competitory scenery by showing america which websites ain the astir hunt marketplace stock crossed each pupil indebtedness topics. Federal Student Aid (​​studentaid.gov) is the wide victor with 32% of the full hunt marketplace share.

Source: Terakeet

In the pupil indebtedness space, lenders don’t conscionable vie with each different for user attention. They besides vie with authorities websites and publishers similar media brands and affiliates. Government websites ain 61% of the full hunt marketplace stock crossed each pupil indebtedness categories, leaving brands with lone 13%.

Source: Terakeet

Although brands fell down authorities websites, they astir doubled their corporate marketplace stock compared to 2023.

Connecting with the researcher segment

Researchers are excited to embark connected their assemblage journey, and they’re filled with optimism astir their future. But they whitethorn besides beryllium disquieted astir paying for their imagination school.

This conception is looking for wide accusation astir pupil loans, including types of loans and involvement rates.

Source: Terakeet

Government websites predominate the “general information” category. However, brands and publishers execute good for “types of pupil loans” searches. In this category, NerdWallet meets consumers’ needs astir often with 23% of the hunt marketplace share.

Source: Terakeet

Publishers similar Bankrate and NerdWallet were besides highly disposable successful the “interest rates” category, wholly shutting retired lenders and different brands from the apical 10.

Source: Terakeet

FAFSA dominates pupil indebtedness exertion searches

There are 43.5 cardinal yearly searches for pupil indebtedness applications, and 97% of them are astir the Free Application for Federal Student Aid, known arsenic the FAFSA. In different words, brands seeking to link with pupil indebtedness applicants volition request to people contented chiefly astir the FAFSA, including erstwhile it opens, erstwhile it’s due, however to apply, requirements, income limitations, etc.

The different 2.8% of application-related searches are divided betwixt however to use for assemblage loans and which lender to choose.

Connecting with the outgo category

Borrowers successful the payer conception are preparing to repay their loans. This radical is apt cost-conscious consumers entering the workforce who whitethorn beryllium seeking budgeting advice. They privation to cognize however repayment works, however overmuch they request to pay, and whether they should consolidate oregon refinance to trim their monthly payments.

Source: Terakeet

Government websites power 70% of the hunt marketplace stock successful the “payment questions” subcategory. However, brands and publishers are winning the astir user attraction for “refinancing” topics. Here, NerdWallet is the wide victor with 25% of the hunt marketplace share. 

This is besides the lone class wherever pupil indebtedness lenders similar Earnest, SoFi, and Laurel Road person a important beingness wrong the apical 10 websites.

Source: Terakeet

Publishers besides execute exceptionally good successful the “payment calculators” subcategory, but lending brands are astir invisible here.

Source: Terakeet

To beryllium palmy and adjuvant successful the highly competitory pupil indebtedness industry, brands indispensable present exceptional worth agelong earlier parents and students marque decisions — sometimes decades before.

How does NerdWallet negociate to outperform trusted authorities websites and salient lenders? What does it instrumentality to link with consumers?

NerdWallet’s Student Loan Literacy Strategy

Student loans aren’t conscionable astir borrowing money; they’re astir investing successful possibilities. That’s wherefore SoFi’s ngo is to assistance radical recognize their ambitions, and Earnest promises “access and affordability for all.”

These brands recognize the tendency to be assemblage is fueled by dreams and goals that person been forged implicit a decennary of beingness experiences.

However, it takes much than a large ngo connection to physique authentic connections with imaginable borrowers. Brands indispensable beryllium adept guides that intimately recognize their needs and confidently shepherd them done life’s astir important fiscal decisions.

Brands that are contiguous on the winding lawsuit travel volition gain awareness, trust, and lawsuit loyalty.

Building pupil indebtedness literacy with a room of content

NerdWallet doesn’t conscionable person a fewer blog posts astir pupil loans. The website serves up a buffet of content, including quality articles, blog posts, lender reviews, videos, podcasts, FAQs, tools, and guides. This contented answers each question borrowers person astir paying for college.

Source: nerdwallet.com

The editors astatine NerdWallet are superior astir connecting with borrowers to assistance them marque informed decisions. In fact, it’s portion of the company’s intent — “to supply clarity for each of life’s fiscal decisions.”

Beyond content, NerdWallet invests successful credibility to physique spot with its readers. Throughout the site, editors showcase their integrity done oversight, transparency, and expertise.

Source: nerdwallet.com

Helping borrowers recognize pupil indebtedness options

Early successful the lending journey, borrowers hunt for accusation astir the types of loans disposable to wage for college. These searches see topics similar national vs. private, subsidized vs. unsubsidized, loans for parents with atrocious credit, and pupil loans that don’t necessitate a cosigner.

NerdWallet understands borrowers person galore needs — and adjacent much questions — truthful the tract covers each of these subjects successful depth.

Rather than lone publishing long-form articles to reply questions, NerdWallet creates contented experiences to lucifer idiosyncratic intent, including elemental tables, interactive tools, and comparisons.

Source: nerdwallet.com

Source: nerdwallet.com

Source: nerdwallet.com

In summation to utilizing galore antithetic formats, NerdWallet besides links retired to related content, ensuring visitors observe everything they request without returning to Google to inquire much questions.

Source: nerdwallet.com

Saving borrowers wealth with amended rates

Borrowers privation to cognize much than which lender has the lowest rate. They privation to cognize however rising involvement rates impact pupil loans, which types of loans person amended rates, and however overmuch involvement they’ll wage implicit time.

NerdWallet published 8 pieces of contented astir assorted pupil indebtedness involvement topics, which generated much than 100,000 yearly visits and captured 10.7% of hunt marketplace stock successful this category.

What’s more, NerdWallet understands that involvement rates beryllium connected galore antithetic variables, truthful it leverages partnerships to assistance borrowers comparison rates based connected their circumstantial concern with an interactive tool.

Source: nerdwallet.com

The tract besides offers borrowers a calculator to spot however overmuch wealth they’ll prevention if they marque interest-only payments connected loans. Then, it gives them much instructions connected however to marque these payments.

Source: nerdwallet.com

For readers who privation to support tabs connected existent involvement rates, NerdWallet curates that accusation successful a convenient table. Not lone is this format casual to understand, but it’s updated monthly truthful it’s ever close and reliable.

Source: nerdwallet.com

Guiding borrowers done refinancing decisions

There are galore reasons borrowers mightiness privation to refinance their pupil loans. Perhaps involvement rates driblet significantly, oregon they’re earning much and privation to shorten the duration of their loans, oregon possibly they privation to consolidate aggregate loans into 1 payment.

NerdWallet presently has 19 unsocial pieces of contented astir pupil indebtedness consolidation and refinancing. In the past 12 months, the tract earned much than 280,000 yearly visits and captured 25% of the disposable hunt marketplace stock successful this category. Through its content, the tract explains whether you should refinance oregon consolidate, however the process works, and however to qualify.

NerdWallet besides uses tables to assistance readers recognize topics:

Source: nerdwallet.com

NerdWallet built a calculator truthful readers tin easy spot however overmuch they mightiness beryllium capable to prevention by refinancing:

Source: nerdwallet.com

The developers besides built interactive tools to assistance readers find the cleanable refinancing lender to acceptable their unsocial situations:

Source: nerdwallet.com

Deliver exceptional worth by knowing consumers’ needs

NerdWallet doesn’t conscionable people articles astir pupil loans to triumph postulation and make advertizing revenue. The institution genuinely understands each imaginable constituent successful the lawsuit journey, knows which questions thrust action, and answers analyzable questions arsenic simply arsenic possible.

This is the barroom — the golden standard. If lending brands similar SoFi and Earnest privation to link with audiences, they indispensable travel this playbook and put successful a reception marketing strategy that informs and empowers borrowers astatine each signifier of the journey.