Non-Federally Guaranteed Student Loans Up 12.1 Percent Year-over-Year

Federally-insured credit unions reported almost $4.1 billion in outstanding non-federally guaranteed student loans as of June 30, 2017. This is up 12.1 percent from a year ago.

According to data from the National Credit Union Administration's website, approximately $1.1 billion in non-federally guaranteed student loans were in deferred status as of the second quarter 2017.

Navy Federal Credit Union had the largest amount of non-federally guaranteed student loans at almost $213 million. Below is a table listing the 10 largest student lending credit unions (click on image to enlarge).

As of June 30, 2017, $44.3 million of these student loans were 60 days or more past due. The delinquency rate on these loans were 1.09 percent, down 10 basis points from a year earlier.

However, the reported delinquency rate includes loans in deferred status and thereby understates the true delinquency rate.

In addition, credit unions reported $8.9 million in net charged off student loans as of June 2017. This is more than double the amount of net charge-offs from a year ago, which was $4.2 million.

Over the course of the last year, the net charge-off rate on non-federally guaranteed student loans increased by 22 basis points to 0.45 percent.

Still, private student loans at credit unions outperform federally guaranteed student loans, which have a delinquency (90 days past due) and default rate of 11.2 percent.