An extremely important focus for Alchemy.
Currently, the average student debt is around $32,731 (ValuePenguin). Most borrowers have between $25k — $50k in debt. One very interesting statistic that isn’t seen in the image is the distribution of debt by age. Even though the number of borrowers under 30 is the greatest, most of the outstanding loan debt is owed by people between 30–39. Overall the balances for all age groups from 2004 to today, have risen by 302%. This is the underlying problem. Overall, the number of older adults going back to school or completing school is increasing and even they are not able to afford school even after working for a decade. This is an underlying problem. Of course, new high school graduates use parental support and loan, but even older students need the same support.
This is an extremely important focus for Alchemy. These are people who will have more of a track record of debt repayment and also are not eligible for many types of loans and scholarships that younger high school graduates have available to them. Many older individuals look for private student loans to make ends meet and reach their goals. This is a growing segment of the student population and one that needs a better source of capital.
