The years following high school have always been a time of uncertainty for students choosing to pursue post-secondary education. The choices regarding college and choosing a major have big implications on a student’s career trajectory, not to mention financial situation, for years to come.
The growing uncertainty concerning the format of higher education due to COVID-19, the post-graduate job market, and the long-term impact of student debt leaves many individuals wondering if they will ever earn enough to free themselves from student loan debt.
This landscape presents significant opportunity for insurtechs and traditional insurance carriers to create sustainable solutions that capture a portion of the $1.54 trillion student loan market, while also providing students with post-graduation financial stability. Milliman’s Andrew Groth and Katherine Pipkorn explore some solutions to the student loan crisis in this article.