Accessibility links
The Market For Student Loans : The Indicator from Planet Money Americans owe about $1.5 trillion in student debt. But who actually owns those loans? One borrower goes looking for an answer—and uncovers a multi-billion dollar shadow market.

The Indicator from Planet Money

The Market For Student Loans

Darius Rafieyan

The Market For Student Loans

Listen · 9:40
  • Download
  • <iframe src="https://www.npr.org/player/embed/886346296/886350201" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
BEIJING, CHINA - JULY 18: (CHINA OUT) Students graduate during a ceremony held for 3,768 master and 898 doctorates being given out at the Tsinghua University on July 18, 2007 in Beijing, China. (Photo by China Photos/Getty Images)
Enlarge this image
China Photos/Getty Images
BEIJING, CHINA - JULY 18: (CHINA OUT) Students graduate during a ceremony held for 3,768 master and 898 doctorates being given out at the Tsinghua University on July 18, 2007 in Beijing, China. (Photo by China Photos/Getty Images)
China Photos/Getty Images

Nearly 45 million Americans have student debt. Finding out who owns that debt is harder than you might expect. Because those lenders aren't necessarily just sitting on those loans—often they're packaging and selling them on the open market.

Today on the show, we uncover a shadow market of student loans bought and sold on Wall Street. We find out why these student loans are so attractive to investors, and what's at risk for borrowers.

Music by Drop Electric. Find us: Twitter / Facebook / Newsletter.

Subscribe to our show on Apple Podcasts, PocketCasts and NPR One.