Protect Borrowers, an Education Program grantee, published a new report with The Century Foundation that looks at the private student loan market. As the Department of Education implements changes that limit how much students and families can borrow from the federal government, proponents of federal student loan caps argue that the private market would step in to fill the gap. But the report, which analyzed underwriting requirements for about three dozen private and state-based lenders, found that more than 40% of Americans would likely be denied most private student loans from traditional lenders, based on income and credit requirements. This is even more pronounced for students of color and Pell Grant recipients — nearly 2 in 3 Pell recipients would not qualify for the vast majority of private student loans.

Read the press release: New Study Warns That 40% of Americans Cannot Qualify for a Traditional Private Student Loan

An overview of the findings: Access Denied: How 40% of Americans are locked out of private student loans