Deals
JPMorgan to Sell $6.9 Billion of Student Loans to Navient
- Navient plans to move the debt to its servicing platform
- Bank said in 2013 it was pulling back from lending to students
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JPMorgan Chase & Co. agreed to sell a $6.9 billion portfolio of student loans to Navient Corp., five days after the bank told shareholders it was looking to unload the holdings.
JPMorgan, which announced in 2013 that it would no longer make student loans, said April 13 that it booked a writedown on those debts as it explores options for their disposal. The sale includes about $3.7 billion in federally guaranteed student loans, less than half of which are securitized, and about $3.2 billion in whole private education loans, Navient said Tuesday in a statement. It didn’t specify terms.