San Francisco-based financial services provider Wells Fargo continues to increases its presence in the student loan market in the wake of JPMorgan Chase’s decision to end its involvement in student loans, the Charlotte Observer reported on September 9.
The media outlet indicates Wells Fargo’s student loan portfolio has grown by 6 percent over the last year. This makes Wells Fargo the second-largest private student lender in the U.S. behind Sallie Mae.
“We sort of hold ourselves out in the industry as America’s community bank,” John Rasmussen, Wells Fargo’s head of education finance, told the Observer. “We look at this and say, geez, our communities need us, our customers need it.”
For more on Wells Fargo’s student loan business, click here.
