JPMorgan To Exit Student Loan Business

JPMorgan Chase will stop issuing student loans on October 12, Reuters revealed on September 5 after it uncovered a leaked company memo.

The media outlet said that JPMorgan cited competition from federal government programs as the primary reason for its decision.

“We just don’t see this as a market that we can significantly grow,” Thasunda Duckett, Chase’s chief executive for auto and student loans, said in a September 5 interview.

For more on what this means for the market’s remaining players, click here for Reuters’ fulll analysis