Wells Fargo to sell its student loan portfolio

Wells Fargo & Co. WFC,
+ 0.25%
announced Friday evening that it has agreed to sell its portfolio of private student loans to investors, with Firstmark, a division of Nelnet Inc. NNI,
+ 0.28%
take responsibility for the management of the portfolio during the sale. Wells Fargo said it informed its customers in September of its intention to exit the private student loan business, and the deal is expected to close in the first half of 2021. The company will continue to accept new student loan applications from existing private student loans. customers until January, he said. In September, the principal balance of the private student loan portfolio stood at $ 10 billion, the company said.

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