NEW YORK, April 19 — JPMorgan Chase & Co. agreed to sell a US$6.9 billion (RM30.43 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 US$3.7 billion in federally guaranteed student loans, less than half of which are securitized, and about US$3.2 billion in whole private education loans, Navient said yesterday in a statement, which didn’t specify terms.
Navient, the largest servicer of student loans in the US, expects to complete the acquisition in stages this quarter and eventually move the loans to its servicing platforms.
The deal will probably be accretive to earnings this year, the Wilmington, Delaware-based company said. — Bloomberg
