LOS ANGELES (AP) — JPMorgan Chase & Co. is exiting the student loan business, saying it doesn’t see meaningful growth in the private market for education loans.
Spokeswoman Trish Wexler said that the New York lender will stop accepting student loan applications after Oct. 12.
The move is the latest step by the bank to scale back its role in student lending.
In the spring of 2012, the bank stopped making student loans to borrowers who weren’t already Chase customers.
Chase made $200 million in student loans last year, down from $6.9 billion in 2008.
Wexler notes that families are increasingly relying on government-backed student loans.