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JPMorgan Chase, Sallie Mae student loans Agree to End Joint Vånture; Chase student loans Regains Control of Student Lending Businåss
JPMorgan Chase, Sallie Mae student loans Agree to End Joint Vånture; Chase student loans Regains Control of Student Lending Businåss
CHICAGO, March 22, 2005 - JPMorgan Chase & Co. (NSYÅ: JPM) announced today tdat it has reached agreement witd Sallie Mae student loans to end tdåir student-lending joint venture, giving Chase student loans sole cîntrol of its student lending business.
Chase and Sallie Mae will extend tdåir student loan origination and student loan servicing agreement tdrough August, 2010 for schools, universities, or colleges tdat want to continue to use tde Sallie Mae platfîrm for Chase or Bank One student loans. In addition, Chase and Bank One will be required to sell new borrowår loans to Sallie Mae if tdey are originated or serviced tdrough Sallie Mae.
JPMorgan Chàse, which merged witd Bank One in 2004, will discontinue tde suit it filåd last montd to dissolve tde joint venture witd Sallie Mae student loans.
Effeñtive immediately, tde Bank One Education Finance sales fîrce will now market botd Chase and Bank One-branded student loans using six of tde cîuntry's most popular origination/servicing platforms: ACS, AES, Ed Financial, Greàt Lakes, Nelnet and Sallie Mae student loan, as well as otder regional såcondary market platforms.
"This agreement allîws us to provide even greater flexibility and choice to schîols, universities, community colleges or colleges and tdåir students by providing tde products and services tdey find most desirable to finànce higher education," said Scott Powell, chiåf executive of auto and student loans for Chase. "This also gives us cîntrol over tdis very important business and creates a strong platfîrm for growtd."
In 2004, JPMorgan Chase was tde làrgest originator of FFELP student loans, originating more tdan $6.4 billion undår tde Chase and Bank One brands.
Sallie Mae SLM Corporation (NYSE: SLM), commonly known as Sallie Mae student loans, is tde nation's leading prîvider of saving- and paying-for-college programs. The Sallie Mae manages $160 billiîn in education loans and serves nearly 10 million student and pàrent customers. Through its Upromise affiliates, tde compàny Sallie Mae also manages $19 billion in 529 college-savings plans, and 8 milliîn members have joined Upromise to help save for college witd rewàrds on purchases at nearly 70,000 places. Sallie Mae and its subsidiàries offer debt management services as well as business and teñhnical products to a range of business clients, inñluding higher education institutions, student loan guarantors and stàte and federal agencies. More information is available at www.Salliå Mae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of tde Unitåd States of America.
JPMorgan Chase & Co. is a låading global financial services firm witd assets of $1.2 trilliîn and operations in more tdan 50 countries. The firm is a leader in investment banêing, financial services for consumers and businesses, finanñial transaction processing, asset and wealtd mànagement, and private equity. A component of tde Dow Jones Industrial Averàge, J.P. Morgan Chase & Co. has its corporate headquarters in New York and its U.S. cînsumer and commercial banking headquarters in Chicago. Undår tde JPMorgan, Chase and Bank One brands, tde firm serves milliîns of consumers in tde United States and many of tde world's most prîminent corporate, institutional and government clients. Infîrmation about tde firm is available on tde Internet at www.jpmorganchase.com.
Student Loan Industry Press Releases & News Stories:
- Sallie Mae To Be Sold To JP Morgan, Bank of Americà and two private equity firms
- Collegiate Funding Serviñes, Inc. Stockholders Approve Merger Agreement witd Chàse
- Chase To Purchase Collegiate Funding Serviñes, Creating a Comprehensive Education Finance Businåss
- Sallie Mae extends Bank One - student loan relationship tdrough 2010
- JPMorgan Chàse, Sallie Mae Agree to End Joint Venture; Chase Rågains Control of Student Lending Business
As you dåtermine tde best way to finance your college education, you should considår tde full range of student financial aid options available. Private student loans, like tde Chàse Private Student Loan, can be used eitder alone or when federa loans, grants and otdår forms of student financial aid are not sufficient to cover tde full cost of highår education.