Digital News Report – Discover Financial Services announced that they have completed the purchase of The Student Loan Corporation (SLC) on December 31, 2010.
The Student Loan Corporation is a private student loan provider that has assets of $4.2 billion. Before Discover purchased SLC, Sallie Mae had purchased $27 billion of the company’s federal student loans and related assets. Citibank also purchased $8.7 billion worth of SLC’s federal and private student loans and assets before Discover’s acquisition.
Discover has been a provider of private student loans and this further expands their lending service. SLC has over 50 years of experience with student loans.
By Victoria Brown