WFC - Wells Fargo agrees to sell private student loan portfolio

Wells Fargo (WFC) agrees to sell its private student loan portfolio to investors, with Nelnet's (NNI) Firstmark division assuming responsibility for servicing the portfolio upon the sale.Terms of the deal weren't disclosed.The bank will continue to accept new student loan applications from existing private student loan customers until Jan. 28, 2021.As of Sept. 30, 2020, the principal balance of the private student loan portfolio was $10.0B. The transaction is expected to close in the first half of 2021.

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Wells Fargo agrees to sell private student loan portfolio