JP Morgan Exits Student Loan Business

Students increasingly turn to government for aid

Citing a large drop-off in private student loan originations, a JPMorgan Chase & Co. spokeswoman confirmed Friday that the bank would stop issuing student loans Oct. 12.

"Over the last five years, students have increasingly relied on government-backed loans," said spokeswoman Trish Wexler. As a result, "we no longer see meaningful growth in this market," she said.