Discover Acquires the Student Loan Corporation

Discover Financial Services DFS today announced the completion on Dec. 31, 2010, of its acquisition of The Student Loan Corporation (SLC). The acquisition included SLC's ongoing private student loan business and private student loans and other assets totaling $4.2 billion, along with $3.4 billion of SLC's existing asset-backed securitization funding and other liabilities. The acquisition was preceded by a series of transactions in which Sallie Mae purchased $27 billion of SLC's federal student loans and related assets, and Citibank purchased $8.7 billion of SLC's federal and private student loans and other assets.