JPMorgan to exit student loan business: WSJ

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

JPMorgan (JPM +0.7%) is exiting the student loan business, according to a memo seen by WSJ.

The bank seems to be quite adept lately at getting out of businesses that have the potential to stir up controversy — the firm announced in July that it would pursue strategic alternatives for its physical commodities business as Wall Street's role in metal warehousing drew scrutiny.

Some commentators see a bubble in student debt which now totals in excess of $1T all told.

Non-revolving credit (student loans and car loans) has become the main driver behind consumer credit expansion in the wake of the crisis.