Wells Fargo & Co.
said late Friday it has agreed to sell its private student loan portfolio to investors, with Firstmark, a division of Nelnet Inc.
assuming responsibility for servicing the portfolio upon the sale. Wells Fargo said it has notified customers in September of its intention to exit the private student loan business, and the deal is expected to close in the first half of 2021. The company will continue to accept new student-loan applications from existing private student loan customers until January, it said. As of September, the principal balance of the private student loan portfolio was $10 billion, the company said.