The acquisition included SLC’s ongoing private student loan business and private student loans. In addition, the acquisition concerns other assets, totalling USD 4.2 billion, along with USD 3.4 billion of SLC’s existing asset-backed securitization funding and other liabilities.
Moreover, the acquisition was preceded by a series of transactions. US student loan company Sallie Mae and global financial services company Citibank purchased USD 27 billion and USD 8.7 billion, respectively, of SLC’s federal student loans and related assets.
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