Big Five Banks for Student Loans

Sallie Mae, Wells Fargo and Discover Financial are the top three private student loan lenders in the United States.  Between them they originate more than three fourths of all private loans for college bound students.

Bank of America, Citigroup, US Bank and Chase have all closed down their once lucrative private student loan departments.

Private student loans are not dischargeable in bankruptcy, can only be obtained by those with excellent credit and are often co-signed by parents or relatives.  Banks should love these things.

But as you can see, they are getting out.  Why?