Reported 5 months ago
Discover Financial Services announced the sale of its student loan portfolio to Carlyle and KKR for up to $10.8 billion, a move aimed at de-risking its loan book ahead of its acquisition by Capital One. The loans, with a principal balance of nearly $10.1 billion, will be sold at a premium. This decision comes as student debt remains a contentious issue in U.S. politics, especially following President Biden's unsuccessful attempt to forgive $430 billion in such debt.
Source: YAHOO