JPMorgan Shuts Down Student Loan Operation

JPMorgan Chase & Co (NYSE:JPM) will stop making student loans, according to documents picked up by Reuters. According to these documents reviewed by the news agency, JPMorgan decided that Federal student loan offerings were too competitive and reduced its ability to grow the business. The bank will stop accepting applications for loans on October 12. The end to student loans at JPMorgan Chase & Co (NYSE:JPM) has been coming for some time. Last year the company announced that it would no longer offer loans to students who were not pre-existing customers. The company holds about $11 billion in student loans…