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JPMorgan Chase will soon stop making student loans.
Starting October 12, JPMorgan Chase & Co. will no longer accept applications for private student loans. However, applications received before October 12, will continue to be processed.
Last year, the company decided to make education loans available only to existing Chase Bank customers.
Analysts say the financial crisis has lead to a sharp decline in private lending for education -- falling from $23-billion to $6-billion in the past five years.