Discover Financial Services said it acquired the Student Loan Corp. (SLC). The acquisition included SLC's ongoing private student loan business as well as private student loans and other assets totalling $4.2 billion.

The purchase also included $3.4 billion of SLC's existing ABS and other liabilities. This deal followed a series of transactions in which Sallie Mae bought $27 billion of SLC's federal student loans and related assets, and Citibank acquired $8.7 billion of SLC's federal and private student loans and other assets.

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