Student loan giant Sallie Mae reported a 36% decline in first quarter earnings yesterday, to $112 million, even as it’s growing private loan business rose by 23%, to $1.2 billion.

The student loan giant, which is changing its focus to the private loan market, said both delinquencies and charge-offs declined for its private loans during the first quarter and it held $37 billion of private loans at March 31.

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