Sallie Mae acquires $27 billion in student loans

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Student loan company Sallie Mae announced Monday it has purchased $27 billion in federal student loan assets from The Student Loan Corp.

The $1.1 billion acquisition, which closed Dec. 31, adds 1.3 million customers to Reston-based Sallie Mae. The company now manages or services $200 billion in federal student loans and $36 billion in private student loans.

The Student Loan Corp. was a subsidiary of Citibank, which is exiting the student loan business. The transaction is financed by a 5-year loan from Citibank, according to a filing with the Securities and Exchange Commission.

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