Summary Box: Citigroup sells student loan unit as growing federal role shakes up industry

Summary Box: Citigroup sheds student loans unit

CITI’S EXIT: Citigroup Inc. is exiting the private student loan business. The bank said Friday it will shift $32 billion in assets from its majority-owned Student Loan Corp. to SLM Corp., best known as Sallie Mae, and Discover Financial Services.

CORE FOCUS: The move is the latest by Citi to shed smaller businesses so it can focus on its core consumer banking operations.

UNCLE SAM’S ROLE: Citi’s announcement comes nearly six months after a new law expanded the government’s role in student loans, cutting private lenders from much of the business.