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First Data to buy Navient's student loan technology platform

First Data Corp. has agreed to buy Navient Corp.'s student loan technology platform.

Terms of the deal were not disclosed.

The acquisition is part of an agreement between the two companies, under which First Data will be the primary provider of technology solutions for Navient's federal and private education loans.

In connection with the agreement, First Data will set up First Data Education, which will be led by Jeff Whorley, Navient's group president for asset management and servicing. Whorley will also become a member of First Data's management committee.

The agreement is expected to close in the third quarter.