Wells Fargo & Co. is considering bolstering its student-lending business by targeting borrowers holding U.S. government loans, Bloomberg News reported, citing an interview with John Rasmussen, the company's head of personal lending.

The company has not yet taken any decision to expand into federal-loan refinancing, the news agency added. The move would help stimulate Wells Fargo's student-loan portfolio, which had declined to $11.5 billion at the end of June from $12.2 billion a year ago.

The government holds about $1.4 trillion in student loans, which constitutes more than 90% of the overall market, according to the report. The bank currently focuses on private education lending, which represents only 8% of the market.