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Following in the wake of Citigroup announcing its withdrawal from Student Loan programs, Bank of America said it will no longer make private student loans so it can devote its efforts on federal student loans, the Wall Street Journal reported Thursday, citing a letter the bank sent to colleges and universities.

BofA, one of the nation's most active lenders to students, made about $6 billion in student loans last year. About 15 percent were private loans.

"Bank of America is focusing our student lending strategy on the federal student loan program and discontinuing private loan products for the coming academic year to provide a more consistent experience
for our customers," the letter says.

BofA's decision occurs as several lenders have pulled back from the student loan market -- both private and federal -- amid the credit crunch and lower federal subsidies for the federal loan program.