Bank of America Corp will suspend its federally-backed student loan program by December 5, the company said in a letter to colleges and universities on Friday.

Bank of America was the fourth largest lender under the program in fiscal year 2008, issuing $4.8 billion in new student loans, according to U.S. Department of Education data.

The student loan program, created in 1965, is a public-private program designed to allow banks to make student loans backed by government guarantees.