CHICAGO - Bank One Corp. said Monday that in an effort to cut costs, it is transferring the marketing responsibilities for its education lending division to an independent entity.The $264 billion-asset banking company has formed Education One Group Inc. through an alliance with USA Group, an Indianapolis-based nonprofit that guarantees federal student loans. USA Group owns Education One and employs about 65 former Bank One workers who had marketed student services for the bank.

Specific cost savings figures for Bank One were not available.

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