By David Henry NEW YORK (Reuters) - JPMorgan Chase & Co ( JPM ) has decided to get out of the student loan business, after the biggest U.S. bank concluded that competition from federal government programs and increased scrutiny from regulators had limited its ability to expand the business. JPMorgan, which already restricted student loans to existing Chase bank customers, will stop accepting applications for private student loans on October 12, at the end of the peak borrowing season for this school year, according to a memo from the company to colleges that was reviewed by Reuters on Thursday. Final loan disbursements are expected before March 15, 2014. "We just don't see this as a market that we can significantly grow," said Thasunda Duckett, chief executive for auto and student loans at Chase, in an interview. Not making more loans "puts us in a position to redeploy those resources, as well as focus on our No. 1 priority, which is getting the regulatory control environment strengthened," Duckett said.