Steve Grzanich has the business news of the day with the Wintrust Business Minute.

A math and biology research institute funded by the National Science Foundation will be located in Chicago. According to Crain’s, Northwestern University will lead the research institute in partnership with the University of Chicago. The institute is being funded by a $50 million dollar grant from NSF and the Simons Foundation. It’ll include 80 faculty members and 120 graduate and post-doctoral graduate students from the two schools. It’ll be located in Chicago’s Streeterville neighborhood.

Also, Riverwoods-based Discover Financial Services may sell its student loan business. Listen for more below: