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Navient Corporation is an American student loan servicer based in Wilmington, Delaware.Managing nearly $300 billion in student loans for more than 12 million debtors, the company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient.
A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million.
On September 17, 2010, Sallie Mae acquired federally insured loans from Citigroup-owned Student Loan Corporation worth $28 billion. [20] SLM Corporation, the company that operates Sallie Mae, was formed in 2013. [21] On February 25, 2014, Sallie Mae announced the launch of Navient, a separate entity for federal student loan servicing.
Navient’s student loan portfolio is estimated at about $1.7 trillion, CNBC reported. Navient is the third lender this year to end its relationship with the federal government. The others are ...
But it split into two independent companies in 2014 — with one company becoming Navient. Sallie Mae now exclusively offers private student loans to help college students pay for school. It has ...
In the FFEL Program, private lenders made federally guaranteed student loans to parents and students. Commercial lenders (e.g. Sallie Mae; now Navient) would use their private capital to finance loans under the FFELP but received subsidies from the federal government. [1]
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It was one of the four largest companies which service United States federal student loans: Great Lakes, Nelnet, Navient, and the Pennsylvania Higher Education Assistance Agency. [2] In 2018, the loan servicing part of the organization was sold to Nelnet .