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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. Navient employs 6,000 people at offices across the U.S. [2] As of 2018, Navient services 25% of student loans in the United States. [3]
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.
The company’s decision to quit student loans, announced on Tuesday, left the U.S. Department of Education without one of its largest student loan servicers. Navient’s student loan portfolio is ...
At the time the CFPB filed its lawsuit against Navient back in 2017, the agency said that Navient was servicing student loans of more than 12 million borrowers, including more than 6 million accounts under its contract with the Education Department. In total, the CFPB added, Navient serviced over $300 billion in federal and private student loans.
Borrowers with Navient loans shouldn’t rely on potential lawsuit findings or legislation for student debt relief. It’s best to keep paying down your loans as required to avoid credit damage.
When that happens, the $95 million in restitution payments will be distributed to more than 350,000 federal student loan recipients, which comes out to roughly $260 each. Most of the loans were ...
Navient directed student loan borrowers into more costly repayment plans and away from lower-cost income-based choices, an investigation by the CFPB found. Navient is looking at paying $100 ...
In March 2000, Nelnet bought UNIPAC Service Corporation, [3] an existing loan servicing company which was founded in 1978 and based in Denver, Colorado. As a subsidiary, UNIPAC Service Corporation was then renamed Nelnet Loan Services, Inc. [ 4 ] In June 2000, Nelnet acquired In Tuition, Inc. , a loan-servicing company based in Jacksonville ...