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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 ...
The company was to be sold for $150 million, initially keeping CEO Jeff Crosby in charge, but with a plan of consolidating the companies together. [9] On February 7, 2018, Nelnet announced that it had completed the acquisition of Great Lakes Educational Loan Services, Inc. . [ 6 ]
The acquisition allowed Earnest to be backed by a larger company with Navient planning to maintain the brand as a separate unit. [13] [14] In January 2018, Louis Beryl stepped down from his position as CEO. [15] In July 2018, Navient hired Susan Ehrlich as the new CEO. [16] In April 2019, Earnest launched its private student loan product. [17]
Navient is barred from federal student loan servicing and has to pay $120 million in fines and compensation to the borrowers harmed by its practices, according to a proposed settlement with the ...
Now that student loan servicing company Navient has agreed to a $1.85 billion ... than 350,000 federal student loan recipients, which comes out to roughly $260 each. ... Z Plans To Avoid Student ...
The company announced in 2013 its plans to separate into two publicly traded companies [11] – an education loan management business to be launched with a new name – Navient – and a consumer banking business, which retained the name Sallie Mae. [12] The spin-off was completed on April 30, 2014.
The settlement will result in the cancellation of $1.7 billion in student loans. Another $95 million will be distributed in restitution payments.
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 ...