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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 ...
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 ...
The settlement will result in the cancellation of $1.7 billion in student loans. Another $95 million will be distributed in restitution payments.
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]
Student loan giant Navient grabbed headlines last month when it agreed to cancel $1.7 billion in debt and pay $95 million in restitution for predatory lending practices, but not all of its ...
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 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.
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.