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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 ...
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 ...
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 ...
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.
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 ...