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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.
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 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]
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 new agreement, filed in court on Thursday, stipulates that the CFPB would permanently ban Navient from directly servicing federal student loans. Of the $120 million Navient would have to pay ...
My consolidated federal obligation ended up with Navient after it was spun off of Sallie Mae in 2014. ... Loans that were bought by the Department of Education were eventually sent out to ...
Navient became the latest federal student loan servicer to opt out of the business when it said it will no longer service the loans, leaving about six million borrowers waiting to be assigned to a ...
Navient (NAVI) will transfer the accounts of nearly six million federal student loan borrowers to Maximus, thereby ceasing the loan payment collections on behalf of the U.S. Department of Education.