Navient - One of the biggest student loan service provider
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I would like to introduce some unfamiliar companies that may be of some help to your investments.
The company I’m going to introduce is $Navient(NAVI)$.
It went public as independent company in 2014.
[Company Profile]
Navient Corporation(Nasdaq: NAVI) provides education loan management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels in the United States. Managing nearly $300 billion in student loans for more than 12 million debtors.
It operates through three segments: Federal Education Loans, Consumer Lending, and Business Processing. The company owns Federal Family Education Loan Program (FFELP) loans, provides customizable solutions for its clients and corporate liquidity portfolio services.
Navient Corporation was founded in 1973 and is headquartered in Wilmington, Delaware.
[History & Events]
In 1973, Navient was established as a Government-Sponsored Enterprise (GSE) nicknamed Sallie Mae. The company was created by Congress to support the student loan program.
In 2004, Sallie Mae’s GSE charter dissolved and it became a private-sector company with an independent board.
In 2009, The U.S. Department of Education selected Sallie Mae to service federal loans on its behalf.
In 2010, Congress eliminated the federally guaranteed loan program (FFELP), under which banks and companies like Sallie Mae made loans to college students backed by a federal guarantee.
In 2010, all federal loans were originated directly by the U.S. Department of Education.
In 2013, The company announced separated into two publicly traded companies– an education loan management business named Navient – and a consumer banking business called Sallie Mae.
In 2014, The spin-off was completed. Navient traded on the Nasdaq stock exchange under the ticker symbol NAVI.
In 2015, Navient acquired asset recovery and business process outsourcing firm, Gila LLC, and health care payments firm Xtend Healthcare.
In 2021, student loan borrowers filed a lawsuit against Navient in order to force them into bankruptcy.Navient announced cease servicing federal student loans.
In 2021, the Department of Education approved the plan for Navient to transfer outstanding federal loans and select personnel to Maximus.
In 2022, a $1.85 billion settlement was announced between student loan borrowers and Navient.
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