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Navient
Navient Corporation is an American financial services company and former student loan servicer based in Wilmington, Delaware. The company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient. The company employs 4,500 people at offices across the US. In 2018, Navient serviced a quarter of all student loans in the United States. In 2024, the company was barred from servicing federal student loans.
Navient was chartered in 1972 as a Government-Sponsored Enterprise (GSE) called Student Loan Marketing Association (nicknamed Sallie Mae). The company was created by Congress to support the student loan program established by the Higher Education Act of 1965. It was created mainly for two reasons: 1) to purchase student loans in the secondary market; and, 2) to securitize pools of student loans. The objective is to create liquidity for these loans to increase their value to lenders, reducing the costs to borrowers in the process.
Sallie Mae's privatization began in 1997. In 2004, Sallie Mae's GSE charter dissolved and it became a private-sector company with an independent board.
The U.S. Department of Education selected Sallie Mae in 2009 to service federal loans on its behalf.
In 2010, Congress passed the Health Care and Education Reconciliation Act of 2010, which eliminated the federally guaranteed loan program known as Federal Family Education Loan Program (FFELP), under which banks and companies like Sallie Mae made loans to college students backed by a federal guarantee. As a result, effective July 1, 2010, all federal loans were originated directly by the U.S. Department of Education. Currently, there is no existing government-sponsored entities that provide securitization of student loans.
The company announced in 2013 its plans to separate into two publicly traded companies – an education loan management business to be launched with a new name – Navient – and a consumer banking business, which retained the name Sallie Mae. The spin-off was completed on April 30, 2014.
In 2015, Navient attracted recognition from 2020 Women on Boards, the Women's Forum of New York, and the New York Stock Exchange Governance Services for gender diversity on its board of directors.
The company acquired asset recovery and business process outsourcing firm, Gila LLC, and health care payments firm Xtend Healthcare.
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Navient
Navient Corporation is an American financial services company and former student loan servicer based in Wilmington, Delaware. The company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient. The company employs 4,500 people at offices across the US. In 2018, Navient serviced a quarter of all student loans in the United States. In 2024, the company was barred from servicing federal student loans.
Navient was chartered in 1972 as a Government-Sponsored Enterprise (GSE) called Student Loan Marketing Association (nicknamed Sallie Mae). The company was created by Congress to support the student loan program established by the Higher Education Act of 1965. It was created mainly for two reasons: 1) to purchase student loans in the secondary market; and, 2) to securitize pools of student loans. The objective is to create liquidity for these loans to increase their value to lenders, reducing the costs to borrowers in the process.
Sallie Mae's privatization began in 1997. In 2004, Sallie Mae's GSE charter dissolved and it became a private-sector company with an independent board.
The U.S. Department of Education selected Sallie Mae in 2009 to service federal loans on its behalf.
In 2010, Congress passed the Health Care and Education Reconciliation Act of 2010, which eliminated the federally guaranteed loan program known as Federal Family Education Loan Program (FFELP), under which banks and companies like Sallie Mae made loans to college students backed by a federal guarantee. As a result, effective July 1, 2010, all federal loans were originated directly by the U.S. Department of Education. Currently, there is no existing government-sponsored entities that provide securitization of student loans.
The company announced in 2013 its plans to separate into two publicly traded companies – an education loan management business to be launched with a new name – Navient – and a consumer banking business, which retained the name Sallie Mae. The spin-off was completed on April 30, 2014.
In 2015, Navient attracted recognition from 2020 Women on Boards, the Women's Forum of New York, and the New York Stock Exchange Governance Services for gender diversity on its board of directors.
The company acquired asset recovery and business process outsourcing firm, Gila LLC, and health care payments firm Xtend Healthcare.