The post talks about Who Owns Navient and elaborates on all the crucial details and information.
As per the latest news, Navient has stopped giving services for federal student loans. It has come as big news and is being shared across social media platforms in the United States. Navient, which was listed among the largest federal student loan service providers, stopped before 31 December 2021.
This article covers in detail the recent news surrounding federal student loans by Navient. Besides, it will also cover aspects of What is Navient and Who Owns Navient in detail. So, keep reading ahead to know more.
What is Navient?
As mentioned in the opening paragraph, Navient is one of the largest federal student loan service providers in the United States. The company is based in Delaware and has been helping students collect and service student loans. As per reports, it has managed a whopping amount of $300 billion in student loans for over 12 million debtors.
Furthermore, as of 2018, the company services 25% of its student loans in the U.S. In the coming sections, we highlight Who Owns Navient and other details.
Why is It In The News?
Navient recently announced that it is no longer provides services for federal student loans. However, it continues to provide private student loans and refinancing to those in need. Furthermore, if you want to determine and check if you as a student have either private or federal loans, you can check the same at the official site of studentaid.gov.
As per sources, the federal loan services were provided until 31 December 2021. In the coming section, let us find more about Navient.
Who Owns Navient?
Navient continued to be one of the largest federal student providers until last year. However, as per sources, the contract ended on 31 December 2021. Besides, its federal student loans were thereon transferred to Maximus.
Few Facts About Navient
The Navient was created in 2014, wherein it took over Sallie Mae’s federal student loan. Other key people include:
- John (Jack) F Remondi – President & CEO
- John Kane – COO
- Joe Fisher – CFO
- Kelly Christiano – EVP, Consumer Lending
- Jerry Maher – Senior Vice President and much more
Thus, Sallie Mae is one Who Owns Navient or was the former owner of Navient from whom it brought the federal student loans.
Having established in 1973, Navient is a government-sponsored enterprise popularly known as Student Loan Marketing Association, which was nicknamed the Sallie Mae.
Final Conclusion
Navient was a congress-owned company supporting the overall student loan program. It was established as per the Higher Education Act of 1965. Soon in 2004, it turned into a private sector company that held an independent board. We hope this article offers insight into Who Owns Navient.
From 01 July 2010, all the federal student loans originated straight from the U.S. Department of Education. Want to know more about federal student loans? Want to know more about the Navient? Then read here.
Have you taken a federal student loan from Navient? Please share with us your experience in the comment section below.
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Jorden Smith is a passionate writer and researcher with a knack for exploring news and website reviews. With a keen eye for detail and a love for uncovering hidden gems, Jorden’s work is always thorough and informative. When not busy writing, Jorden enjoys traveling and discovering new places. Stay tuned for more insightful articles from this up-and-coming writer.