Navient is one of the largest federal student loan servicers. It also services private student loans from various lenders. It will no longer service federal student loans after December 2021. All loans will be transferred to Maximus, which is the servicer for defaulted federal student loans.
- 1 Are Navient loans owned by the Department of Education?
- 2 Is Nelnet and Navient the same company?
- 3 Who bought out Navient student loans?
- 4 Who is the owner of Navient?
- 5 Do Navient loans qualify for loan forgiveness?
- 6 Is Navient private or federal?
- 7 Are Navient and Great Lakes the same?
- 8 Is Navient a Sallie Mae?
- 9 Is Navient going out of business?
- 10 Why did Navient leave student loans?
- 11 Is Navient forgiving student loans?
- 12 Is Navient no longer servicing student loans?
- 13 What is the purpose of Navient?
- 14 What does the word Navient mean?
- 15 What did Navient used to be?
Navient processes and services on behalf of the U.S. Department of Education, education loans owned by the the U.S. Department of Education.
Federal student loan servicers, such as Nelnet and Navient Corp., are companies that collect payments, respond to customer service inquiries and perform other administrative tasks on behalf of the U.S. Department of Education.
“Navient and Maximus announced today that the companies have signed a definitive agreement to transfer the loan servicing for U.S. Department of Education-owned student loan accounts from Navient to Maximus through a contract novation, subject to the Department’s approval,” said the company in a statement.
Jack Remondi is the president and CEO of Navient, the nation’s leading loan management, servicing and asset recovery company, helping customers navigate the path to financial success. The company employs about 6,000 team members in 10+ states.
Navient borrowers with federal student loans may be eligible for one of the federal student loan forgiveness programs, such as Public Service Loan Forgiveness or forgiveness through an income-driven repayment plan. It takes at least 10 years of making on-time payments to qualify for PSLF, for instance.
Navient is one of the largest federal student loan servicers. It also services private student loans from various lenders.
Can you separate myth from fact? Great Lakes, FedLoan Servicing, Navient, and Nelnet are student loan servicers. They’re the connection between you and the lender. For federal student loans, the interest is determined by the Higher Education Act as enacted and amended by Congress.
Navient is a U.S. corporation based in Wilmington, Delaware, whose operations include servicing and collecting student loans. 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 is leaving the business while under fire from the Consumer Financial Protection Bureau, which sued it in 2017, claiming that the company had made it difficult for borrowers to repay their loans. But Navient was already set to end its federal loan services at the end of the year.
One primary reason for Navient exiting federal student loan servicing is to avoid the spotlight of regulatory oversight.
Plus, you may be eligible to receive Navient student loan forgiveness once you reach the end of your repayment schedule. Depending on the plan that you choose, you’ll be eligible for forgiveness in 20 to 25 years.
Millions of borrowers will have their loans transferred By the end of 2021, Navient, PHEAA (also known as FedLoan Servicing) and Granite State will no longer be managing federal student loan products.
At Navient, our mission is to enhance the financial success of our customers by delivering innovative solutions and insights with compassion and personalized service.
Borrowers previously working with Sallie Mae as they repaid their federal loans became customers of Navient (the name is built off the word “ navigation,” because the company says its goal is to navigate borrowers through repayment), but Sallie Mae continues to originate and service private student loans.
In 2014, Sallie Mae announced the launch of an offshoot company called Navient. Sallie Mae would handle the disbursement and management of private loans, and Navient, formerly a part of Sallie Mae, would become a new loan management and servicing company for federal loans as well as private loans.