Navient Corporation
| Navient Corp. | |
|
Formerly called
|
Sallie Mae |
| Public | |
| Traded as |
NASDAQ: NAVI S&P 500 Component |
| Industry | Financial services |
| Founded | 2014 |
| Headquarters | Wilmington, Delaware, U.S. |
|
Key people
|
|
| Total assets | $146.4 billion (2015) |
|
Number of employees
|
 6,000 (2015) |
| Website | www |
Navient is a U.S. corporation based in Wilmington, Delaware, whose operations include servicing and collecting on student loans. Managing nearly $300 billion in student loans for more than 12 million customers, the company was formed in 2014 by the split of Sallie Mae into two distinct entities, Sallie Mae Bank and Navient. Navient employs 6,000 individuals at offices across the U.S.
Navient was established in 1973 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.
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.
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.
Navient trades on the Nasdaq stock exchange under the ticker symbol NAVI. Navient holds the largest portfolio of education loans insurance or guaranteed under the Federal Family Education Loan Program, as well as the largest portfolio of Private Education Loans.
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