2.7 million student-loan borrowers' accounts will be switched to a company that the Education Department previously punished for poor customer service [Business Insider]
Navient Corporation (NAVI)
Last navient corporation earnings: 4/21 04:14 pm
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Source: Business Insider
Navient will still hold ownership over the loans, and the change will effect 2.7 million borrowers. MOHELA, a federal servicer, was punished by the Education Department for failing to send timely billing statements. A major servicer of private student loans announced plans to leave the servicing industry — and outsource the job to a controversial company that works with the government. On Tuesday, Navient announced plans to outsource servicing of its private student-loan portfolio and commercially held loans in the Federal Family Education Loan program to MOHELA, one of the largest federal student-loan servicers. According to the press release, the outsourcing process will begin this year and take from 18 to 24 months, and Navient will still retain ownership over the loans. "After a thorough review, we are announcing targeted actions intended to simplify our business, reduce our expense base, and increase our financial and operating flexibility," David Yowan, president and
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NAVI
News
- Navient Co. (NASDAQ: NAVI) had its price target lowered by analysts at TD Cowen from $14.00 to $13.00. They now have a "sell" rating on the stock.MarketBeat
- Federal Student Aid head will step down. His office has been roiled by FAFSA problems [CNN]CNN
- Navient First Quarter 2024 Earnings: EPS Beats Expectations, Revenues Lag [Yahoo! Finance]Yahoo! Finance
- Navient Co. (NASDAQ: NAVI) had its price target lowered by analysts at JPMorgan Chase & Co. from $17.00 to $16.00. They now have a "neutral" rating on the stock.MarketBeat
- Navient Co. (NASDAQ: NAVI) had its price target lowered by analysts at Barclays PLC from $13.00 to $11.00. They now have an "underweight" rating on the stock.MarketBeat
NAVI
Earnings
- 4/25/24 - Miss
NAVI
Sec Filings
- 4/29/24 - Form 8-K
- 4/25/24 - Form 8-K/A
- 4/24/24 - Form 10-Q
- NAVI's page on the SEC website