Navient Outsources Servicing Of 2.7 Million Student Loans To Its Rival MOHELA—Is Your Loan Affected? [Forbes]
Navient Corporation (NAVI)
Last navient corporation earnings: 4/21 04:14 pm
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Source: Forbes
Navient—once a major player in the student loan servicing industry—has announced plans to outsource the servicing of its remaining accounts to competitor MOHELA. The move will affect 2.7 million borrowers with active private student loans and Federal Family Education Loan Program, or FFELP loans . FFELP loans were issued by private lenders but backed by the federal government. That program ended in 2010, but there are still a number of borrowers with those loans. The transfer will begin sometime this year and take up to two years to complete, according to a news release. Navient is looking to eliminate almost $400 million in operating expenses. Navient has already exited the federal student loan servicing business. In October 2021, the company transferred all of its Department of Education loan accounts to Maximus , another loan servicing company. Navient was originally a part of Sallie Mae. In 2014, the company split its loans servicing and recovery business from its consumer
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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