According to the most recent information, Navient has stopped giving the federal student loan services. It’s been a major news and is now being discussed on social media platforms across the United States. Navient was included as one of the top federal service providers for student loans and was shut down before the 31st of December 2021.
This article explains in depth the latest news regarding federal student loans offered by Navient. Additionally, it will examine the aspects of what are the main features of Navient and who owns Navient in greater detail. Continue reading to find out more.
What is Navient?
In the first paragraph in the introduction, Navient is one of the biggest federal service providers for student loans within the United States. It is headquartered within Delaware and has been helping students get and pay off student loans for a long time. According to reports the company has managed to collect an astounding number of $300 billion of loans to students to more than 12 million people who are in debt.
In addition, as of the year 2018 the company is able to handle 25 percent of its student loan obligations across the U.S. In the following sections, we will discuss the Navient’s owners and other information.
Why is It In The News?
Navient has recently revealed that it no longer providing assistance for Federal student loans. However, it will continue to offer loans for private students and refinancing for people in need. Additionally, if you wish to know whether you are a recipient of federal or private loans, you can do on the official website of studentaid.gov.
According to sources, the federal loan services were offered through December 31, 2021. In the following section, we’ll learn more information about Navient.
Who Owns Navient ?
Navient was one of the biggest federal student services until the end of the year 2000. According to reports, Navient’s contract will expire on December 31, 2021. In addition, federal loans for students were given to Maximus.
Few Facts About Navient
The Navient was established in 2014, when it was able to take the federal Sallie Mae student loans. Others of the key individuals include:
- John (Jack) F Remondi – President & CEO
- John Kane – COO
- Joe Fisher – CFO
- Kelly Christiano – EVP, Consumer Lending
- Jerry Maher – Senior Vice President and more
Therefore, Sallie Mae is one who owns Navient as well as the previous owner of Navient from which it acquired the federal student loans.
In 1973, the company was founded. Navient was a federally-sponsored business that is popularly referred to as the Student Loan Marketing Association, and later, as the Sallie Mae.
Final Conclusion
Navient was a company owned by Congress that was a part of the overall students loan scheme. It was founded in compliance with the Higher Education Act of 1965. Then, in 2004 it was transformed into a private-sector firm with an independent board. We hope that this article provides some insight into who owns Navient.
As of July 1, 2010 all federal student loans came directly to the U.S. Department of Education. Do you want to learn what federal loans are?
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