According to the latest information, Navient has stopped giving the federal student loan services. This is big news that is spreading on social media platforms across the United States. Navient was listed as one of the biggest 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 provided by Navient. Additionally, it will examine the aspects of what are the main features of Navient and who owns Navient in depth. Continue reading to find out more.
What is Navient?
As stated in the opening paragraph in the introduction, Navient is one of the biggest federal service providers for student loans across the United States. The company is located within Delaware and has helped students to collect and pay off student loans for a long time. According to reports it has managed to manage an astounding number of $300 billion of loans to students to more than 12 million customers.
Additionally, as of 2018 the company is able to handle 25 percent of its student loan obligations across the U.S. In the next sections, we will highlight the Navient’s owners and other information.
Why is It In The News?
Navient has recently revealed that it no longer providing the federal government with student loan services. However, it will continue to offer loans for private students and refinancing for people in need. If you’d like to know whether you have federal or private loans, you are able to check on the official website of studentaid.gov.
According to sources, the federal loan service was offered through December 31, 2021. In the next section, we will 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 at the end of December, 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 on Sallie Mae’s Federal student loans. The other key players 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!
So, Sallie Mae is one who owns Navient as well as the previous owner of Navient who brought the federal student loans.
In 1973, the company was founded. Navient was established in 1973 by a government-owned enterprise that is popularly referred to as the Student Loan Marketing Association, that was later dubbed as the Sallie Mae.
Final Conclusion
Navient was a company owned by Congress which was responsible for the entire students loan scheme. It was founded in compliance with the Higher Education Act of 1965. Then, in 2004, it became a private-sector company with its own board. We hope that this article provides an insight into who owns Navient.
Since the 1st of July, 2010 all federal student loans came directly to the U.S. Department of Education. Do you want to learn what federal loans are?
