2022 1st Quarter Earnings Call Presentation April 27, 2022 Forward-Looking Statements; Non-GAAP Financial Measures The following information is current as of March 31, 2022 (unless otherwise noted) and should be read in connection with Navient Corporation's "Navient" Annual Report on Form 10-K for the year end December 31, 2021 (the "2021 Form 10-K"), filed by Navient with the Securities and Exchange Commission (the "SEC") on February 25, 2022 and subsequent reports filed by Navient with the SEC. Definition ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36228 Navient Corporation (Exact Name of Registrant as Specified in Its Charter) | Delaware | 46-4054283 | | --- | --- | | (State or Oth ...

NAVIENT 2021 4th Quarter and Full Year Earnings Call Presentation January 26, 2022 Forward-Looking Statements; Non-GAAP Financial Measures The following information is current as of December 31, 2021 (unless otherwise noted) and should be read in connection with Navient Corporation's "Navient" Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Form 10-K"), filed by Navient with the Securities and Exchange Commission (the "SEC") on February 26, 2021 and subsequent reports filed by Nav ...

Financial Data and Key Metrics Changes - In 2021, adjusted core earnings reached $4.45 per share, a 31% increase compared to 2020 [14] - Full year GAAP net income was $717 million or $4.18 per share, compared to $412 million or $2.12 per share in 2020 [54] - The company returned $707 million to shareholders through dividends and repurchases in 2021, achieving levels consistent with their target of 6% [34][50] Business Line Data and Key Metrics Changes - In Consumer Lending, the company originated $6 billion in student loans, a 30% increase from the previous year, making it the largest private education lender in the U.S. [8][15] - Federal Education Loans saw a decrease in net interest margin by 7 basis points to 99 basis points, with expectations for mid-90s in 2022 [35] - Business Processing Services (BPS) revenue increased by 19% year-over-year, with a full year increase of 61% [46] Market Data and Key Metrics Changes - Delinquency rates in the Federal Education Loans segment were reported at 10.6%, with forbearance at 12.4%, both below pre-pandemic levels [36] - The company expects a 10% growth in traditional BPS revenue for 2022, targeting revenues of at least $260 million [26][75] Company Strategy and Development Direction - The company aims to maximize cash flows, grow loan originations, and improve operating efficiency while returning excess capital to investors [24][28] - In 2022, the goal for Consumer Lending is to originate at least $7 billion in loans, a 16% increase over 2021 [25] - The company plans to continue leveraging technology to enhance efficiency and effectiveness in its operations [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the competitive landscape, noting that they have consistently outperformed competitors in terms of efficiency and credit performance [68] - The company anticipates that the expiration of the CARES Act will provide a significant tailwind for refinancing originations [40][90] - Management highlighted the importance of maintaining strong relationships with states and municipalities, which could lead to additional opportunities in BPS [73] Other Important Information - The company completed the transfer of its Department of Education servicing contract to a third party, which is expected to simplify operations and reduce risk [9][18] - The company resolved all state lawsuits and investigations, which had been ongoing for over eight years, allowing for a more streamlined focus on business operations [19][20] Q&A Session Summary Question: Interest Rate Sensitivity and NIM Expectations - Management discussed the impact of anticipated rate hikes on net interest margin (NIM), indicating a focus on one-month LIBOR and the potential for a $14 million loss in floor income if rate hikes do not occur as expected [58][60] Question: Competitive Environment with New Bank Charters - Management noted that competition from new bank charters has not significantly changed the competitive landscape, emphasizing their efficiency in the securitization markets [64][66] Question: Growth in BPS Revenue - Management clarified that the expected 10% growth in BPS revenue is based on a $260 million revenue figure, excluding pandemic-related services [75] Question: Consumer Lending Growth and Loan Sales - Management indicated that the Consumer Lending portfolio could grow despite previous loan sales, with a focus on high-quality borrowers [83][85] Question: Tax Rate and Adjusted Core Earnings - Management provided clarity on the tax rate applied to adjusted core earnings, indicating a long-term rate of 23.5% [91][92]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36228 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) ...

Financial Data and Key Metrics Changes - Core earnings for the quarter totaled $149 million, with adjusted core earnings per share (EPS) of $0.92, leading to an increase in the adjusted core EPS forecast for 2021 to at least $4.50 per share, which is over 40% higher than the initial forecast [8][9][26] - Net interest income increased by $17 million compared to the prior quarter, benefiting from a favorable interest rate environment and lower funding costs [10] - GAAP net income for the third quarter was $173 million or $1.04 per share, compared to $207 million or $1.07 per share in the same quarter of 2020 [41] Business Line Data and Key Metrics Changes - In the Business Processing Solutions (BPS) segment, revenue increased by 36% year-over-year due to contracts assisting states with COVID-related projects [13] - The Consumer Lending segment saw a total of $1.6 billion in private education loans originated, including $153 million in new in-school loans, with expectations to exceed the year-end target of at least $5.5 billion in total volume [32][34] - The Federal Education Loans segment experienced a net interest margin increase of 1 basis point to 104 basis points, despite a 6% decline in net interest income [28] Market Data and Key Metrics Changes - The company originated $1.5 billion in refinancing student loans, a 16% increase from the same quarter last year, despite a tempered demand due to the extension of the interest waiver on federal direct loans [11] - Delinquency rates for loans decreased to 8.5% from 9.3% a year ago, indicating strong credit performance [28] Company Strategy and Development Direction - The company announced the transfer of its servicing contract with the Department of Education to Maximus, which simplifies its business model and allows for a greater focus on growing its Consumer Lending and BPS segments [17][22] - The management emphasized the importance of maintaining a strong efficiency ratio, which was 50% for the quarter, as they transition away from pandemic-related contracts [15][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about increased demand for refinancing loans in 2022 following the expiration of the interest and payment waiver on federal loans [12][34] - The company remains cautious about the potential impact of the return to repayment of the federal direct loan portfolio in February, which is reflected in their loan loss reserves [14] Other Important Information - The company reduced its total unsecured debt outstanding by 9% during the quarter, amounting to $757 million, and has no existing maturities for the remainder of 2021 [38] - The company repurchased 26.9 million shares this year, representing 14% of shares outstanding, as part of its capital allocation strategy [16][40] Q&A Session Summary Question: Can you elaborate on the new guidance range and its components? - Management indicated that the guidance reflects better net interest margins (NIM) and portfolio performance, with expectations for NIM to trend lower due to a shift in loan mix [46][48] Question: What are the expectations for in-school loan originations moving forward? - Management noted that in-school loan volume builds upon itself each year, and they aim to significantly grow this volume in the coming academic years [51][54] Question: How does the company view the competitive environment in 2022? - Management expects the marketplace to remain competitive but believes their differentiated product offerings and operational efficiencies will provide an advantage [77][80] Question: What is the anticipated impact of the servicing contract transfer? - Management expects the transfer to simplify operations and reduce costs, with an estimated EPS impact of less than $0.10 for 2022 [90] Question: How does the company plan to allocate capital between dividends and share repurchases? - Management stated that they see value in both dividends and share repurchases, with a preference for returning excess capital through buybacks [72][81]

2021 3rd Quarter Earnings Call Presentation October 27, 2021 Forward-Looking Statements; Non-GAAP Financial Measures The following information is current as of September 30, 2021 (unless otherwise noted) and should be read in connection with Navient Corporation's "Navient" Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Form 10-K"), filed by Navient with the Securities and Exchange Commission (the "SEC") on February 26, 2021 and subsequent reports filed by Navient with the SEC. De ...

NAVIENT Barclays Global Financial Services Conference September 13, 2021 Forward-Looking Statements; Non-GAAP Financial Measures The following information is current as of June 30, 2021 (unless otherwise noted) and should be read in connection with Navient Corporation's "Navient" Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Form 10-K"), filed by Navient with the Securities and Exchange Commission (the "SEC") on February 26, 2021 and subsequent reports filed by Navient with the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36228 Navient Corporation (Exact name of registrant as specified in its charter) Delaware 46-4054283 (State or other jurisdictio ...

Financial Performance - Adjusted Core Earnings per share increased by 8% to $0.98 compared to $0.91 in the year-ago quarter[15] - Business Processing revenue increased by $66 million, or 103%, to $130 million compared to the year-ago quarter[15] - The company returned $227 million to shareholders through dividends and share repurchases[15] - The Adjusted Tangible Equity Ratio rose to 6.3% compared to 3.6% in Q2 2020, with a pro forma Adjusted Tangible Equity Ratio of 8.0%[15] - Increased 2021 EPS Guidance to $4.20 - $4.30[10] Segment Performance - Federal Education Loans segment net interest margin was stable at 0.97%[8, 17] - Federal Education Loans segment annualized charge-off rate declined to 0.04%[8, 17] - Consumer Lending segment originated $1.3 billion of private education loans[8, 21] - Consumer Lending segment net interest margin was 2.95%[8, 20] - Consumer Lending segment annualized charge-off rate declined to 0.71%[8, 20] - Business Processing segment EBITDA margin was 30%[8, 23]