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 March 31, 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 jurisdicti ...

Financial Data and Key Metrics Changes - The company reported a record high core net income of $304.5 million, with adjusted core earnings of $1.71 per share, representing a 235% increase compared to the same quarter last year [9][41] - GAAP net income for the first quarter was $370 million or $2 per share, compared to a net loss of $106 million or $0.53 per share in the first quarter of 2020 [41] - The adjusted tangible equity ratio improved to 6.2%, exceeding the target due to strong financial performance and capital release from loan sales [20][40] Business Line Data and Key Metrics Changes - In the federal education loans segment, net interest income increased by 9% to $144 million, despite a 9% decline in average loan balances, driven by a favorable interest rate environment [27] - The consumer lending segment saw a $180 million increase in net income, largely due to two loan sales, with a net interest margin of 299 basis points [29] - The Business Processing Services (BPS) segment achieved an EBITDA margin of 29%, with total revenues doubling to $125 million, primarily due to COVID-related services [35] Market Data and Key Metrics Changes - Delinquency rates for both FFELP and private education loans declined significantly, with total delinquency rates down 21% to $3.8 billion [28] - The charge-off rate in the consumer lending segment fell to 68 basis points, indicating improved credit performance [30] Company Strategy and Development Direction - The company aims to grow its in-school lending business, projecting at least $5.5 billion in new loan originations for 2021 [13] - The strategy includes opportunistically capturing benefits from the low interest rate environment and strong investor demand for quality assets [8][11] - The company plans to increase share repurchases by $200 million to a total of $600 million for the year, reflecting confidence in its financial position [20][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to adapt to changing economic conditions and customer needs, highlighting strong portfolio performance and earnings outlook [21] - The ongoing economic uncertainty has led to a cautious approach in maintaining strong loan loss reserves, despite better-than-expected credit performance [17][31] - Management noted that while COVID-related project work is expected to decline, there are opportunities for more permanent contracts with states [58] Other Important Information - The company completed several financings to achieve lower cost objectives and reduced the balances of expensive debt [18][39] - The company has exited a lease on a more expensive office as part of its efforts to improve operational efficiency [19] Q&A Session Summary Question: Factors leading to loan sales and future sales strategy - Management indicated that strong demand for their asset class and favorable interest rates influenced the decision to sell loans, but they do not plan to adopt a make-and-sell model going forward [44][45] Question: Regulatory and political environment - Management noted a stable regulatory environment with no new developments, while discussing the challenges of broad-based student debt forgiveness proposals [47][48] Question: Business Processing segment scalability and revenue pressure - Management highlighted the agility of their operations during the pandemic, but expects revenue from COVID-related services to decline as the economy reopens [54][58] Question: Analysis of loan sales and future asset management - Management confirmed that they evaluate the present value of cash flows against gains on sale, indicating that current market conditions made the recent sales attractive [64][66] Question: Charge-off outlook and loan origination mix - Management stated they are on track to be below original charge-off targets and reaffirmed the $5.5 billion loan origination forecast without breaking down the mix [78][80]

2021 1st Quarter Earnings Call Presentation April 28, 2021 Forward-Looking Statements; Non-GAAP Financial Measures The following information is current as of March 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 Navient with the SEC. Definiti ...

Financial Performance - Adjusted Core Earnings per share grew 29% from the prior year, with a three-year compound annual growth rate of 28%[37]. - 2020 GAAP net income was $412 million, down from $597 million in 2019, with diluted earnings per share of $2.12 compared to $2.56[74]. - 2020 Core Earnings net income was $631 million, an increase from $607 million in 2019, with diluted Core Earnings per share of $3.24 compared to $2.60[75]. - The Federal Education Loans segment reported a net income of $537 million, up 2%, and a net interest income increase of 8%[77]. - The company reported a net income of $631 million for the year, reflecting a decrease of 25.7% compared to the previous year[202]. - Total expenses for the year amounted to $973 million, with direct operating expenses contributing $687 million[202]. - The company reported a net interest income after provisions for loan losses of $1,106 million[202]. Shareholder Returns - Total share repurchases in 2020 amounted to $400 million, with a 14% reduction in shares outstanding[40]. - Dividends paid in 2020 totaled $123 million, down from $147 million in 2019[40]. - The company plans to continue returning excess capital to shareholders through dividends and share repurchases[38]. - The company repurchased $400 million (or 14%) of common shares outstanding, with $600 million repurchase authority remaining[77]. - The company purchased 30.6 million shares of common stock for $400 million in 2020, with $600 million remaining in share repurchase authority[163]. Loan Portfolio and Performance - Navient's portfolio includes $58.3 billion in federally guaranteed Federal Family Education Loan Program (FFELP) Loans and $21.1 billion in Private Education Loans[25][27]. - The company serviced approximately 5.6 million federal education loan customers on behalf of the U.S. Department of Education[26]. - The total education loan portfolio as of December 31, 2020, was $79.363 billion, compared to $86.820 billion in 2019, reflecting a decrease[134]. - The total portfolio of Private Education Loans as of December 31, 2020, was $21.1 billion, with a net interest margin of 3.20%[52]. - The ending balance of the FFELP loan portfolio decreased to $58,284 million in 2020 from $64,575 million in 2019, representing a decline of approximately 9.0%[137]. - The total FFELP loans, gross, amounted to $58,572 million in 2020, down from $64,094 million in 2019, a decrease of approximately 8.0%[139]. - The total private education loans net balance was $21,079 million in 2020, down from $22,245 million in 2019, indicating a decrease of about 5.3%[143]. Loan Loss Provisions and Delinquencies - Total provision for loan losses in 2020 was $155 million, primarily due to expected losses related to COVID-19[80]. - The provision for loan losses in 2020 was influenced by an increase in unemployment, a decrease in GDP, and an increase in consumer loan delinquency rates as a result of COVID-19[184]. - The delinquency rate for loans greater than 90 days for FFELP loans was 4.6% in 2020, down from 5.8% in 2019, indicating an improvement in loan performance[139]. - Private Education Loan delinquency rate decreased by 43% from 4.6% to 2.6%, while forbearance rate increased by 44% from 2.7% to 3.9%[77]. - The provision for Private Education Loan losses decreased by $86 million to $142 million in 2020[92]. Business Processing and Operations - Navient's Business Processing segment supports over 500 clients, leveraging technology and data-driven solutions[28]. - EBITDA for the Business Processing segment was $57 million in 2020, reflecting a 16% increase from 2019[57]. - Business processing revenue increased by $46 million, or 18%, from $258 million in 2019 to $304 million in 2020, driven by contracts for unemployment benefits and contact tracing services[122]. Liquidity and Capital Management - The company maintained a strong liquidity position with $1.7 billion in primary sources of liquidity as of December 31, 2020, including $1.2 billion in cash[84]. - The company has unsecured debt totaling $8.4 billion as of December 31, 2020, rated below investment grade by three credit rating agencies[161]. - The company reported unencumbered tangible assets of $5.4 billion as of December 31, 2020, which included $2.6 billion in unencumbered education loans[166]. - The company incurred provisions for loan losses totaling $155 million during the year[202]. Changes in Interest Income and Expenses - Total interest income decreased by $1,375 million (29%) from $4,673 million in 2019 to $3,298 million in 2020, primarily due to declines in FFELP and Private Education Loans[89]. - The company’s average rate on senior unsecured debt was 5.05% in 2020, compared to 6.63% in 2019, indicating a reduction in borrowing costs[171]. - Total interest income for the year ended December 31, 2020, was $3,274 million, with a net interest income of $1,261 million after provisions for loan losses[202]. Employee and Workforce Information - The company has a workforce of approximately 5,560 regular employees and 1,850 temporary employees as of December 31, 2020[67].

NAVIENT January 27, 2021 2020 4th Quarter and Full Year Earnings Call Presentation Forward-Looking Statements; Non-GAAP Financial Measures The following information is current as of December 31, 2020 (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, 2019 (the "2019 Form 10-K"), filed by Navient with the Securities and Exchange Commission (the "SEC") on February 27, 2020 and subsequent reports filed by Nav ...

Navient Corporation (NASDAQ:NAVI) Q4 2020 Results Earnings Conference Call January 27, 2021 8:00 AM ET Company Participants Nathan Rutledge - IR Jack Remondi - CEO Joe Fisher - CFO Conference Call Participants Sanjay Sakhrani - KBW Bill Ryan - Compass Point Rick Shane - JPMorgan Arren Cyganovich - Citi Vincent Caintic - Stephens Mark DeVries - Barclays Lee Cooperman - Omega Family Office Lance Jessurun - Jefferies Mark Hammond - Bank of America Henry Coffey - Wedbush Moshe Orenbuch - Credit Suisse Operator ...

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, 2020 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 jurisd ...

2020 3rd Quarter Earnings Call Presentation October 21, 2020 Forward-Looking Statements; Non-GAAP Financial Measures The following information is current as of September 30, 2020 (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, 2019 (the "2019 Form 10-K"), filed by Navient with the Securities and Exchange Commission (the "SEC") on February 27, 2020 and subsequent reports filed by Navient with the SEC. De ...

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, 2020 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 ...

Table of Contents 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 March 31, 2020 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 (Registrant's telephone number, including area code) (Former name, former address and former fiscal yea ...