Navient is exiting the federal student loan business as a regulator prepares to fine it $120 million. The company, formerly known as Sallie Mae, was sued in 2017 by the Consumer Financial Protection Bureau (CFPB) over its lending practices. Now, the regulator has filed an order that would ban Navient from servicing federal direct loans and bar the company from directly servicing or acquiring most loans under the Federal Family Education Loan Program, the CFPB said in a Thursday (Sept. 12) press release. "Th ...

HERNDON, Va., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Navient (Nasdaq: NAVI) today released the following statement after reaching an agreement with the Consumer Financial Protection Bureau to resolve previously disclosed litigation and investigations: This agreement puts these decade-old issues behind us. While we do not agree with the CFPB's allegations, this resolution is consistent with our go-forward activities and is an important positive milestone in our transformation of the company. Navient is no longer ...

HERNDON, Va., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Navient (Nasdaq: NAVI) announced that its board of directors approved a 2024 third quarter dividend of $0.16 per share on the company's common stock. The third quarter 2024 dividend will be paid on Sept. 20, 2024, to shareholders of record at the close of business on Sept. 6, 2024. About Navient Navient (Nasdaq: NAVI) provides technology-enabled education finance and business processing solutions that simplify complex programs and help millions of people achie ...

HERNDON, Va., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Navient (Nasdaq: NAVI) announced today that it had reached an agreement to sell its Healthcare Services business to CorroHealth, a leading health technology company. "This transaction is an important achievement in our initiative to explore strategic options for our Business Processing Solutions division and our strategic objectives to simplify our company, reduce our expense base, and enhance our flexibility," said Dave Yowan, president and CEO of Navient. "C ...

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, 2024 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 ...

Navient Corporation (NASDAQ:NAVI) Q2 2024 Earnings Call Transcript July 24, 2024 8:00 AM ET Company Participants Jen Earyes - VP, IR David Yowan - CEO Joe Fisher - CFO Conference Call Participants Rick Shane - JPMorgan Terry Ma - Barclays Sanjay Sakhrani - KBW Jeff Adelson - Morgan Stanley Bill Ryan - Seaport Research Partners Moshe Orenbuch - TD Cowen John Hecht - Jefferies Operator Good day, and thank you for standing by. Welcome to the Navient Second Quarter 2024 Earnings Conference Call. At this time, a ...

Federal Education Loans – Projected Cash Flows• FFELP portfolio of $33 billion $800 ($ in millions) 5-Year Projected Annual FFELP Cash Flows 2 $279 $587 $561 $511 $469 $0 $200 $400 $600 Remaining 2024 2025 2026 2027 2028 - no newly originated FFELP loans since 2010 - 97-100% of principal and interest guaranteed by U.S. government • Holding 50 basis points of equity capital against portfolio • Projected cash flows from this portfolio are based on: - cash flows from loans net of secured financing costs - assu ...

Results were driven by a decline in total expenses. A solid liquidity position was another positive. However, a decrease in net interest income (NII) and other income were headwinds. NII & Expenses Fall Total other income declined 9.3% year over year to $117 million. Total expenses decreased 7.5% year over year to $185 million. Federal Education Loans: The segment generated a net income of $28 million, which declined 63.2% year over year. Consumer Lending: This segment reported a net income of $60 million, ...

Navient (NAVI) reported $136 million in revenue for the quarter ended June 2024, representing a year-overyear decline of 38.5%. EPS of $0.48 for the same period compares to $0.70 a year ago. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Here is how Navient performed in the just reported quarter in terms of the metrics ...

OVERALL RESULTS • GAAP net income of $36 million ($0.32 diluted earnings per share). | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...