Navient
| Navient Corp. | |
| Formerly | Sallie Mae |
| Company type | Public |
| Nasdaq: NAVI | |
| Industry | Financial services |
| Founded | 2014 |
| Headquarters | Wilmington, Delaware, U.S. |
Key people | John (Jack) F. Remondi (President and CEO) John Kane (Chief Operating Officer) |
Number of employees |
|
| Website | navient |
Navient is a publicly traded U.S. corporation based in Wilmington, Delaware[1] whose operations include servicing and collecting on student loans. Managing nearly $300 billion in student loans for more than 12 million customers, the company was formed in 2014 by the split of Sallie Mae into two distinct entities, Sallie Mae Bank and Navient. Navient employs 6,000 individuals at offices across the U.S.[2]
It is not accredited by the Better Business Bureau.[1]
In August 2015, the Consumer Financial Protection Bureau, which has been investigating the company for nearly two years, sent Navient a letter telling its executives that the agency's enforcement staff had found enough evidence to indicate the company violated consumer protection laws.[3]
See also
- USA FundsThe company is known for it unfair practices of overcharging and imposing excessive fees on consumer's loans. While those practices resulted in a $97 million settlement with the Depts. of Education and Justice, and the Federal Deposit Insurance Corp, they could soon lead to a lawsuit from the Consumer Financial Protection Bureau.
References
- ^ a b http://www.bbb.org/delaware/business-reviews/loans/navient-in-wilmington-de-92002017
- ^ Christel, Patricia Nash; Lavoie, Nikki (May 1, 2014). "Navient celebrates launch as new leader in loan servicing and asset recovery, dedicated to helping customers navigate the path to financial success" (Press release). Navient.
- ^ http://www.huffingtonpost.com/entry/cfpb-considers-suing-student-loan-giant-navient-for-cheating-borrowers_55db83dee4b08cd3359cf4d3