called sallie mae type public traded as 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 somsak chivavibul chief financial officer tim hynes chief risk officer andy beamon chief business development officer steve hauber chief audit officer pat lawicki chief information officer sheila ryan macie chief of staff jerry maher senior vice president total assets 146.4 billion 2015 1 number of employees 6 000 2015 website www.navient.com navient is a publicly traded u.s. corporation based in wilmington delaware 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 contents 1 history 2 corporate and financial 3 executive leadership 4 political influence 5 slabs 6 income based repayment 7 lawsuits investigations settlements and controversies 8 student loan resistance groups 9 see also 10 references 11 external links history edit navient was established in 1973 as a government sponsored enterprise gse called student loan marketing association nicknamed sallie mae . the company was created by congress to support the student loan program established by the higher education act of 1965 . in 2004 sallie mae s gse charter dissolved and it became a private sector company with an independent board . 3 the u.s. department of education selected sallie mae in 2009 to service federal loans on its behalf . 4 in 2010 congress passed the health care and education reconciliation act of 2010 which eliminated the federally guaranteed loan program known as federal family education loan program ffelp under which banks and companies like sallie mae made loans to college students backed by a federal guarantee . as a result effective july 1 2010 all federal loans were originated directly by the u.s. department of education . the company announced in 2013 its plans to separate into two publicly traded companies 5 an education loan management business to be launched with a new name navient and a consumer banking business which retained the name sallie mae . 6 the spin off was completed on april 30 2014 . in 2015 navient attracted recognition from 2020 women on boards 7 the women s forum of new york and the new york stock exchange governance services for gender diversity on its board of directors 8 the company acquired asset recovery and business process outsourcing firm gila llc 9 and health care payments firm xtend healthcare . 10 corporate and financial edit navient trades on the nasdaq stock exchange under the ticker symbol navi . 11 navient holds the largest portfolio of education loans insurance or guaranteed under the federal family education loan program as well as the largest portfolio of private education loans . 12 in 2014 moody s downgraded navient s senior unsecured debt and corporate family ratings to ba3 because of its loss of the earnings cash flows equity and high leverage . 13 executive leadership edit jack remondi is the ceo of navient and has written 14 and spoken about recommendations to improve the student loan program . political influence edit in 2016 navient s pac has donated 30 000 to the republican national committee and 20 000 to the democratic national committee . the pac has also donated to the congressional black caucus pac and team ryan 15 slabs edit navient funds most of its operation by manufacturing student loan asset backed securities 16 bundling loans and selling them to investors as financial instruments . 17 the slabs are graded by bond rating agencies such as moody s investor services and fitch ratings . 18 the value of slabs have been reduced as more students choose income based repayment plans . 19 as of june 2016 a majority of the slab tranches continue to be downgraded . 20 income based repayment edit millions of college debt holders may be eligible for income based repayment or income driven repayment . 21 22 according to the washington post many students are not aware of these repayment programs . 23 when that debt gets forgiven however the irs treats the forgiven principal as taxable income . 24 lawsuits investigations settlements and controversies edit 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 . 25 on may 28 2015 the united states department of justice announced that nearly 78 000 military service members would begin receiving 60 million in compensation for being charged excess interest on their student loans by navient . 26 on march 14 2016 senator elizabeth warren gave a speech in congress qualifying navient s service and subsequent contract award by the department of education as an outrageous fiasco . 27 warren recommended a total reform of student loan servicing to make sure that nothing as the navient disaster ever happens again . 27 in june 2016 stockholders filed a class action lawsuit against navient . the plaintiffs included chicago police officers and retired city employees in providence rhode island . 28 on july 5 2016 guy micciche filed a complaint against navient in u.s. district court alleging that the debt collector contacted the plaintiff several times on his cellular phone using an automated dialing system . in the complaints the plaintiff alleged that he told navient to stop calling him but that the company persisted . 29 student loan resistance groups edit student loan justice is one group that has fought navient by calling for bankruptcy laws to again include student loan debt . 30 31 see also edit fafsa federal student aid ffelp sallie mae u.s. department of education usa funds references edit the world s biggest public companies . forbes . 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 . lessons learned from the privatization of sallie mae pdf . u.s. department of treasury . babyak stephanie ; glickman jane . u.s. department of education expands its student loan servicing capacity . ed.gov . u.s. department of education . retrieved 2009 06 17 . weise karen 2013 05 29 . why sallie mae is splitting in two . bloomberg . sallie mae splits in two names new loan servicing unit navient . inside higher education . 2014 02 26 . boardroom gender diversity directory . 2020 women on boards . goss scott 2015 06 23 . navient earns award for diverse governing board . . the news journal . navient buys gila boosts asset recovery services analyst blog read more http www.nasdaq.com article navient buys gila boosts asset recovery services analyst blog cm449697 ixzz4ewi6c6ml . nasdaq.com . zacks equity research . 03 01 2015 . check date values in date help ; external link in title help pallardy carrie 2015 10 22 . navient acquires xtend healthcare relayhealth process 25b in icd 10 claims & more 4 rcm company key notes . navient corporation dividend date & history . nasdaq.com . form 10 k navient corporate 2015 pdf . navient.com . navient . moody s concludes review of slm corp. . april 30 2014 . retrieved july 13 2016 . remondi jack 10 06 2015 . smarter student loans a game plan . politico . check date values in date help https www.opensecrets.org pacs pac2pac.php cycle 2016 & cmte c00331835 slabs how to make money off someone else s private student loan . july 19 2015 . retrieved july 13 2016 . stressed out will navient cause the student debt bubble to pop . retrieved july 13 2016 . hedge funds smell blood in the student debt market . retrieved july 13 2016 . moody s slowing ffelp repayment rates pose limited risk for navient and nelnet . august 19 2015 . retrieved july 13 2016 . moody s announces rating actions on student loan abs backed by ffelp student loans following the update of its rating methodology . june 14 2016 . retrieved july 13 2016 . income driven plans . march 8 2016 . retrieved july 13 2016 . https www.navient.com loan customers payment plans plans based on your income there s a way to dramatically lower student debt payments but hardly anyone uses it . retrieved july 13 2016 . mcardle megan february 27 2013 . the hidden trap of income based repayment . retrieved july 13 2016 . cfpb considers suing student loan giant navient for cheating borrowers . the huffington post . details of the sallie mae scra settlement with the u.s. department of justice . may 14 2015 . retrieved july 13 2016 . a b sen. elizabeth warren student loan servicing fundamentals 2016 03 14 navient faces lawsuit after clinton critique . retrieved july 13 2016 . torres louie . man claims debt collector violated law with calls . retrieved july 13 2016 . reilly peter j. interview with student loan activist alan collinge on bankruptcy protection . retrieved july 13 2016 . that student loan so hard to shake . the new york times . august 24 2008 . retrieved july 13 2016 . external links edit official website retrieved from https en.wikipedia.org w index.php title navient corporation & oldid 744340643 categories companies based in wilmington delawarecompanies established in 2014student financial aidfinancial services companies of the united stateseducation finance in the united statescompanies listed on nasdaq2014 establishments in delawarehidden categories cs1 errors datescs1 errors external linksuse american english from july 2016all wikipedia articles written in american englishuse mdy dates from july 2016 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces 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