Navient Corporation

Navient
Navient Corp.
Formerly called
 Sallie Mae
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
 Increase6,000 (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]

Controversy

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]

In March 14th, Senator Elizabeth Warren gave a speech in Congress qualifing the Navient's service and subsequent contract award by the Department of Education as an outrageous fiasco.[4] Warren recommended "a total reform of student loan servicing to make sure that nothing as the Navient disaster ever happens again".[4]

See also

References

  1. ↑ "The World’s Biggest Public Companies". Forbes.
  2. ↑ 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.
  3. ↑ "CFPB Considers Suing Student Loan Giant Navient For Cheating Borrowers". The Huffington Post.
  4. 1 2 Sen. Elizabeth Warren – Student Loan Servicing Fundamentals, 2016-03-14

External links

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