Navient is a U.S.-based loan management and servicing company. It was originally established as a subsidiary of Sallie Mae, a government-sponsored enterprise that was created to provide federal student loans. In 2014, Navient was spun off from Sallie Mae and became an independent company.
Navient primarily focuses on servicing and managing student loans. This involves tasks such as processing payments, handling customer inquiries, managing loan repayment plans, and providing customer support. Navient services both federal and private student loans.
It's important to note that while Navient is a prominent player in the student loan industry, it does not originate loans. Instead, it works as a loan servicer, which means it manages loans on behalf of the original lender or the Department of Education in the case of federal loans.
Navient has faced criticism and legal challenges in the past. Some borrowers have accused the company of predatory lending practices, misleading borrowers, and improper handling of loan payments. These issues have led to lawsuits and regulatory scrutiny. However, it's worth noting that Navient has denied these allegations and has defended its practices.
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