- Navient, the largest student-loan company in the US, announced its plans to end its loan servicing.
- This announcement is pending government approval.
- Navient services 12 million borrowers and is the third company to announce plans to end its contract.
Navient, the largest student-loan company in the country, announced it is requesting government approval to end its servicing contract on Tuesday.
According to a press release, the six million borrowers who currently pay their federal student loans to Navient will be transferred to Maximus, a government loan servicing company. This is the third company to announce plans to end loan servicing this year – the Pennsylvania Higher Education Assistance Agency (PHEAA) and Granite State Management and Resources – servicing a combined 10 million borrowers, are ending their contracts, as well.
“Navient is pleased to work with the Department of Education and Maximus to provide a smooth transition to borrowers and Navient employees as we continue our focus on areas outside of government student loan servicing,” Jack Remondi, Navient President and CEO, said in a statement. “Maximus will be a terrific partner to ensure that borrowers and the government are well served, and we look forward to receiving FSA approval.”
Well, they are Not needed Anymore since Biden gives out FREE college now !!!!!!
I think I will go now since it is FREE !!!! Yale 4 years then Harvard , then MIT LOL LOL LOL !!!!!