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Navient Corporation reports developments tied to education finance, portfolio management and digital lending through its Earnest subsidiary. The company owns and manages Federal Family Education Loan Program loans and private education loan portfolios, supports in-school and refinance private education loan originations, and provides servicing oversight after shifting to an outsourced servicing model.
Recurring Navient news includes quarterly and year-end financial results, common-stock dividend declarations, leadership and board updates, and strategic actions to simplify the company following the divestiture of its business processing unit. Company updates also reference the performance and organization of its education finance activities, capital markets and corporate functions.
Navient (Nasdaq: NAVI) announced a fourth quarter dividend of $0.16 per share on November 22, 2021. This dividend is set to be paid on December 17, 2021, to shareholders on record by the close of business on December 3, 2021. As a leader in education loan management, Navient continues to support clients in various sectors through technology-enabled financing and services.
Navient and the Boys & Girls Clubs of America announced a collaboration to enhance the Diplomas to Degrees program, aimed at assisting high school students in their education and career planning. The digital initiative provides resources on financial aid, college costs, and scholarship opportunities, reachable via the MyFuture platform. With the support of Navient, this program aspires to help youth navigate their paths to post-secondary education successfully. Boys & Girls Clubs impacts 4.3 million young people, reinforcing their commitment to fostering educational success and mentoring.
Earnest has achieved the milestone of becoming the largest refinancer of student loans in the U.S. by origination volume, reaching $4.4 billion in the first three quarters of 2021. This figure is 57% more than its nearest competitor. Since its inception in 2015, Earnest has helped over 180,000 borrowers refinance more than $16.5 billion in student debt. Additionally, Earnest's acquisition of Going Merry in 2021 aims to enhance accessibility to higher education while minimizing debt burdens for students.
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Navient has been recognized by the Women’s Forum of New York for achieving over 35% female representation on its board of directors, highlighting its commitment to promoting gender diversity in leadership. Out of 10 directors, 5 are women, including the chair. The Women’s Forum honors companies that excel in this area, noting that Navient is among the 243 recognized from the S&P 500 and FORTUNE 1000 for exceeding national averages in gender representation on corporate boards.
Navient (Nasdaq: NAVI) announced its 2021 third quarter financial results, which are available on the company’s investor relations website. The earnings report will also be filed as Form 8-K with the SEC. Navient facilitates education loan management and business processing solutions for education and government sectors. A conference call to discuss these results will take place on October 27, 2021, at 8 a.m. ET, featuring key executives. Stakeholders may access a replay of the call until November 10, 2021.
Navient (Nasdaq: NAVI) announced that its proposal to transfer loan servicing for 5.6 million Department of Education-owned student loan accounts to Maximus has received all necessary approvals. The transfer is effective immediately, with Maximus replacing Navient as the contractor. The transition to Maximus’s servicing division, Aidvantage, will be complete by year-end, ensuring continuity of service for borrowers. Approximately 800 Navient employees will also transfer to Maximus as part of this agreement. For more information, borrowers can visit navient.com/aidvantage.
Navient (Nasdaq: NAVI) announced it will release its 2021 third-quarter financial results on October 26, 2021, after market close. A conference call to discuss these results will take place on October 27, 2021, at 8 a.m. ET. The earnings call will cover topics including Navient's proposal to transfer its Department of Education servicing contract to Maximus. Investors will be notified of the results via news release and on social media. Supplemental financial information will be available on Navient's investor website, enhancing accessibility for stakeholders.
Navient (Nasdaq:NAVI) and Maximus (NYSE:MMS) have signed a definitive agreement to transfer U.S. Department of Education-owned student loan servicing from Navient to Maximus, pending approval from the Department. This transition aims to maintain service quality for borrowers. Once finalized, Navient will exit the loan servicing program as planned, with many employees transferring to Maximus to ensure continuity. The contract novation aims for completion starting October 1, 2021, enhancing Maximus's capabilities in federal student loan servicing.
Navient (NAVI) and Maximus (MMS) have signed an agreement to transfer the servicing of U.S. Department of Education-owned student loans from Navient to Maximus, pending approval from the Department's Federal Student Aid (FSA) office. The transition aims to ensure operational continuity while allowing Navient to focus on non-government loan servicing. Many Navient employees will move to Maximus to maintain high service standards. The contract novation is expected to be finalized in Q4 2021, enhancing Maximus's student loan servicing capabilities.