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词条 Navient Corporation
释义

  1. History

  2. Corporate and financial

  3. Executive leadership

  4. SLABS

  5. Lawsuits, investigations, settlements, and controversies

  6. Subsidiaries

  7. Student loan resistance groups

  8. See also

  9. References

  10. External links

{{Use American English|date=July 2016}}{{Use mdy dates|date=July 2016}}{{Infobox company
| name = Navient
| logo = Navient-path-to-success-logo.png
| logo_size =
| logo_alt =
| logo_caption =
| logo_padding =
| type = Public
| former_name = Sallie Mae
| trading_name = Navient Corp.
| traded_as = {{ubl|{{NASDAQ|NAVI}}|S&P 400 component}}
| foundation = 2014
| location = Wilmington, Delaware, U.S.
| key_people = {{ubl|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)}}
| industry = Financial services
| assets = $146.4 billion (2015)[1]
| revenue = {{increase}} $5.18 billion (2017)
| num_employees = 6,700[2]
| num_employees_year = 2017
| homepage = {{URL|navient.com}}
}}Navient is a 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.[3] As of 2018, Navient services 25% of student loans in the United States.[4]

History

Navient was established as Sallie Mae 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.[4]

The U.S. Department of Education selected Sallie Mae in 2009 to service federal loans on its behalf.[5]

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[6] – an education loan management business to be launched with a new name – Navient – and a consumer banking business, which retained the name Sallie Mae.[7] The spin-off was completed on April 30, 2014.

In 2015, Navient attracted recognition from 2020 Women on Boards,[8] the Women's Forum of New York, and the New York Stock Exchange Governance Services for gender diversity on its board of directors.[9]

The company acquired asset recovery and business process outsourcing firm, Gila LLC,[10] and health care payments firm Xtend Healthcare.[11]

Corporate and financial

Navient trades on the Nasdaq stock exchange under the ticker symbol NAVI.[12] 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.[13]

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.[14]

Executive leadership

Jack Remondi is the CEO of Navient and has written[15] and spoken about recommendations to improve the student loan program.

SLABS

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]

Lawsuits, investigations, settlements, and controversies

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.[21]

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.[22]

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".[23] Warren recommended "a total reform of student loan servicing to make sure that nothing as the Navient disaster ever happens again".[23]

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.[24]

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.[25]

On January 18, 2017 the CFPB, along with the Attorneys General of Illinois, Pennsylvania, and Washington state,[28] filed a complaint against Navient in the United States District Court for the Middle District of Pennsylvania alleging violations of the Fair Credit Reporting Act and Fair Debt Collection Act.[26] It alleged that Navient "systematically and illegally [failed] borrowers at every stage of repayment" with "abusive interest charges, hurting disabled military veterans by making inaccurate reports to credit companies about them and making repayments harder than necessary."[4] According to the court filing,

  • "Navient has failed to perform its core duties in the servicing of student loans, violating Federal consumer financial laws.... "
  • "Navient systematically deterred numerous borrowers from obtaining access to some or all of the benefits and protections associated with these plans [plans limiting repayment based on income]. Despite assuring borrowers that it would help them find the right repayment option for their circumstances, Navient steered these borrowers experiencing financial hardship that was not short-term or temporary into costly payment relief designed for borrowers experiencing short-term financial problems, before or instead of affordable long-term repayment options that were more beneficial to them in light of their financial situation."
  • "For borrowers who did enroll in long-term repayment plans, Navient failed to disclose the annual deadline to renew those plans, misrepresented the consequences of non-renewal, and obscured its renewal notice to borrowers who were due for renewal. As a result, the affordable payment amount expired for hundreds of thousands of borrowers, resulting in an immediate increase in their monthly payment and other financial harm."
  • "Navient also misreported information to consumer reporting agencies about thousands of borrowers who were totally and permanently disabled, including veterans whose total and permanent disability was connected to their military service, by making it appear as if those borrowers had defaulted on their student loans when they had not, damaging their credit; misrepresented one of its requirements for borrowers to release their cosigner from their private student loan, thereby denying or delaying access to an important feature on many cosigned private loans that relieves a cosigner of responsibility for the loan once the borrower meets certain eligibility criteria; and repeated the same errors in processing federal and private student loan borrowers’ payments month after month, even after borrowers complained to Navient about those errors."[27]

The company released a public statement[28] and fact sheet[29] denying the allegations and calling them politically motivated and harmful to borrowers.

Since at least since 2011, up to 2017, "tens of thousands" of complaints were filed against Navient.[27] In 2017, 6,708 federal complaints were filed about the company, in addition to 4,185 private complaints – more than any other student loan lender.[4]

In 2018, it was revealed that Navient has attempted to collect loans from co-signers after a student's accidental death.[30]

Navient was also sued by the American Federation of Teachers (AFT) for allegedly failing to divert teachers into public forgiveness plans.[31]

Former Attorney General of Louisiana, Charles C. Foti, Jr. and the law firm of Kahn Swick & Foti announced that had started investigating Navient. The investigation is focusing on whether Navient’s officers and/or directors breached their fiduciary duties to Navient’s shareholders or otherwise violated state or federal laws.[32]

Subsidiaries

  • Pioneer Credit Recovery Inc.

Student loan resistance groups

Student Loan Justice is one group that has fought Navient by calling for bankruptcy laws to again include student loan debt.[33][34]

See also

{{Portal|Companies}}
  • FAFSA
  • Federal Student Aid
  • FFELP
  • Sallie Mae
  • U.S. Department of Education
  • USA Funds

References

1. ^{{cite web|url=https://www.forbes.com/global2000/list/5/#header:assets_sortreverse:true|title=The World’s Biggest Public Companies|work=Forbes}}
2. ^{{Cite web|url=http://fortune.com/fortune500/navient/|title=Navient|website=Fortune|access-date=2019-01-08}}
3. ^{{cite press release |first1= Patricia Nash |last1= Christel |first2= Nikki |last2= Lavoie |date= May 1, 2014 |url= http://news.navient.com/releasedetail.cfm?ReleaseID=844536 |title= Navient celebrates launch as new leader in loan servicing and asset recovery, dedicated to helping customers navigate the path to financial success |publisher= Navient}}
4. ^{{cite web|title=Lessons Learned From The Privatization of Sallie Mae|url=https://www.treasury.gov/about/organizational-structure/offices/Documents/SallieMaePrivatizationReport.pdf|publisher=U.S. Department of Treasury}}
5. ^{{cite web|last1=Babyak|first1=Stephanie|last2=Glickman|first2=Jane|title=U.S. Department of Education Expands Its Student Loan Servicing Capacity|url=http://www2.ed.gov/news/pressreleases/2009/06/06172009b.html|website=ed.gov|publisher=U.S. Department of Education|accessdate=2009-06-17}}
6. ^{{cite news|last1=Weise|first1=Karen|title=Why Sallie Mae Is Splitting in Two|url=https://www.bloomberg.com/news/articles/2013-05-29/why-sallie-mae-is-splitting-in-two|publisher=Bloomberg|date=2013-05-29}}
7. ^{{Cite web|url=https://www.insidehighered.com/quicktakes/2014/02/26/sallie-mae-splits-two-names-new-loan-servicing-unit-navient|title=Sallie Mae Splits In Two, Names New Loan Servicing Unit 'Navient'|last=|first=|date=February 26, 2014|website=www.insidehighered.com|publisher=Inside Higher Education|language=en|archive-url=|archive-date=|dead-url=|access-date=March 25, 2019}}
8. ^{{cite web|title=Boardroom Gender Diversity Directory|url=https://www.2020wob.com/company-directory?order=field_company_no_women_value&sort=desc&company=&city=&women_on_board=§or=All&state=All&rating=|publisher=2020 Women on Boards}}
9. ^{{Cite web|url=https://www.delawareonline.com/story/delawareinc/2015/06/23/navient-nyse-award-board-diversity/29182911/|title=Navient earns award for diverse governing board|last=Goss|first=Scott|date=June 23, 2015|website=delawareonline|publisher=The News Journal|language=en|archive-url=|archive-date=|dead-url=|access-date=March 25, 2019}}
10. ^{{Cite web|url=https://www.nasdaq.com/article/navient-buys-gila-boosts-asset-recovery-services-analyst-blog-cm449697|title=Navient Buys Gila, Boosts Asset Recovery Services - Analyst Blog|last=|first=|date=March 1, 2015|website=NASDAQ.com|publisher=Zacks' Equity Research|language=en-us|archive-url=|archive-date=|dead-url=|access-date=March 25, 2019}}
11. ^{{Cite web|url=https://www.beckershospitalreview.com/finance/navient-acquires-xtend-healthcare-relayhealth-process-25b-in-icd-10-claims-more-4-rcm-company-key-notes.html|title=Navient acquires Xtend Healthcare, RelayHealth process $25B in ICD-10 claims & more – 4 RCM company key notes|last=Pallardy|first=Carrie|date=October 22, 2015|website=www.beckershospitalreview.com|archive-url=|archive-date=|dead-url=|access-date=March 25, 2019}}
12. ^{{Cite web|url=https://www.nasdaq.com/symbol/navi/dividend-history|title=Navient Corporation Dividend Date & History|last=|first=|date=|website=NASDAQ.com|language=en-US|archive-url=|archive-date=|dead-url=|access-date=March 25, 2019}}
13. ^{{cite web|title=Form 10-K Navient Corporate 2015|url=https://www.navient.com/assets/about/investors/shareholder/annual-reports/NAVI_2015_Form_10-K_2-25-16_Final.pdf|website=Navient.com|publisher=Navient}}
14. ^{{cite web|url=https://www.moodys.com/research/Moodys-concludes-review-of-SLM-Corp--PR_297781|title=Moody's concludes review of SLM Corp.|date=April 30, 2014|publisher=|access-date=July 13, 2016}}
15. ^{{cite news|last1=Remondi|first1=Jack|title=Smarter student loans: A game plan|url=http://www.politico.com/agenda/story/2015/10/smarter-student-loans-a-game-plan-000267|publisher=Politico|date=October 6, 2015|accessdate=August 1, 2018}}
16. ^{{cite web|url=https://desertbeacon.wordpress.com/2015/07/19/slabs-how-to-make-money-off-someone-elses-private-student-loan/|title=SLABS: How to make money off someone else’s private student loan|date=July 19, 2015|publisher=|access-date=July 13, 2016}}
17. ^{{cite web|url=http://realmoney.thestreet.com/articles/01/29/2016/stressed-out-will-navient-cause-student-debt-bubble-pop|title=Stressed Out: Will Navient Cause the Student Debt Bubble to Pop?|publisher=|access-date=July 13, 2016}}
18. ^{{cite web|url=http://www.institutionalinvestor.com/Article.aspx?ArticleId=3498719&p=2#/.V4ajkdKAOko|title=Hedge Funds Smell Blood in the Student Debt Market|publisher=|access-date=July 13, 2016}}
19. ^{{cite web|url=https://www.moodys.com/research/Moodys-Slowing-FFELP-repayment-rates-pose-limited-risk-for-Navient--PR_332802|title=Moody's: Slowing FFELP repayment rates pose limited risk for Navient and Nelnet|date=August 19, 2015|publisher=|access-date=July 13, 2016}}
20. ^{{cite web|url=https://www.moodys.com/research/Moodys-announces-rating-actions-on-student-loan-ABS-backed-by--PR_350543|title=Moody's announces rating actions on student loan ABS backed by FFELP student loans following the update of its rating methodology|date=June 14, 2016|publisher=|access-date=July 13, 2016}}
21. ^{{Cite news|url=https://www.huffingtonpost.com/entry/cfpb-considers-suing-student-loan-giant-navient-for-cheating-borrowers_us_55db83dee4b08cd3359cf4d3|title=CFPB Considers Suing Student Loan Giant Navient For Cheating Borrowers|last=Nasiripour|first=Shahien|date=August 25, 2015|work=Huffington Post|access-date=March 25, 2019|language=en-US}}
22. ^{{cite web|url=https://studentaid.ed.gov/sa/about/announcements/sallie-mae-settlement|title=Details of the Sallie Mae SCRA Settlement With the U.S. Department of Justice|date=May 14, 2015|publisher=|access-date=July 13, 2016}}
23. ^1 {{citation|url=https://www.youtube.com/watch?v=aS0hNwSLjVg|title=Sen. Elizabeth Warren – Student Loan Servicing Fundamentals|date=2016-03-14}}
24. ^{{Cite web|url=https://www.delawareonline.com/story/money/2016/06/30/navient-faces-lawsuit-after-clinton-critique/86521360/|title=Navient faces lawsuit after Clinton critique|last=|first=|date=|website=delawareonline|language=en|archive-url=|archive-date=|dead-url=|access-date=July 13, 2016}}
25. ^{{Cite web|url=https://pennrecord.com/stories/510955424-man-claims-debt-collector-violated-law-with-calls|title=Man claims debt collector violated law with calls|last=Torres|first=Louie|date=|website=pennrecord.com|language=en|archive-url=|archive-date=|dead-url=|access-date=July 13, 2016}}
26. ^{{cite web|url=http://files.consumerfinance.gov/f/documents/201701_cfpb_Navient-Pioneer-Credit-Recovery-complaint.pdf |title=Case 3:17-cv-00101-RDM Document 1 Filed 01/18/17 |accessdate=January 18, 2017}}
27. ^1 {{cite web|title=Consumer Financial Protection Bureau, Plaintiff, v. Navient Corporation; Navient Solutions, Inc.; and Pioneer Credit Recovery, Inc., Defendants|publisher=United States District Court for the Middle District of Pennsylvania|date=January 18, 2017|accessdate=August 1, 2018|url=https://files.consumerfinance.gov/f/documents/201701_cfpb_Navient-Pioneer-Credit-Recovery-complaint.pdf}}
28. ^{{cite web|title=Navient rejects CFPB ultimatum to settle by Inauguration Day or be sued|url=http://news.navient.com/releasedetail.cfm?ReleaseID=1008347|website=Navient.com|accessdate=18 January 2017|archive-url=https://web.archive.org/web/20170125174310/http://news.navient.com/releasedetail.cfm?ReleaseID=1008347|archive-date=January 25, 2017|dead-url=yes|df=mdy-all}}
29. ^1 {{cite web|title=Fact Sheet on Legal Actions|url=http://files.shareholder.com/downloads/AMDA-2L11M2/3349728203x0x924404/1F52FE2B-B107-42F8-9803-ADED83939130/Navient_Fact_Sheet_1-18-17_FINAL.PDF|accessdate=18 January 2017}}
30. ^1 2 3 {{cite news|title=Deceased and still in debt: the student loans that don't get forgiven|first=Mona|last=Chalabi|date=August 1, 2018|newspaper=The Guardian|url=https://www.theguardian.com/money/datablog/2018/aug/01/deceased-debt-student-loans-sallie-mae-navient}}
31. ^{{Cite web|url=https://www.cnbc.com/2018/10/03/members-of-the-american-federation-of-teachers.html|title=Members of the American Federation of Teachers sue Navient|last=Nova|first=Annie|date=2018-10-03|website=www.cnbc.com|access-date=2019-03-25}}
32. ^{{Cite web|url=https://seekingalpha.com/pr/17299557-navient-investigation-initiated-former-louisiana-attorney-general-kahn-swick-and-foti-llc|title=NAVIENT INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Navient Corporation – NAVI|website=Seeking Alpha|language=en|access-date=2019-03-25}}
33. ^{{cite web|url=https://www.forbes.com/sites/peterjreilly/2015/10/28/interview-with-student-loan-activist-alan-collinge-on-bankruptcy-protection/#6ebd3916438d|title=Interview With Student Loan Activist Alan Collinge On Bankruptcy Protection|first=Peter J|last=Reilly|publisher=|access-date=July 13, 2016}}
34. ^{{Cite news|url=https://www.nytimes.com/2008/08/24/business/24loans.html|title=That Student Loan, So Hard to Shake|last=Glater|first=Jonathan D.|date=August 23, 2008|work=The New York Times|access-date=July 13, 2016|language=en-US|issn=0362-4331}}

External links

  • {{Official website|http://www.navient.com}}
  • Navient Login
{{Finance links
| name = Navient Corporation
| symbol = NAVI
| sec_cik = NAVI
| yahoo = NAVI
| google = NAVI
}}
  • {{YouTube|id=t0CyBv18A5k|title=Student Loans}} published on Feb 24, 2019 Patriot Act with Hasan Minhaj
{{NASDAQ Financial-100}}

5 : Companies based in Wilmington, Delaware|American companies established in 2014|United States federal student loan servicers|Companies listed on NASDAQ|2014 establishments in Delaware
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