Welcome to our dedicated page for Navient Corporation news (Ticker: NAVI), a resource for investors and traders seeking the latest updates and insights on Navient Corporation stock.
Navient Corporation (Nasdaq: NAVI) is the nation’s leading loan management, servicing, and asset recovery company. Headquartered in Herndon, Virginia, Navient supports the educational and economic achievements of over 12 million Americans by managing more than $300 billion in student loans. The company operates in three primary segments: Federal Education Loans, Consumer Lending, and Business Processing.
Navient provides technology-enabled education finance and business processing solutions that simplify complex programs and help millions achieve financial success. Their customer-focused, data-driven approach delivers exceptional results for clients in education, healthcare, and government sectors.
Recent strategic actions have been taken to streamline operations and enhance flexibility. This includes outsourcing student loan servicing to MOHELA, exploring strategic options for the business processing division, and reshaping shared services to align with a more focused business model. These measures are expected to reduce the company's expense base and increase operational efficiency.
Navient is committed to transparency and regular communication with stakeholders. The company hosts quarterly earnings calls and provides detailed financial updates. For instance, Navient will hold a live audio webcast on April 24, 2024, to review its first-quarter financial results. This webcast, hosted by senior executives, will offer insights into the company's performance and strategic direction.
For more information, visit Navient.com.
Earnest, a fintech focused on education finance, has appointed Mike Horowitz as Chief Product Officer. With two decades of product management experience, Horowitz joins COO Jason Williams to enhance Earnest's student lending platform. The company has helped over 180,000 borrowers refinance $16.5 billion in student debt and recently acquired Going Merry to improve financial aid accessibility. In 2021, Earnest led the industry with over $4.4 billion in refinancing originations, aiming to make higher education more affordable and accessible for all.
Navient (Nasdaq:NAVI) announced a new share repurchase program for up to $1 billion of its common stock, signaling confidence in its capital-generation capabilities. This program is part of Navient's strategy to return excess capital to shareholders while also investing in new loan originations and business growth. The company plans to utilize $400 million of the new authority in 2022, in addition to the existing $150 million authorization from 2019. The repurchase activities will occur through various methods without fixed expiration dates.
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.
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.
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