Navient Misses Cut in Loan Servicing Overhaul

September 28, 2018
  • Advocacy
  • Industry News
  • education department
  • student loans

When the Education Department this week announced a list of finalists for the student loan servicers that will receive contracts as part of a planned overhaul of the system, one name was noticeably absent.

Navient Corporation, one of the country's largest student loan servicers, did not make the cut. Some consumer advocates and critics of the company saw it as a victory for efforts to hold Navient accountable for a track record of poor management.

But the company says it still hopes to play a role as a subcontractor in the servicing overhaul, called Next Gen.