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JPM, which announced in 2013 that is exited the student loan segment, has agreed to sell a $6.9b student portfolio to Navient. U.S. authorities estimate that 1 in 4 of the roughly 44m student debtors are either in default or struggling to stay current. Naviant is one of the largest loan service providers to the student loan industry.
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The company, formerly part of Sallie Mae, is locked in a legal battle with the Consumer Financial Protection Bureau over allegations that the firm “systematically” cheated student debtors by taking shortcuts to minimize its own costs. Navient has disputed the regulator’s lawsuit filed in a Pennsylvania federal court, and has argued that the agency itself is unconstitutional.
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