Navient will acquire approximately $6.9 billion in education loan assets from JPMorgan Chase

WILMINGTON, Del., April 18, 2017 (GLOBE NEWSWIRE) — Navient (Nasdaq:NAVI), a leading asset management and business processing services firm announced today it has reached an agreement to purchase JPMorgan Chase’s (NYSE:JPM) approximately $6.9 billion education loan portfolio.

“We welcome our new customers, and we commit to delivering best-in-class support to ensure a seamless transition,” said Jack Remondi, president and CEO, Navient. “Leveraging our 43-year track record of helping borrowers succeed, we will provide ongoing assistance to help our new customers continue to successfully manage their education loans. The transaction delivers on our business strategy and is a win-win for our company and our customers.”

The portfolio is comprised of approximately $3.7 billion in federally guaranteed student loans, of which $1.6 are securitized, and approximately $3.2 billion in whole private education loans.

Read on.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s