Navient to outsource loan servicing to MOHELA, explore sale of business processing unit

NAVIENT CORP

Binding letter of intent to outsource student loan servicing to MOHELA, creating variable cost structure.
Launching process to explore strategic options for business processing division, including potential divestment.
Streamlining corporate functions; full implementation expected over 18–24 months starting in 2024.
Under full completion scenario, ~$400M in net operating expenses could be eliminated (2023 basis).
Q4 2023 earnings results and supplemental materials to be released Jan. 31, 2024, with webcast at 8 a.m. ET.

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