Navient to outsource student loan servicing to MOHELA; transfer ~900 employees, start Q3 2024

NAVIENT CORP

Navient Solutions, LLC and MOHELA signed Master Terms Agreement on May 7, 2024.
MOHELA will sub-servicer all private, HEAL, and FFELP loan portfolios currently serviced by Navient plus new loans.
Approximately 900 Navient employees will transfer to MOHELA; servicing expected to begin in Q3 2024.
Navient retains ownership of loans and Servicer has no title or security interest.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

NAVIENT CORP entered into Master Terms Agreement with Higher Education Loan Authority of the State of Missouri valued at Navient outsources student loan servicing operations to MOHELA; MOHELA will act as sub-servicer and (effective 2024-05-07).

Action: entry
Counterparty: Higher Education Loan Authority of the State of Missouri
Value: Navient outsources student loan servicing operations to MOHELA; MOHELA will act as sub-servicer and
Effective: 2024-05-07

Exact text from the filing

On May 7, 2024, Navient Solutions, LLC (“Navient”), a Delaware limited liability company and a wholly owned subsidiary of Navient Corporation (the “Company”), and Higher Education Loan Authority of the State of Missouri (“MOHELA”), a leading provider of student loan servicing for government and commercial enterprises and a body politic and corporate and public instrumentality of the State of Missouri, entered into a Master Terms Agreement (the “MTA”).

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Source: SEC EDGAR

accession 0001654954-24-006077

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