Major student loan servicer Navient (NAVI) is quitting the federal servicing business, the company announced Tuesday, handing off its 5.5 million borrowers holding about $280 billion in federal student loans to Maximus, another servicer.
Advocates and progressive lawmakers led by Senator Elizabeth Warren (D-MA) heralded the move, in light of Navient’s troubled relationship with the federal government’s consumer protection bodies.
But the departure adds another challenge when the Education…
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