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Navient, Maximus Announce Proposal to Transfer Federal Student Loan Servicing Contract, Pending Government Approval

Navient, Maximus Announce Proposal to Transfer Federal Student Loan Servicing Contract, Pending Government Approval

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WILMINGTON, Del. and RESTON, Va., Sept. 28, 2021 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) and Maximus (NYSE: MMS) announced today that the companies have signed a definitive agreement to transfer the loan servicing for U.S. Department of Education-owned student loan accounts from Navient to Maximus through a contract novation, subject to the Department’s approval. In consultation with the U.S. Department of Education office of Federal Student Aid (FSA), Navient and Maximus have submitted a preliminary request for review. The contract novation will be subject to the consent of FSA.

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