Goodbye Sallie, hello Navient
By Andrew M. Seder, The Times Leader, Wilkes-Barre, Pa. | |
McClatchy-Tribune Information Services |
The student loan giant announced today that it will begin using the name Navient later this year. The new name comes about after
While
"Our new name -- Navient -- symbolizes the expertise, experience, and dedication we consistently deliver for our clients and customers," Remondi said in a release. "Helping our customers navigate the path to financial success is everything we stand for."
Remondi will serve as Navient's CEO.
The strategic plan created by the company last year calls for the creation of two companies, each initially owned by
Upon completion of the transaction, Navient is expected to service nearly
With more than 6,000 employees and more than
The Navient name "won't be used until the spin-off occurs by the end of the second quarter, and it won't be used by customers until the fourth quarter when servicing operations are expected to begin under the new name," said
After the separation, the company's consumer banking business will retain the
Customers with student loans serviced by
As the company has grown, it's also changed from an entity processing government-originated loans to one that now originates its own private loans.
In 2009,
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