"Student loan servicers and private student loan companies (Navient, Sallie Mae, Nelnet), publishers and other edtech enterprises (Chegg, Barnes & Noble Education, Coursera, and Guild Education) are implicated or at least entangled in the mess. ... — read more
Hit the road Jack...
Oh, this is good...well, not good... There are job openings at Maximus for $10 an hour... https://seekingalpha.com/article/4481789-navient-corporation-navi-ceo-jack-remondi-on-q4-2021-results-earnings-call-transcript
Your trip to the planet Maximus
For the 900 or so NAVI workers moving onto planet Maximus, let it be known that it will be a long and wild ride to a relatively hostile environment. https://www.highereducationinquirer.org/2022/01/maximus-student-loan-debt-and-poverty.html
Maximus? Or Minimus?
$13.15 an hour. https://maximus.com/news/maximus-federal-student-loan-servicing-contract-novation-completed https://www.thelayoff.com/t/1eTnWMGT
"Navient agrees to $1.85B student loan settlement with states"
"Navient, one of the largest student loan servicers in the country, announced Thursday it has reached a $1.85 billion settlement with more than three dozen states in an effort to resolve allegations of predatory lending and deceptive practices over... — read more
SLABS
What SLABS really are... https://www.youtube.com/watch?v=N_jGOKYHxaQ
Read it and weep
Private loans dischargeable in bankruptcy. ... — read more
Navient Zombie SLABS
https://collegemeltdown.blogspot.com/2020/11/the-navient-meltdown-bill-harrington.html
Shame, Guilt, Pain
Student loan default is a traumatic, stigmatizing experience. Because of that, many working people keep the pain of their student loan problems to themselves. Can you feel it? Do you feel any guilt at all too? ... — read more
New CEO
Was VP of investor relations... https://seekingalpha.com/news/3620299-navient-appoints-new-finance-head
Disaster Management Earnings Call
Everyone was listening. No one was laughing. Read between the lines and cut the BS. You know it's not good when they are discussing liquidity. "We were able to quickly and successfully move 90% of our team to a work-from-home status." (Does... — read more
Navient EPS beats by $0.21, beats on net interest income
Navient (NASDAQ:NAVI): Q2 Non-GAAP EPS of $0.74 beats by $0.21; GAAP EPS of $0.64 beats by $0.13. https://seekingalpha.com/news/3480470-navient-eps-beats-0_21-beats-net-interest-income
Music to remember how evil life is..
Lots of pain (blues, metal, etc.) around https://www.youtube.com/watch?v=QQtb8EtD458 https://www.youtube.com/watch?v=hfNm_z48gig https://www.youtube.com/watch?v=w5JBNcTDtVo https://www.youtube.com/watch?v=96KiSEMHy7Y Here's a really good rap from a... — read more
Education Affiliates is another subprime college in trouble
With student loan repayment rates of 20 to 24 percent, Education Affiliates is in trouble. Fortis Colleges and Fortis Institutes are the largest brands. https://www.thelayoff.com/t/YYnTEUG
59% say college not worth the cost
More dissatisfaction about college. This is resulting in more enrollment declines each year. https://www.aarp.org/money/credit-loans-debt/info-2018/student-loan-debt-across-generations.html... — read more
Bad news for Navient?
Navient losing bid for NEXTGEN Financial Services? https://www.fbo.gov/index?s=opportunity&mode=form&id=18d38106a0616cc4841d62f15c0917f9&tab=core&_cview=1
LendingTree, Inc. Buys Student Loan Hero For $60M
More bad news for student debtors. A website that provided information about student loan debt will now be a hook for Lending Tree. https://www.thelayoff.com/lendingtree
Private College Revenues Moving Downward
According to National Center for Education Statistics charts, public higher education institutions overall saw increased revenues in recent years, but private colleges saw a $46 Billion loss in revenues from 2013 to 2015. In 2016, EY suggested that... — read more
NCES Projecting Stagnant College Enrollment Numbers
The National Center for Education Statistics is moderating its perspective on higher education enrollment. Earlier NCES reports projected enrollment to grow to more than 22 million students by 2023. In the Department of Education's The Condition of... — read more
When college is a bad investment...
I am writing an article for College Meltdown to counter the "commonsense" idea that college debt is always "good debt." It's part of a series of articles I am doing about behavioral economics and college choice... — read more
Navient exposed
"The company's subprime products included high interest rates and origination fees, according to the suit, in some cases as high as the equivalent of a 15.75 percent interest rate. One of the company's emails on a subprime lending workshop described... — read more
Navient CEO says borrowers are on their own (Bloomberg)
Looks like Jack R. is all about the profits and nothing about the customers. But we already knew that, right? https://www.bloomberg.com/news/articles/2017-04-03/student-debt-giant-navient-to-borrowers-you-re-on-your-own
Pennsylvania AG Sues Navient
"(Attorney General) Shapiro "sued Navient in federal court alleging a raft of illegal conduct, most notably that it “willfully” and “knowingly” cheated struggling debtors who face long-term hardship by steering them into payment plans that postponed... — read more
Why is Navient borrowing money?
Why is Navient borrowing $52M when its profits are up? And what does this mean? "Our substantial indebtedness could adversely affect our financial condition. We will have a substantial amount of indebtedness, which could limit our ability to obtain... — read more
When is my loan eligible for discharge?
Do visitors to this place have information on when is my loan eligible for discharge. Here are my details: Discharge needed need elegibility date attended University of Phoenix graduated with a BA in business graduation year 2009 loan amount 24,000 — read more
A Call with Navient Rep
I spoke with a representative from the DOE for a lengthy amount of time a couple days ago after I talked to Navient and they haven't heard anything from DOE about forbearance. DOE said I should of received a auto response email when I submitted... — read more
The End?
Is this the begging of the end? The Consumer Financial Protection Bureau and several state attorneys general allege that the massive loan company systematically and illegally failed borrowers at every stage of repayment. Source, listed below:... — read more
Bond ratings drop. Students opting to make smaller payments or deferring payments.
"...Moody's has cut ratings on...$3.9 billion worth of bonds administered by Navient Corp....Some student borrowers are opting to make smaller regular payments while others are putting off their repayment plans for years."... — read more
"targeted outreach campaigns"?
What does Jack Remondi mean by "targeted outreach campaigns"? (1) Has collections changed at Navient lately? (2) Are they mentioning that people can do income-based repayment? (3) Who is buying the ABS?... — read more
Earnings Report Out July 19
If earnings doesn't look good next week...
"Navient faces lawsuit after Clinton critique"
"A class action lawsuit is emerging against the company in Delaware's federal court that puts at least $19 million on the line for the company, according to court documents. That figure will likely rise as more investors join the case....Plaintiffs... — read more
"Navient's Obsolete Business Model"
http://seekingalpha.com/article/3976709-navients-obsolete-business-model
Fox in charge of hen house
https://www.forbes.com/sites/zackfriedman/2019/08/26/student-loans-elizabeth-warren/#577178f33466
Revenues down but profits up?
How are profits up when revenues are down so dramatically? "The consensus EPS Estimate is $0.57 (+7.5% Y/Y) and the consensus Revenue Estimate is $294.5M (-42.4% Y/Y)." https://seekingalpha.com/news/3507321-navient-q3-2019-earnings-preview — read more
"Navient's High-Yield Bonds Are An Attractive Value"
Just don't take a look underneath it all. https://seekingalpha.com/article/4305378-navients-high-yield-bonds-attractive-value
Will 2U have ripple effect on Navient?
The College Meltdown reaches elite universities.... https://www.linkedin.com/pulse/2u-whistleblowers-detail-rampant-overpricing-behavior-dahn-shaulis/
SLAB Shell Game
"The issuers—student-loan packagers like Navient Corp. and Nelnet Inc.—do not want their bonds downgraded. The investors who own the bonds do not want them downgraded....You just extend the maturity date. If the bond matures in 2026, and you aren’t... — read more
Video playlist for Navient employees
Have you seen my College Meltdown video playlist? I think you'll find it very educational. Please take a look and share it with your people. https://www.youtube.com/playlist?list=PLcq7zwhpdzfk4Id4RDVVgURl44elXTGLT Please let me know what you... — read more
Navient revenues down 33 percent from previous year
https://seekingalpha.com/news/3532904-navient-q4-2019-earnings-preview
States picking up the slack
Legislative action in several states. "Virginia and New Jersey are not alone—Connecticut, New York, Colorado, and more states are positioned to provide students and higher education regulators with more information about arbitration proceedings... — read more