"Helping our customers navigate the path to financial success is everything we stand for."
Jack Remondi
President and CEO
 
 

History

Since our creation in 1973, we have learned, evolved, and led in loan management, servicing and asset recovery. Today, Navient supports the educational and economic achievements of millions of customers.

2010s

2015

The company acquires health care payments firm Xtend Healthcare and asset recovery and business process outsourcing firm, Gila LLC.

Navient receives the ClearMark Award of Distinction for providing clear and effective messaging during its company separation.

2014

Navient surpasses gender parity with more than 50 percent women on its board and soon after attracts nationwide recognition from 2020 Women on Boards, the Women's Forum of New York, and the New York Stock Exchange Governance Services.

Navient separates from Sallie Mae and becomes a publicly traded company on the NASDAQ under the ticker symbol NAVI.

2013

Sallie Mae celebrates 40 years of helping make education accessible to families around the country. The company announces plans to separate into two publicly traded companies – an education loan management business to be launched with a new name, and a consumer banking business, which will retain the name Sallie Mae.

2011

Sallie Mae begins trading on the NASDAQ stock market under the ticker symbol SLM.

2010

Congress passes the Health Care and Education Reconciliation Act of 2010, which eliminates the public-private partnership Federal Family Education Loan Program (FFELP). Effective July 1, 2010, all federal loans are originated directly by the U.S. Department of Education.

2000s

2009

Sallie Mae is selected to service federal loans on behalf of the U.S. Department of Education.

2008

The Higher Education Opportunity Act is enacted, providing new guidelines regarding lender-school relations and loan application disclosures.

2004

Sallie Mae is fully privatized, four years ahead of schedule.

2002

The company acquires two industry-leading default management and collections companies to extend services to schools, guarantors, and borrowers.

1990s

1997

Shareholders approve privatization of Sallie Mae.

1995

First securitization transaction valued at $1 billion.

SallieMae.com launched.

1994

William D. Ford Direct Student Loan Program enacted into law. Clinton Administration announces that Sallie Mae should restructure itself from a GSE to a private company.

1993

Sallie Mae introduces incentives to reward borrowers for establishing good payment habits.

1980s

1987

Number of Sallie Mae employees doubles in one year as three new servicing centers are opened to better serve customers.

Sallie Mae owns 24 percent of student loans outstanding, servicing 2 million accounts.

1984

Sallie Mae shares publicly traded on the New York Stock Exchange under ticker symbol SLM.

1970s

1979

Total assets exceed $1 billion.

1978

Board authorizes in-house loan servicing operations.

1975

First shareholder meeting is held.

First loan is purchased from 1st Pennsylvania Bank.

1973

The Student Loan Marketing Association (nicknamed “Sallie Mae”) opens its doors as a Government-Sponsored Enterprise (GSE). It is designed to support the guaranteed student loan program created by the Higher Education Act of 1965.