Navient Files 8-K: Corporate and Financial Updates

TL;DR

Navient dropped an 8-K on 9/12, looks like corporate/financial housekeeping. Check the exhibits.

AI Summary

Navient Corporation filed an 8-K on September 12, 2024, reporting "Other Events" and "Financial Statements and Exhibits." The filing indicates changes related to its corporate structure and financial reporting, with specific details likely contained within the referenced exhibits.

Why It Matters

This filing signals potential changes in Navient's corporate structure or financial reporting, which could impact investors' understanding of the company's financial health and strategic direction.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of corporate and financial information, not indicating any immediate operational or financial distress.

Key Players & Entities

• Navient Corporation (company) — Registrant
• September 12, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $20 million — any agreed to pay a monetary penalty of $20 million plus additional monetary relief and red
• $100 million — ditional monetary relief and redress of $100 million to a population of borrowers who will b
• $105 million — ecorded a contingency loss liability of $105 million related to this matter. For additional

Filing Documents

• navi_8k.htm (8-K) — 31KB
• navi_ex991.htm (EX-99.1) — 3KB
• navi_ex991img1.jpg (GRAPHIC) — 4KB
• 0001654954-24-011791.txt ( ) — 181KB
• navi-20240912.xsd (EX-101.SCH) — 6KB
• navi-20240912_lab.xml (EX-101.LAB) — 16KB
• navi-20240912_cal.xml (EX-101.CAL) — 1KB
• navi-20240912_pre.xml (EX-101.PRE) — 12KB
• navi-20240912_def.xml (EX-101.DEF) — 5KB
• navi_8k_htm.xml (XML) — 6KB

01. Other Events

Item 8.01. Other Events On September 12, 2024, Navient Corporation (the "Company") announced that it has entered into a stipulated final judgment and order (the "Order") to resolve previously reported litigation with the Consumer Financial Protection Bureau concerning alleged violations of the Consumer Financial Protection Act of 2010, Fair Credit Reporting Act, and Fair Debt Collection Practices Act. Among other provisions, pursuant to the Order, the Company agreed to pay a monetary penalty of $20 million plus additional monetary relief and redress of $100 million to a population of borrowers who will be determined by the CFPB. The Company also agreed not to re-enter servicing of federal student loans and not to acquire any additional ownership interest in FFELP loans. The Company does not expect these restrictions to impact its business plans, the outsourcing of its student loan servicing operations or the achievement of its other strategic actions announced in January 2024. The Company also agreed to implement a compliance plan to ensure compliance with applicable laws and the terms of the Order. As of June 30, 2024, the Company had recorded a contingency loss liability of $105 million related to this matter. For additional information regarding this matter and the loss contingency accruals established in connection therewith, see the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, filed with the Securities and Exchange Commission on July 24, 2024. The Company issued a press release regarding the foregoing settlement, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference herein.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits: Exhibit Number Description 99.1 Press Release of Navient Corporation, dated as of September 12, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NAVIENT CORPORATION By: /s/ Joe Fisher Name: Joe Fisher Title: Chief Financial Officer Date: September 12, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR