Wilmington-based Navient www.navient.com reported a record 530,000 customers paid off their student loans last year.
Most customers are making progress toward repaying their student loans, the company reported. At the end of 2017, 9 out of 10 customers with loans serviced by Navient in active repayment were current on their student loan payments.
More than 647,000 customers enrolled in autopay in 2017, bringing the total number of customers making automatic payments to 2.4 million – most of whom qualify for an interest rate reduction.
Navient noted that borrowers will likely save the most money over time on the standard 10-year repayment plan. But, for those who need a lower monthly payment, federal student loans have other repayment plans including ones based on income.
In 2017, Navient launched The Career Playbook, which offers 27 videos for customers looking to jumpstart their career, including how to ace an interview, establish a professional network, or use LinkedIn to identify and attract potential employers.
Navient continues to defend loan servicing practices and that have drawn criticism in some quarters. The company has also worked to diversify its holdings to include a parking services company and an online student loan originator.
Concern over student loan debt and relations with state and federal regulators have depressed the company’s stock price.