Wilmington-based Navient reported fourth quarter GAAP (generally accepted accounting principles) net income of $72 million compared to a net loss of $84 million in 2017.
GAAP net income for 2018 was $395 million compared to $292 million in 2017.
“This year’s results reflect successful and disciplined management across our businesses as we’ve continued to deliver private education refinance loan growth, lower loan charge-offs, increased revenue in our business processing segment, new strategies that yielded reduced financing costs, and lower adjusted expenses across the company,” said Jack Remondi, CEO. “I’m proud of our performance and momentum. We also celebrate the achievements of more than 565,000 student loan borrowers who successfully paid off their loans in 2018.”
Naviant is a provider of asset management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels.
Headquartered in Wilmington, Navient has job sites in western New York, northeastern Pennsylvania, Indiana, Tennessee, Texas, Virginia, Wisconsin, California and other locations.
Navient has struggled with issues related to its loan servicing practices, including an upcoming court case in Pennsylvania. The company has fiercely defended its collections and resolutions efforts.