Shares of student loan company Navient Corp. (NAVI) are trading 10 percent lower on Wednesday as the company announced that it has signed an agreement to transfer the loan servicing for U.S. Department of Education-owned student loan accounts from Navient to IT service company Maximus Inc. (MMS) through a contract novation, subject to the Department's approval.

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Shares of student loan company Navient Corp. (NAVI) are trading 10 percent lower on Wednesday as the company announced that it has signed an agreement to transfer the loan servicing for U.S. Department of Education-owned student loan accounts from Navient to IT service company Maximus Inc. (MMS) through a contract novation, subject to the Department's approval.

RTTNews | Sep 29, 2021 12:37PM EDT

12:37 Wednesday, September 29, 2021 (RTTNews.com) - Shares of student loan company Navient Corp. (NAVI) are trading 10 percent lower on Wednesday as the company announced that it has signed an agreement to transfer the loan servicing for U.S. Department of Education-owned student loan accounts from Navient to IT service company Maximus Inc. (MMS) through a contract novation, subject to the Department's approval.

As part of the agreement, Navient and Maximus have submitted a preliminary request for review as per the directions of the U.S. Department of Education office of Federal Student Aid or FSA. The contract novation will be subject to the consent of FSA.

Currently at $20.06, the stock has traded between $7.89 and $23.80 during the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3229146/navient-shares-tumble-10-on-decision-to-transfer-federal-student-loan-servicing-contract.aspx)

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