The new business housing SLM Corp.’s legacy student loan portfolio will be called Navient, the company said in a statement.
SLM, known as Sallie Mae, is remaking its business after legislation passed in 2010 cut private lenders out of the market for government-guaranteed debt. The lender is splitting into two firms, creating a separate company to originate private education debt. The Newark, Delaware-based company plans to provide $4 billion in new loans this year.
“Sallie Mae has a long history of remaking itself to fit the times,” Chief Executive Officer Jack Remondi said in an interview yesterday. “This is the next chapter of our life.”
Navient will service about $300 billion in student loans, according to the statement. The company will trade under the ticker symbol NAVI on the Nasdaq Stock Market.