Why Shares of Navient Fell Today

Shares of student loan servicer Navient (NASDAQ: NAVI) closed Wednesday's trading session down by almost 14% after the company said it had agreed to transfer the servicing of its U.S. Department of Education loans to Maximus (NYSE: MMS).

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Servicing those loans only provided about 6% of Navient's revenue. But it is yet another shoe to drop in the federal student loan market -- two other prominent servicers of those loans exited the business in July. The Biden administration was already trying to determine where to transfer those 10 million accounts. Navient adds another 5.6 million borrowers to the list.

Source Fool.com