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News Breaks
August 8, 2014
09:06 EDTNAVI, SLMSallie Mae sells $820M of Smart Option Student Loans to Navient
Sallie Mae, formally known as SLM (SLM) announced the completion of the company’s first asset-backed securitization as a standalone consumer banking business and the definitive agreement for its first loan sale. The off-balance sheet securitization consisted of approximately $380M of Smart Option Student Loans. All securities, including the entire residual interest in the loans, were privately placed with a single, third-party investment manager. The company has also signed a definitive agreement to sell approximately $820M of Smart Option Student Loans to Navient (NAVI). The loan sale is expected to close in August.
News For SLM;NAVI From The Last 14 Days
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November 13, 2014
08:33 EDTNAVIWells Fargo sells federal student loans to Navient
Wells Fargo & Co. (WFC) Education Financial Services announced that Navient (NAVI) will purchase a principal balance of $8.5B of Federal Family Education Loan Program loans, which are included in Wells Fargo’s held-for-sale loan portfolio. Due to a change in federal law, Wells Fargo has not issued federal student loans since June 30, 2010. This sale supports Wells Fargo’s ongoing strategic focus on its private student lending business. “By selling these FFELP loans to Navient, Wells Fargo will be in a position to focus more on meeting the needs of our private student loan customers,” said John Rasmussen, head of Wells Fargo’s Education Financial Services. “We are deeply committed to the private student loan business because next to purchasing a home or saving for retirement, paying for an education is one of the most important financial events for our customers.” ). The sale is expected to close in a series of transactions, substantially all of which are expected to be completed in fourth quarter 2014, subject to customary closing conditions. Terms of the transaction were not disclosed and the sale is not material to Wells Fargo.
November 10, 2014
07:08 EDTSLMCredit Suisse to hold a conference
2014 Boston Financials 1:1 Conference to be held in Boston on November 10-11.

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