Maximus Federal Student Loan Serving Contract Novation Completed
October 20 2021 - 4:47PM
Business Wire
U.S. Department of Education Approves Transfer
of Contract from Navient to Maximus
Maximus (NYSE:MMS), a leading provider of government services
worldwide, announced today that the contract novation to transfer
the loan servicing for U.S. Department of Education-owned student
loan accounts from Navient to Maximus received all necessary
approvals from the U.S. Department of Education Office of Federal
Student Aid (FSA). Maximus replaces Navient as the contractor for
loan servicing of 5.6 million Department of Education-owned student
loan accounts.
The accounts will transition to Maximus’s servicing division,
Aidvantage, by year end, after a series of communications to
borrowers. The loans will remain on the same student loan servicing
technology platform, owned by Fiserv, and approximately 800 Navient
employees who previously worked on the Department of Education loan
servicing team will transfer to Maximus.
“We are pleased to report the completion of the contract
novation of the U.S. Department of Education owned student loan
accounts. We look forward to supporting FSA as an independent,
conflict free provider, committed to providing an enhanced focus on
the borrower experience and to help fulfill FSA’s mission,” stated
Teresa Weipert, General Manager, Maximus Federal Services.
“We welcome our new colleagues joining us from Navient, many of
whom have decades of service and bring a deep understanding of the
borrower experience,” commented Weipert. “To help ensure a smooth
transition, Navient will subcontract to Maximus for the first 90
days.”
About Maximus Since 1975, Maximus (NYSE:MMS) has operated
under its founding mission of Helping Government Serve the People®,
enabling citizens around the globe to successfully engage with
their governments at all levels and across a variety of health and
human services programs. Maximus delivers innovative business
process management and technology solutions that contribute to
improved outcomes for citizens and higher levels of productivity,
accuracy, accountability, and efficiency of government-sponsored
programs. With approximately 34,000 employees worldwide, Maximus is
a proud partner to government agencies in the United States,
Australia, Canada, Italy, Saudi Arabia, Singapore, South Korea,
Sweden, and the United Kingdom. For more information, visit
maximus.com.
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Investor Relations James Francis 703.251.8526
Madison West 703.251.8443 InvestorRelations@maximus.com
Media & Public Relations Eileen Rivera 571.329.3410
media@maximus.com
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