Navient announces transaction agreement amendment for 16 ABS trusts

WILMINGTON, Del., Sept. 16, 2015 (GLOBE NEWSWIRE) -- Navient (Nasdaq:NAVI), the nation's leading loan management, servicing and asset recovery company, today announced the amendment of transaction agreements for 16 Navient-sponsored securitization trusts backed by federally guaranteed student loans. The amendments give Navient the option to purchase trust student loans aggregating up to 10 percent of the trust's initial pool balance as well as to provide loans to the trust under a revolving credit agreement at Navient's discretion.

The 16 trusts affected by today's amendments are SLM Student Loan Trusts 2003-1, 2003-4, 2003-5, 2003-7, 2003-11, 2003-14, 2004-1, 2004-3, 2004-10, 2005-4, 2005-5, 2005-10, 2006-1, 2007-6, 2007-8 and 2012-3.

In December 2014, the servicing agreements for 17 Navient-sponsored securitization trusts backed by federally guaranteed student loans were similarly amended to give Navient the option to purchase trust student loans aggregating up to 10 percent of the trust's initial pool balance. The trusts affected by the December 2014 amendments were: SLM Student Loan Trusts 2002-1, 2002-7, 2003-2, 2003-3, 2006-3, 2007-2, 2007-3, 2007-7, 2008-1, 2008-2, 2008-3, 2008-4, 2008-5, 2008-6, 2008-7, 2008-8, and 2008-9.

About Navient

As the nation's leading loan management, servicing and asset recovery company, Navient (Nasdaq:NAVI) helps customers navigate the path to financial success. Servicing more than $300 billion in student loans, the company supports the educational and economic achievements of more than 12 million Americans. A growing number of government and higher education clients rely on Navient for proven solutions to meet their financial goals. Learn more at navient.com.

CONTACT: Media: Patricia Nash Christel

         302-283-4076

         patricia.christel@navient.com

         

         Investors: Joe Fisher

         302-283-4075

         joe.fisher@navient.com