Delaware -based firm Navient intends to start issuing student loans in 2014 after its recent acquisition of fintech start-up Earnest in a cash deal worth about $300bn . Navient, a Sallie-Mae spin-off created in 2014 , services and collects $155m in student loans, while Delaware -based Earnest is an online lender specialising in refinancing student loans. The deal will give Earnest the financial support of a larger company while Navient will gain access to Earnest's technological expertise. Consumers who file their taxes with TurboTax have some $135 billion in student loan debt. Earnest's refinancing decisions are based on analysis of tens of thousands of data points, including spending habits, banking history and earnings potential, and the firm will remain a distinct brand.
Delaware -based firm Navient intends to start issuing student loans in 2014 after its recent acquisition of fintech start-up Earnest in a cash deal worth about $300bn . Navient, a Sallie-Mae spin-off created in 2014 , services and collects $155m in student loans, while Delaware -based Earnest is an online lender specialising in refinancing student loans. The deal will give Earnest the financial support of a larger company while Navient will gain access to Earnest's technological expertise. Earnest's refinancing decisions are based on analysis of tens of thousands of data points, including spending habits, banking history and earnings potential, and the firm will remain a distinct brand.