Maximus announced today that it has received all necessary approvals from the U.S. Department of Education Office of Federal Student Aid (FSA) to complete the contract novation, transferring the loan servicing of U.S. Department of Education-owned student loan accounts from Navient to Maximus. As a result, Maximus will now service 5.6 million student loan accounts.
The accounts will transition to Maximus’s servicing division, Aidvantage, by the end of the year, following a series of communications to borrowers. The loans will continue to operate on the same student loan servicing platform, owned by Fiserv. Approximately 800 Navient employees who previously worked on the Department of Education loan servicing team will also transfer to Maximus.
Maximus reaffirmed its commitment to supporting FSA as an independent provider, dedicated to improving the borrower experience and advancing FSA's mission. The company also extended a warm welcome to the former Navient employees, recognizing their valuable expertise and deep understanding of borrower needs. To facilitate a seamless transition, Navient will subcontract with Maximus for the first 90 days